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.
Competitive Landscape
Some Major Key Players In The Small Modular Reactors Market:
- B Advanced Reactor Concepts, LLC
- Bechtel Corporation
- China National Nuclear Corporation (CNNC)
- General Atomics
- General Electric Hitachi Nuclear Energy
- Holtec International
- Mitsubishi Heavy Industries Ltd
- Nuclear Power Corporation of India Limited (NPCIL)
- SNC-Lavalin Group
- Tokamak Energy Ltd
- Toshiba Energy Systems & Solutions Corporation
- Ultra Safe Nuclear
- Rolls-Royce Plc
- Leadcold Reactors
- Arc Clean Energy, Inc
- X-Energy, LLC.
- Other Market Players
Market Segmentation:
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.
Based On The Reactor Type, The Light Water Reactor (LWR) Segment Accounts For A Major Contributor To The Small Modular Reactors Market.
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.
Electricity Generation Segment To Witness Growth At A Rapid Rate
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.
In The Region, The Asia Pacific Small Modular Reactors Market Holds A Significant Revenue Share.
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.
Small Modular Reactors Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.88 Bn |
|
Revenue Forecast In 2031 |
USD 3.47 Bn |
|
Growth Rate CAGR |
CAGR of 8.2% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
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 |
|
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 |
|
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 |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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