The Small Modular Reactors Market Size is valued at USD 1.88 billion in 2023 and is predicted to reach USD 3.47 billion by the year 2031 at a 8.2% CAGR during the forecast period for 2024-2031.
Small modular reactors are nuclear explosion reactors that are used to make nuclear energy. Most of the time, they are a lot smaller than regular reactors and produce less than 300MW of electricity. The market for small modular reactors is being propelled by the growing demand for energy generation from renewable sources, which is, in turn, driven by governments around the world that are putting more and more emphasis on reducing reliance on fossil fuels in response to rising carbon emissions. Clean electricity generation is becoming increasingly important as the demand for power increases due to increasing urbanization. As a result, the small modular reactor market is growing around the world, and many governments are using small modular reactors and reaping their benefits. Moreover, small modular reactor infrastructure is encouraged by supportive policies and technological innovation.
However, the need for high investment in small modular reactors, complex technology, and materials needed for reactor uses are expensive, and strict safety rules limit the market growth. Additionally, because of the COVID-19 slowed regulatory clearances, disrupted supply chains, and delayed project development, all of which affected the small modular reactors market. However, small modular reactors have recently seen a resurgence in attention due to the ongoing post-pandemic recovery efforts and the growing emphasis on energy security. Additionally, growing interest in renewable power, developments in nuclear power, and financial backing from governments for low-carbon solutions have enormous potential due to the growing energy demand.
The small modular reactors market is segmented based on reactor type, deployment, and application. The reactor type segment comprises light water reactor (LWR), pressurized heavy water reactor (PHWR), high-temperature reactor (HTR), fast neutron reactor (FNR), and others. By deployment, the market is segmented into single-module and multi-module. By power generation capacity, the market is categorized into <25 MW, 25-100 MW, 101-300 MW, and >300 MW. By application, the market is divided into desalination, generation, and process heat.
Light water reactors (LWRs) are expected to lead with a large global market share in 2023 in the small modular reactors market because of their established safety standards, broad use, and proven technology. New and developing nuclear energy projects often favour LWRs because of their efficient and low-carbon electricity generation capabilities and strong backing from existing infrastructure.
The Electricity generation segment is growing because there is a growing need for sustainable, dependable, and extensible energy solutions all around the world. Additionally, particularly in outlying places or those with smaller grids, small modular reactors provide versatile power-generating choices. Their capacity to effectively generate energy with low carbon emissions while catering to a variety of energy demands is propelling this market segment's expansion.
The Asia Pacific small modular reactors market is expected to record the very large market share in revenue in the near future. This can be attributed to the region's emphasis on lowering carbon emissions, large expenditures on nuclear technology, and the government's growing backing for clean energy programs. The United States also has the best energy infrastructure and the most advantageous regulatory frameworks, which are fueling the market expansion for small modular reactors technology. In addition, the Europe is expected to grow rapidly in the small modular reactors market because of rising expenditures on clean energy, growing concerns about climate change, a shift toward renewable energy sources, and robust government backing. As a result, small modular reactor technology is being adopted at a rapid pace.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 1.88 Bn |
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Revenue Forecast In 2031 |
USD 3.47 Bn |
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Growth Rate CAGR |
CAGR of 8.2% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Reactor Type, Deployment, Power Generation Capacity, and Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Concepts, LLC, Bechtel Corporation, China National Nuclear Corporation (CNNC), General Atomics, General Electric Hitachi Nuclear Energy, Holtec International, Mitsubishi Heavy Industries Ltd, and Nuclear Power Corporation of India Limited (NPCIL). And Other market Players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Small Modular Reactors Market Snapshot
Chapter 4. Global Small Modular Reactors Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global Small Modular Reactors Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on Small Modular Reactors Industry Trends
Chapter 5. Small Modular Reactors Market Segmentation 1: By Reactor Type, Estimates & Trend Analysis
