Small Modular Reactor Market

Small Modular Reactor market predicted to reach at USD 12,128 million by 2028 at a CAGR of 3.6% during the forecast period

Small Modular Reactor Market Overview

Small modular reactors are described as nuclear reactors usually less than or equivalent to 300 Mwe, designed with modular technology utilizing module factory fabrication, seeking economies of series production and low construction times. Generally, modern small reactors for power generation, particularly SMRs, are expected to have greater simplicity of design, the economy of series production largely in factories, low construction times, and reduced siting costs.

To have an edge over the competition by knowing the market dynamics and current trends of “Small Modular Reactor Market”, request for Sample Report here

Major Small Modular Reactor Market Drivers

The factors driving the global small modular reactor market include the desire to reduce the total capital cost associated with nuclear power plants and provide power to the small grid system. Due to the high capital cost of large reactors generating electricity via the steam cycle and partly to the need to serve small electricity grids under about 4 GWe, there is a move to develop smaller units. In 2021, Tennessee Valley Authority published a notice of intent to prepare a programmatic environmental impact statement on the potential effects of the construction, operation, and decommissioning of advanced nuclear reactor technology park at Clinch River. The stringent regulation to develop carbon-free energy system will boost the market growth. Some renewables like wind and solar are variable energy sources that depend on the weather condition and time of day. SMRs could be paired with renewable sources and enhance the performance in a hybrid energy system. These features position SMRs to play a crucial role in the clean energy transition while also helping countries address Sustainable Development Goals. For instance, Russia’s Akademik Lomonosov, the world’s first floating nuclear power plant that began marine operation in 2020 and produces energy from two 35 MWe SMRs.

Restraint in the Small Modular Reactor Market

However, stringent nuclear regulations regarding safety and security are the same for SMR as for any nuclear power plant. Many SMRs designs offer innovative features such as enhanced passive safety systems and multi-modular deployment. The SMR vendor argues that these features could reduce operation staffing requirements and reduce the size of emergency planning zones. Regulation and technical support organizations will also need time to judge these options and innovations that could delay the licensing process. These factors can act as a restraint and hamper market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Reactor – Segment Analysis

Based on the reactor, the light water reactor is expected to grow at a higher CAGR over the forecast period. The light water reactor term is used to describe a reactor using ordinary water as a coolant. Light water reactors use water as both a coolant method and a neutron moderator that reduces the speed of fast-moving neutrons. There are several vital parts of light water reactors that make the generation of nuclear energy possible. For instance, according to the U.S. Nuclear Regulatory Commission, nuclear power plants using light water reactors contributed 20% of the electrical power in the United States over the past two decades. It remains the most significant contributor (approximately 56%) of non-greenhouse gas emitting power generation in the United States.

Connectivity – Segment Analysis

Based on the connectivity, off-grid is anticipated to grow at a higher CAGR during the forecast period. Off-grid SMR can be deployed in remote areas that are not connected to the grid and in regions with small electricity grids, or regions with limited suitable sites for large nuclear power plants. For instance, NuScale SMR design has an additional characteristic that is not on a grid. Operating without electricity is required because nuclear reactors presently in service must shut down if the power on the encompassing power grid is lost. A nuclear reactor cannot start up again until the grid is operating.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, the APAC region is projected to grow at a higher CAGR during the forecast period. The increasing investment for the deployment of SMR in regions will boost the market during the forecast period. For instance, in 2021, IHI Corporation, a Japan-based nuclear power plant, decided to enter the small modular reactor market by investing in NuScale Power, LLC (NuScale), a U.S. based developer of SMR technology with JGC Holdings Corporation. According to the World Nuclear Association, China has 48 operable reactors primarily at sites along its southeast coastline. Nuclear generation has grown substantially in China over the last 20 years, rising from 16 TWh in 2000 to 330 TWh in 2019. China aims to have 200 GWe of nuclear generating capacity in place by 2035.

