Global Small Modular Reactor Market Size By Reactor Type (Heavy water Reactor (HWR), Light water Reactor (LWR), Fast neutron Reactor (FNR)), By Application Type (Desalination, Power Generation, Process Heat), By Geographic Scope And Forecast

Small Modular Reactor Market Size And Forecast

Small Modular Reactor Market size was valued at USD 5.51 Billion by 2021 and is projected to reach USD 7.05 Billion in 2030, growing at a CAGR of 2.7% from 2023 to 2030.

Nuclear energy? It's got some serious potential to help us get to a cleaner planet and a stronger global economy. Think about itclean energy sources have really taken off recently. We're talking about huge leaps in innovation and affordability over the last decade for things like concentrated solar power, solar photovoltaic, wind, hydro, geothermal (both deep and shallow), biomass, and more. Imagine combining these sources with nuclear – you could create energy systems that are way more powerful and efficient than anything we have now. Plus, Small Modular Reactor (SMR) technology is really taking off around the world, ready for use soon. For a deeper dive, check out the Global Small Modular Reactor Market report; it gives a complete look at the market, covering key segments, trends, what's driving it, what's holding it back, who the competition is, and other important factors.

Global Small Modular Reactor Market Definition

Think of small modular reactors (SMRs) as mini nuclear power plants. They're designed to generate electricity on a smaller scale than your typical giant nuclear power station. The beauty of them is that they're built in modules, kind of like Lego bricks, and usually crank out less than 300 megawatts (MW). This makes them easier to deploy and offers more flexibility in how we generate power. Their main job? To produce power, of course, using good old nuclear fission. They use nuclear fuel – like uranium or thorium – to generate heat, which then makes steam. That steam spins a turbine, and that turbine powers a generator to create electricity. This SMR electricity can be used in lots of ways, from powering industrial complexes to providing electricity for your home or local businesses.

Compared to conventional large-scale nuclear reactors, SMRs have the following advantages Advanced safety elements that reduce the likelihood of accidents and enhance overall safety performance are incorporated into the design of SMRs. Due to its lower size, reactor operations may be better controlled and managed, perhaps lessening the effects of mishaps. SMRs’ modular structure makes deployment, deployment, and operation simpler. They may be produced in factories and delivered to the installation location, which cuts down on the amount of time and money spent on construction.

SMRs also provide scalability, allowing for flexibility in power generation by allowing for the addition or removal of numerous units in accordance with the demand for electricity. SMRs are suited for places with limited space since they have a smaller physical footprint than conventional nuclear power facilities. They reduce greenhouse gas emissions, aiding in the fight against climate change. SMRs can assist in integrating renewable energy sources by generating dependable baseload electricity. Small modular reactors come in a variety of designs, such as Light Water Reactors (LWRs), which use light water for both cooling and moderating.

They are the most prevalent kind of SMRs and were created using the same technology as current nuclear power plants. Helium is used as the coolant in high-temperature gas-cooled reactors (HTGRs), which are suited for a variety of industrial uses such as district heating and hydrogen generation. In Molten Salt Reactors (MSRs), the fuel and coolant are both liquid salt mixtures. They include built-in safety measures and may be more fuel-efficient. The nuclear chain reaction is maintained in Fast Neutron Reactors (FNRs) using fast neutrons, allowing for the effective utilization of fuel and the possibility of nuclear power.

Global Small Modular Reactor Market Overview

The Improved safety measures offered by SMRs, including passive cooling techniques and cutting-edge control systems, lower the hazards posed by nuclear accidents. Additionally, improving security measures, and their small size makes them less exposed to possible dangers. In terms of deployment and power generating capacity, SMRs provide flexibility. Their modular form makes them simpler to build and transport, allowing for quick deployment and the capacity to handle fluctuations in energy demand. Due to their smaller size and modular construction, SMRs offer reduced upfront capital expenses as compared to conventional large-scale nuclear reactors.

Because of this, they are more commercially feasible and appealing to both developed and developing markets. By allowing energy production to be situated closer to the point of consumption, SMRs have the potential to enable decentralized power generation. SMRs may provide reliable baseload electricity, which can be used to supplement renewable energy sources. They can aid in addressing the erratic and variable nature of renewable energy sources, providing a more dependable and robust energy system. Regulation and licensing issues arise throughout the development and deployment of SMRs because regulatory frameworks must change to account for their particular characteristics.

Project timeframes may experience delays and uncertainty as a result of these difficulties. Despite the cost benefits that SMRs provide, obtaining funding and investment can be difficult owing to public perceptions about nuclear energy and the inherent risks of developing technology. This might make it more difficult to use and commercialize SMRs. Significant obstacles might arise from public apprehension and hostility to nuclear energy, especially SMRs. Gaining the support and approval of the general population requires addressing safety, waste management, and community participation. SMRs can be extremely important in the worldwide shift to greener, lower-carbon energy sources.

The possibility to achieve climate change objectives is presented by their capacity to produce dependable baseload electricity with lower greenhouse gas emissions. For off-grid and rural places with limited access to conventional power systems, SMRs can offer a dependable and sustainable energy option. These include of industrial uses, remote villages, and mining activities. SMRs can be used by nations with existing nuclear energy sectors to increase their exports of nuclear energy. SMRs are a more practical and affordable option for nations considering nuclear power for the first time.