5.1. Market Share by Reactor Type, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Reactor Type:
5.2.1. Light Water Reactor (LWR)
5.2.2. Pressurized Heavy Water Reactor (PHWR)
5.2.3. High-Temperature Reactor (HTR)
5.2.4. Fast Neutron Reactor (FNR)
5.2.5. Others (Molten Salt Reactor (MSR), Integral PWR (Pressurized Water Reactor), etc.)
Chapter 6. Small Modular Reactors Market Segmentation 2: By Deployment, Estimates & Trend Analysis
6.1. Market Share by Deployment, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Deployments:
6.2.1. Single Module
6.2.2. Multi-Module
Chapter 7. Small Modular Reactors Market Segmentation 3: By Power Generation Capacity, Estimates & Trend Analysis
7.1. Market Share by Power Generation Capacity, 2023 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Power Generation Capacity:
7.2.1. <25 MW
7.2.2. 25-100 MW
7.2.3. 101-300 MW
7.2.4. >300 MW
Chapter 8. Small Modular Reactors Market Segmentation 4: By Application, Estimates & Trend Analysis
8.1. Market Share by Application, 2023 & 2031
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Applications:
8.2.1. Desalination
8.2.2. Power Generation
8.2.3. Process Heat
Chapter 9. Small Modular Reactors Market Segmentation 5: Regional Estimates & Trend Analysis
9.1. Global Small Modular Reactors Market, Regional Snapshot 2023 & 2031
9.2. North America
9.2.1. North America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
9.2.1.1. US
9.2.1.2. Canada
9.2.2. North America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Reactor Type, 2019-2031
9.2.3. North America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2019-2031
9.2.4. North America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Power Generation Capacity, 2019-2031
9.2.5. North America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
9.3. Europe
9.3.1. Europe Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
9.3.1.1. Germany
9.3.1.2. U.K.
9.3.1.3. France
9.3.1.4. Italy
9.3.1.5. Spain
9.3.1.6. Rest of Europe
9.3.2. Europe Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Reactor Type, 2019-2031
9.3.3. Europe Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2019-2031
9.3.4. Europe Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Power Generation Capacity, 2019-2031
9.3.5. Europe Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
9.4. Asia Pacific
9.4.1. Asia Pacific Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
9.4.1.1. India
9.4.1.2. China
9.4.1.3. Japan
9.4.1.4. Australia
9.4.1.5. South Korea
9.4.1.6. Hong Kong
9.4.1.7. Southeast Asia
9.4.1.8. Rest of Asia Pacific
9.4.2. Asia Pacific Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Reactor Type, 2019-2031
9.4.3. Asia Pacific Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2019-2031
9.4.4. Asia Pacific Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts By Power Generation Capacity, 2019-2031
9.4.5. Asia Pacific Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
9.5. Latin America
9.5.1. Latin America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
9.5.1.1. Brazil
9.5.1.2. Mexico
9.5.1.3. Rest of Latin America
9.5.2. Latin America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Reactor Type, 2019-2031
9.5.3. Latin America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Power Generation Capacity, 2019-2031
9.5.4. Latin America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
9.5.5. Latin America Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
9.6. Middle East & Africa
9.6.1. Middle East & Africa Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
9.6.1.1. GCC Countries
9.6.1.2. Israel
9.6.1.3. South Africa
9.6.1.4. Rest of Middle East and Africa
9.6.2. Middle East & Africa Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Reactor Type, 2019-2031
9.6.3. Middle East & Africa Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2019-2031
9.6.4. Middle East & Africa Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Power Generation Capacity, 2019-2031
9.6.5. Middle East & Africa Small Modular Reactors Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
Chapter 10. Competitive Landscape
10.1. Major Mergers and Acquisitions/Strategic Alliances
10.2. Company Profiles
10.2.1. Advanced Reactor Concepts, LLC
10.2.1.1. Business Overview
10.2.1.2. Key Product/Service Offerings
10.2.1.3. Financial Performance
10.2.1.4. Geographical Presence
10.2.1.5. Recent Developments with Business Strategy
10.2.2. Bechtel Corporation
10.2.3. China National Nuclear Corporation (CNNC)
10.2.4. General Atomics
10.2.5. General Electric Hitachi Nuclear Energy
10.2.6. Holtec International
10.2.7. Mitsubishi Heavy Industries Ltd
10.2.8. Nuclear Power Corporation of India Limited (NPCIL)
10.2.9. SNC-Lavalin Group
10.2.10. Tokamak Energy Ltd
10.2.11. Toshiba Energy Systems & Solutions Corporation
10.2.12. Ultra Safe Nuclear
10.2.13. Rolls-Royce Plc
10.2.14. Leadcold Reactors
10.2.15. Arc Clean Energy, Inc
10.2.16. X-Energy, LLC.
10.2.17. Other Prominent Players
Small Modular Reactors Market By Reactor Type-
Small Modular Reactors Market By Deployment-
Small Modular Reactors Market By Power Generation Capacity-
Small Modular Reactors Market By Application-
Small Modular Reactors Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
