Small Modular Reactor Market Revenue Is Anticipated to Reach $6.8 billion by 2030

Small Modular Reactor Market is projected to reach USD 6.8 billion in 2030 from USD 5.8 billion in 2023 at a CAGR of 2.3% according to a new report by MarketsandMarkets™.  Factors such as the versatile nature of nuclear power and the relative advantages of SMRs such as modularization and factory construction are enabling the growth of the market.

Browse in-depth TOC on "Small Modular Reactor Market"
150 - Tables
80 - Figures
250 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5001546

Gases segment is expected to result in the segment occupying the second largest market share of the Small modular reactor

The gases segment accounted for a share of 22.6% of the small modular reactor market in 2022. The gas-cooled reactor uses helium as a coolant medium during the operation and can be easily pressurized and maintain a stable high temperature facilitating higher efficiency in the operations. Using gas as a medium in the reactor can stop the occurrence of corrosion on the surfaces of the reactor, which reduces the need for maintenance. These operational advantages are pushing the growth of the gases segment. Gas-cooled reactors use graphite as a neutron moderator and carbon dioxide gas as the coolant.

High–temperature reactors by type is estimated to be the second largest and second–fastest growing market

The high-temperature reactor segment accounted for a 22.6% share of the small modular reactor market in 2022. High-temperature reactors are Generation IV technology reactors characterized using a graphite moderator and gases such as helium, carbon dioxide, or nitrogen as the primary coolants. The most developed HTRs are high-temperature gas-cooled reactors (HTGRs), which include two main types of reactor designs: pebble-bed reactors (PBR) and prismatic block reactors (PMR). These reactors can reach temperatures of up to 1,000° C and may use fuels that contain uranium enriched up to 20.0%, which has higher enrichment than LWR fuel. These reactors provide immense potential use of thorium-based fuels. HTGRs produce ~40% less high-level waste per unit of energy produced and less plutonium content compared with a single-pass typical cycle of LWRs. The waste reduction is a result of higher thermal efficiencies and increased burnup in HTGRs. The storage and disposal requirement of high-temperature reactors is about 50 times lower for HTGRs compared with LWRs. However, the regulators and designers face several challenges while developing and licensing HTRs, such as limited design experience, lack of construction codes, and unresolved questions concerning fuel development and safety analysis tools.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=5001546

Power Generation is estimated to be the fastest growing market

The power generation segment held a 34.15% share of the small modular reactor market in 2022. SMRs are expected to be used for power generation, as they have simpler designs, economies of series production, short construction times, and reduced siting costs compared with large nuclear power plants. The power generated by SMRs is expected to be economical compared with other low-carbon alternatives and they help reduce carbon emissions and meet new energy demands. SMRs provide a stable and reliable baseload power supply, which makes them suitable for replacing and optimizing the use of retiring coal and other fossil fuel-fired power plants and replacing aging infrastructure. SMRs also have load following capabilities and can be integrated with renewable energies to provide flexible power, as these reactors can vary their output to meet the fluctuations in power produced using renewable energy. SMRs can be used to power isolated grid systems, remote communities, islands, and mining sites. All these factors are likely to boost the growth of the market for the power generation segment.

Grid–Connected segment by connectivity is estimated to be the second–fastest growing market

The grid-connected segment held a 65.03% share of the total small modular reactor market in 2022. Grid-connected SMRs have the potential to complement variable renewable energies, such as wind and solar, and integrate with smart grids and energy parks. SMRs can provide baseload power for grid-connected operations and can vary their output to meet the fluctuations in the supply of power produced by renewable sources. SMRs are expected to phase out conventional coal-fired power plants, as utilities want to replace retiring coal-fired plants with baseload plants of similar size that do not produce greenhouse emissions. SMRs can support grid modernization activities, such as smart grid and load growth, and help replace the existing aging infrastructure. These reactors can restart without receiving energy from the grid. This can help an electricity grid meet the system requirements in terms of parameters such as voltage, inertia, reactive capacity, and frequency when recovering from an outage.

Marine segment by location is estimated to be the second largest and second–fastest growing market

The marine segment held a 7.36% share of the small modular reactor market in 2022. SMRs can be deployed in marine environments either as barge-mounted floating power units or underwater power units. Marine SMRs generally use pressurized-water reactor technology. These reactors have long core lives and require little refueling. Marine SMRs provide several flexible deployment options, such as nuclear icebreaker ships and floating nuclear power plants.

Make an Inquiry @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=5001546

Single–module power plant segment by deployment is estimated to be the second largest and second–fastest growing market

The single-module power plant segment held a 76.30% share of the small modular reactor market in 2022. Single-module SMR plants are stand-alone units that may be used individually to meet niche energy requirements or localized demand. Larger single-module SMR plants could be used to replace small fossil-fuel units or deployed for distributed generation. The licensing of single-module SMRs is expected to be simpler than that of multi-module SMRs, as the current regulatory and licensing frameworks generally rely on an extensive experience base, with single-module larger nuclear plants using light-water reactor technology. Single-module SMRs, especially under 10 Mwe, serve remote locations deprived of electricity and district heating applications. They incorporate all the essential components, such as the power generation unit, turbines, generators, control systems, and necessary support infrastructure, into a single unit.