Top Market Players

Various notable players operating in the market, include, Westinghouse Electric Company LLC., NuScale Power, LLC., General Electric, Terrestrial Energy Inc., Moltex Energy, X Energy, LLC., General Atomics, Rolls-Royce plc, Toshiba Energy Systems & Solutions Corporation, Tokamak Energy Ltd, among others.

Key Developments:

• • In 2021, NuScale Power, LLC announced that Samsung C&T Corporation has committed to investing equity in NuScale to support its small modular reactor deployment.
  • In 2021, Terrestrial Energy Inc. had signed an engineering and construction services agreement with Aecon Group Inc. to support construction planning for the Integral Molten Salt Reactor Generation IV advanced nuclear power plant.

Segments covered in the Report:

The global small modular reactor market has been segmented on the basis of reactor, deployment, connectivity, location and regions. Based on reactor, the market is segmented into heavy water reactor, light water reactor, high temperature reactor, fast neutron reactor and molten salt reactor. Based on deployment, the market is segmented into single and Multiple. Based on connectivity, the market is segmented into grid connected and off-grid. Based on location the market is segmented into land and marine.

For detailed scope of the “Small Modular Reactor Market” report request a Sample Copy of the report

Market Segmentation

Global Small Modular Reactor Market by Reactor

• • Heavy Water Reactor
  • Light Water Reactor
  • High Temperature Reactor
  • Fast Neutron Reactor
  • Molten Salt Reactor

Global Small Modular Reactor Market by Deployment

• • Single
  • Multiple

Global Small Modular Reactor Market by Connectivity

• • Grid Connected
  • Off-Grid

Global Small Modular Reactor Market by Location

• • Land
  • Marine

Global Small Modular Reactor Market by Region

• • North America Small Modular Reactor Market (Option 1: As a part of the free 25% customization)

    • North America Small Modular Reactor Market by Reactor
    • North America Small Modular Reactor Market by Deployment
    • North America Small Modular Reactor Market by Connectivity
    • North America Small Modular Reactor Market by Location
    • US Small Modular Reactor Market All-Up
    • Canada Small Modular Reactor Market All-Up

  • Europe Small Modular Reactor Market (Option 2: As a part of the free 25% customization)

    • Europe Small Modular Reactor Market by Reactor
    • Europe Small Modular Reactor Market by Deployment
    • Europe Small Modular Reactor Market by Connectivity
    • Europe Small Modular Reactor Market by Location
    • UK Small Modular Reactor Market All-Up
    • Germany Small Modular Reactor Market All-Up
    • France Small Modular Reactor Market All-Up
    • Spain Small Modular Reactor Market All-Up
    • Rest of Europe Small Modular Reactor Market All-Up

  • Asia-Pacific Small Modular Reactor Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Small Modular Reactor Market by Reactor
    • Asia-Pacific Small Modular Reactor Market by Deployment
    • Asia-Pacific Small Modular Reactor Market by Connectivity
    • Asia-Pacific Small Modular Reactor Market by Location
    • China Small Modular Reactor Market All-Up
    • India Small Modular Reactor Market All-Up
    • Japan Small Modular Reactor Market All-Up
    • Rest of APAC Small Modular Reactor Market All-Up

  • RoW Small Modular Reactor Market (Option 4: As a part of the free 25% customization)

    • RoW Small Modular Reactor Market by Reactor
    • RoW Small Modular Reactor Market by Deployment
    • RoW Small Modular Reactor Market by Connectivity
    • RoW Small Modular Reactor Market by Location
    • Brazil Small Modular Reactor Market All-Up
    • South Africa Small Modular Reactor Market All-Up
    • Saudi Arabia Small Modular Reactor Market All-Up
    • UAE Small Modular Reactor Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Small Modular Reactor Market All-Up

Major Players Operating in the Small Modular Reactor (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Westinghouse Electric Company LLC.
  • NuScale Power, LLC.
  • General Electric
  • Terrestrial Energy Inc.
  • Moltex Energy
  • X Energy, LLC.
  • General Atomics
  • Rolls-Royce plc
  • Toshiba Energy Systems & Solutions Corporation
  • Tokamak Energy Ltd