Global Small Modular Reactor Market Segmentation Analysis

The Global Small Modular Reactor Market is Segmented on the Basis of Reactor Type, Application, and Geography.

Small Modular Reactor Market, By Reactor Type

• Heavy water Reactor (HWR)
• Light water Reactor (LWR)
• Fast neutron Reactor (FNR)

Think of reactors like different car engines. Based on the engine type, the nuclear reactor market is split into Heavy water Reactor (HWR), Light water Reactor (LWR), and Fast neutron Reactor (FNR). Heavy water reactors were the top dogs. Sure, they cost more upfront than light water reactors, but they're much better at managing neutrons. This lets them run without needing fancy fuel enrichment plants (which balances out the extra cost of the heavy water) and makes them more flexible with the fuel they can use. Plus, heavy water reactors can be fine-tuned for optimal performance by adjusting the isotopic purity of the heavy water. Boost the purity, and you'll get better fuel economy and less waste!

Small Modular Reactor Market, By Application

• Desalination
• Power Generation
• Process Heat

Based on the Application, the market is segmented into Desalination, Power Generation, Process Heat. Power generation led the small modular market in 2022 and is likely to maintain its dominance throughout the forecast period. The desalination segment, on the other hand, is the second fastest-growing industry, owing to rising demand for potable water in semi-arid and arid regions. Small molecular reactors are utilised for nuclear desalination, and portable water is generated in the plant from saltwater. Desalination facilities are either meant to provide portable water or to generate energy as co-generation atomic power plants.

Small Modular Reactor Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Looking at different regions, the Small Modular Reactor (SMR) market breaks down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. There's a lot of buzz about SMRs these days, but we haven't seen that excitement translate into tons of projects just yet. You can find SMR deployment plans popping up in places like the United States, Canada, the United Kingdom, China, and Russia. When thinking about putting new SMR designs into action, those FOAK plants are going to be crucial. They could be seen as demonstration plants, especially for designs that aren't Light Water Reactors (non-LWR structures). And because countries are really keen on this stuff, it feels like there's almost no limit to the number of players willing to take a gamble on a FOAK SMR.

Governments such as the United States and the United Kingdom have shown an interest in funding a new construction and then exporting the technology. Many designs are likely to perish in the innovation valley if this degree of assistance is not provided. Since 2012, when the Department of Energy (DOE) funded USD 450 million to create an advanced US-based LWR, the United States has offered larger-scale assistance for SMRs. Initially, clearance was granted for the B&W mPower design, which was eventually scrapped.

Key Players

The “Global Small Modular Reactor Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Terrestrial Energy Inc., Terrapower LLC, Fluor Corporation, Holtec International, General Atomics, X Energy Llc, General Electric Company, Brookfield Asset Management Inc.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In June 2023, Fortum and Westinghouse Electric Company, one of the world’s leading producers of safe and innovative nuclear technology, have signed a Memorandum of Understanding (MoU) to investigate the requirements for future nuclear development and deployment in Finland and Sweden. Any possible investment choices will be made later. The cooperation with Fortum aims to introduce proven and industry-leading nuclear technology to the Nordic area, providing further energy security for future generations.
• In May 2023, NuScale Power Corporation and Nucor Corporation (Nucor) signed an agreement to investigate co-locating NuScale’s VOYGR small modular nuclear reactor (SMR) power plants to provide clean, reliable baseload electricity to Nucor’s scrap-based Electric Arc Furnace (EAF) steel mills. The companies will also consider expanding their manufacturing collaboration, in which Nucor, North America’s biggest steel manufacturer and recycler of all materials, will provide Econiq, its net-zero steel products, to Nuscale projects.
• In April 2023, SNC-Lavalin announced a strategic collaboration with Moltex for the development of Small Modular Reactors, expanding nuclear energy in Canada. Moltex will use SNC-Lavalin’s world-class network of expertise in engineering, licencing and regulatory affairs, cost estimation, supplier qualification and management, quality assurance, and construction and operation planning. SNC-Lavalin will collaborate with Moltex to attract new clients and promote Molters’ business goals.
• In 2022, The French government stated that the Nuward SMR design will be included in the France 2030 plan, allowing it to receive USD 1.1 billion (€1 billion) in public support. The government anticipates that an SMR prototype will be available by 2030, assisting the country in meeting its goal of 25 GW of additional nuclear production by 2050.
• In 2021, GE HNE announced a collaboration with Ontario Power Generation to construct Canada’s first SMR. The Darlington Nuclear Generation Station’s four existing conventional reactors are already being renovated by GE HNE. The new BWRX-300 reactor would start up as the fifth unit of the Darlington Nuclear Generation Station in 2028, according to the conditions of the December agreement.
• In 2021, NuScale had declared that the DOE will support Ukraine’s State Scientific and Technical Centre for Nuclear and Radiation Safety in 2022 to perform an independent examination of NuScale Power’s SMR safety study report.
• In Feb 2022, Terrestrial Energy Inc. collaborated with the Australian Nuclear Science and Technology Organisation (ANSTO) on a project. ANSTO will provide technical support to Terrestrial Energy Inc. for the conditioning of spent reactor fuel from Integral Molten Salt Reactor (IMSR) power facilities in the United States, Canada, and the United Kingdom, as well as other global markets, under this arrangement.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Small Modular Reactor market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in global Small Modular Reactor market gauge the attractiveness of a certain sector, and assess investment possibilities.