Small Modular Reactor Market Share, Size, Trends, Industry Analysis Report, By Type (Thermal-neutron Reactors and Fast Reactors); By Technology; By Deployment; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM2157
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global small modular reactor market was valued at USD 9,884.88 million in 2023 and is expected to grow at a CAGR of 3.6% during the forecast period.The low cost of small modular reactors (SMRs) on account of modularization and factory construction, along with the growing interest in small and mid-sized reactors due to their ability to meet the need for power generation, is positively influencing the market.
To Understand More About this Research: Request a Free Sample Report
In addition, the growing market demand for advanced SMRs, coupled with government regulation and initiatives associated with decarbonization, is also augmenting the positive growth outlook for the small modular reactor market. The recent outbreak of the COVID-19 pandemic at the global level has tremendously impacted economic growth with trade disruptions due to the nationwide lockdown imposed by the government in these countries.
Therefore, nuclear power companies involved across industrial and commercial establishments were also temporarily shut down to prevent the spread of the novel coronavirus. To counter those issues, several government authorities were setting out tariff-related measures to mitigate the impact of the COVID-19 crisis. Therefore, the market demand for small modular devices is witnessing a lower order, projected to hamper the small modular reactor market growth in recent years.
Industry Dynamics
Growth Drivers
Clean energy sources have observed rapid advancements and cost reductions in recent years. Solar PV, hydropower, wind power, dispatchable geothermal (deep and shallow), concentrating solar power, biomass, and fossil energy with carbon capture have undergone rapid technological and economic developments. As a result, nuclear energy has the potential together with other energy sources, resulting in adopting an integrated system. Hence, it has led to the higher implementation of the small modular device.
Further, in October 2019, the IAEA held the International Conference on Climate Change and the Role of Nuclear Power, which stated that these devices are more efficient in generating CO2-free electricity than fossil fuel-operated plants. Thus, these kinds of environmental initiatives and the technology development of SMRs for immediate and near-term deployment are progressing worldwide.
For instance, the Advanced SMR R&D program was launched in 2019, which supports R&D and deployment activities to boost the availability of SMR technologies in domestic and international markets. Such development has led to the rising implementation of SMRs across different power companies, accelerating the small modular reactor market growth.
Report Segmentation
The market is primarily segmented based on type, technology, deployment, application, and region.
|
By Type |
By Technology |
By Deployment |
By Application |
By Region |
|
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
Multi-mode plant segment is leading the market in 2022.
The multi-mode plant segment is leading the market globally. This is due to the ease of financing additional units of SMR, which leads to economies of series of production. The multi-mode configuration also delivers greater flexibility to grid operations, allows integration with renewables, and supports replacing existing nuclear power plants and retiring coal-fired plants.
Further, the SMR plant with multi-mode deployment helps minimize upfront investment, reducing financial costs. Thus, power companies majorly implement multi-mode SMR, which is expected to contribute towards high segmental growth. However, the single-module plant segment accounts for a significant share of the overall market. This is due to single-module plants being easy to install and cheaper than multi-mode and the considerable demand for reliable and flexible nuclear. This may drive the small modular device market growth worldwide.
Power Generation segment dominates the market over the forecasted period.
The power generation segment is projected to gain a larger share in the global market due to the rise in implementing the small modular device in power plants because of their capability to integrate with renewable energies to offer baseload and flexible power. Further, the ease of sitting and operations flexibility in power generation capacity lead to substantial market demand for SMRs in such applications.
In addition, several nations are looking for an alternative to coal-based power plants as the global climate is deteriorating alarmingly. This resulted in the rise in demand for SMRs to generate safe, clean, and affordable nuclear power options. Therefore, these factors will promote market growth across the BFSI vertical. On the contrary, the process heat segment is projected to register a significant growth rate in the overall small modular reactor market.
Asia-Pacific is estimated as fastest growing region over the forecasted period.
Asia-Pacific is estimated as fastest growing region over the forecasted period due to the increasing investments for deploying SMRs in the countries, particularly China and India. The recent economic growth in these countries has led to a rapid rise in energy demand. Energy producers are looking to opt for advanced power solutions that can help in meeting the growing electricity demand. As a result, the need for advanced small modular devices is expected to grow significantly in the overall region.
Moreover, China plans to promote the creation of Generation III coastal nuclear power plants and speed up the development of SMRs and offshore floating atomic reactors. Japan’s government has also made several policy reforms to accelerate decarbonization across the energy sector. For instance, in October 2020, the Japanese government announced its ambitious plan to reduce greenhouse gas emissions (GHGs) to net zero by 2050, setting Japan on course to create a carbon-neutral society. This strategy is key to aiding Japan in attaining this ambitious goal. Such a strategy is expected to promote adopting the small modular device industry.
In addition, the Asian region has a large pool of market vendors with significant operations and customer bases, creating better availability of such solutions in the region. For instance, in July 2021, China launched a commercial construction project related to onshore nuclear using a small modular reactor – Linglong One. Such an initiative is further responsible for the high adoption of the small modular reactor in the region.
Moreover, North America is witnessing a considerable revenue share during the forecast period. Over the last few years, energy regulations and technological advances have driven a significant rise in the demand for small modular reactors across the region. Many government bodies and industries are often projected to enhance grid infrastructure in North American countries, which led to the increasing deployment of SMR that reduces greenhouse gas emissions and promotes energy security.
Competitive Insight
Some of the major players operating in the global market include Afrikantov OKB Mechanical Engineering, ARC Clean Energy, Brookfield, China National Nuclear Corporation, Fluor Corporation, GE Hitachi Nuclear Energy, General Electric, Holtec International, Leadcold Reactors, Mitsubishi Heavy Industries, Moltex Energy, Nuscale Power, Rolls-Royce, TerraPower LLC, Terrestrial Energy, Tokamak Energy, Toshiba Energy Systems & Solutions, Westinghouse Electric, and X Energy LLC.
Recent Developments
- In June 2019, Utah Associated Municipal Power Systems (UAMPS), an energy cooperative based in Utah, announced its intention to initiate the license application process for small modular reactors (SMRs) in eastern Idaho. UAMPS has existing agreements with the reactors located at the Idaho National Laboratory, a federal agency's site spanning 890 square miles (2,300 square kilometers).
Small Modular Reactor Market Report Scope
|
Report Attributes |
Details |
|
The market size value in 2024 |
USD 10097.4 million |
|
Revenue forecast in 2032 |
USD 14,582.41 million |
|
CAGR |
3.6% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
|
Segments Covered |
By Type, By Technology, By Deployment, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
Afrikantov OKB Mechanical Engineering, ARC Clean Energy, Brookfield, China National Nuclear Corporation, Fluor Corporation, GE Hitachi Nuclear Energy, General Electric, Holtec International, Leadcold Reactors, Mitsubishi Heavy Industries, Moltex Energy, Nuscale Power, Rolls-Royce, TerraPower LLC, Terrestrial Energy, Tokamak Energy, Toshiba Energy Systems & Solutions, Westinghouse Electric, and X Energy LLC. |
FAQ's
The Small Modular Reactor Market report covering key are type, technology, deployment, application, and region.
Small Modular Reactor Market Size Worth $ 14,582.41 Million By 2032
The global small modular reactor market expected to grow at a CAGR of 3.6% during the forecast period.
Asia-Pacific is leading the global market.
key driving factors in Small Modular Reactor Market are Demand for power generation in remote locations.
© 2024 Polaris Market Research and Consulting. All rights reserved