Upto 100 MW segment by power rating is estimated to be the fastest growing segment in the small modular reactor market

The power rating of up to 100 MW holds a market share of 16.9% share of the small modular reactor market in 2022. SMRs are characterized by their compact size and modular design. The reactor unit can be manufactured in a factory and transported to the installation site. The modular design allows for scalability, where multiple SMR units can be deployed together to meet varying energy demands. The primary application of a 100 MW SMR is power generation. It can serve as a standalone power plant, providing clean and reliable electricity to communities, industries, or remote locations. The excess heat generated by a 100 MW SMR can be utilized for district heating, where thermal energy is distributed to nearby residential, commercial, and institutional buildings for space heating and water heating purposes.

Europe likely to emerge as the second-largest region in Small modular reactor market

Europe accounted for a 30.3% share of the global small modular reactor market in 2022. The scope of the European small modular reactor market includes Russia, the UK, France, and the Rest of Europe. The Rest of Europe includes Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania. According to the BP Statistical Review of World Energy 2022, nuclear energy accounted for about 28.4% of the region’s electricity generation mix. The region accounted for 30.2% of the global nuclear power consumption.

Investments for the development of SMRs and the shift toward the use of clean energy to combat climate change are increasing the opportunities for the deployment of SMRs in this region. For instance, in November 2020, the government pledged USD 298 million to SMRs in 2021 as a part of the UK Research and Innovation (UKRI) through the Low-Cost Nuclear (LCN) program. In November 2019, UKRI provided an initial match funding of USD 23 million to the UK SMR consortium, led by Rolls-Royce, for the development of a conceptual SMR design. In June 2021, Rosatom (Russia) announced its plans to invest USD 7 billion in new nuclear technologies by 2030. The plan includes the development of four floating power units using RITM-200 reactors (55 MWe each) by the end of 2028 for the Baimskaya Mining and Refining Plant in Chukotka. It also aims to commission a land nuclear power plant that utilizes RITM-200 SMR technology by 2030 for the Kyuchusskoye gold deposit in Yakutia. Rosatom also has plans to launch pilot units, including SHELF and ELENA, in remote regions of the country. It intends on concluding the first export contract for its SMR power plants at the end of 2026. Factors such as the integration of SMRs with intermittent renewable energy and the decarbonization of the energy sector enhance the growth of the small modular reactor market in Europe.

Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=5001546

The overall key players are Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), GE Hitachi Nuclear Energy (US), X Energy, LLC. (US), X Energy, LLC. (US), General Atomics (US), ARC Clean Energy, Inc. (Canada), LeadCold Reactors (Sweden), Rolls-Royce (UK), Ultra Safe Nuclear (US),  Toshiba Energy Systems & Solutions Corporation (Japan), Tokamak Energy Ltd. (UK), SNC-Lavalin Group (Canada), Afrikantov OKB Mechanical Engineering (Russia), China National Nuclear Corporation (China), Framatome (France), U-BATTERY (UK), and Seaborg Technologies (Denmark).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Small Modular Reactor Market Size, Share, Trends and Future Growth Predictions till 2030

According to a research report "Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Industrial), Coolant and Region - Global Forecast to 2030" published by MarketsandMarkets, the small modular reactor market size will grow to USD 7.0 billion by 2030 (forecasted year) from USD 5.7 billion in 2022 (estimated year), at a CAGR of 2.7% during the forecast period.

The small modular reactor market has promising growth potential due to the low cost of SMRs due to modularization and factory construction. The global small modular reactor market is driven by the growing need for clean, reliable, and flexible power generation and helps in integration with variable renewable energy.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5001546

The light-water reactor segment is expected to dominate the small modular reactor market, by reactor type, during the forecast period.

The light-water reactor segment holds the largest share of the small modular reactor market. Light-water reactor segment is also expected to be the fastest growing and this dominance of the segment can be attributed to the is the most commonly adopted SMR technology owing to factors such as low technological risks and ease of licensing, as regulators and developers are familiar with this technology.

The land segment is expected to be the largest small modular reactor market, by location, during the forecast period.

The small modular reactor market, by location, is divided into land and marine, wherein the land segment accounts for a largest share. The potential for the underground deployment of land reactors, enhanced protection from natural hazards, improved seismic capability, and higher thermal efficiencies are a few of the major growth drivers for the land segment. These SMRs also have simpler licensing processes compared with marine SMRs.

The Asia Pacific likely to emerge as the fastest growing small modular reactor market

In this report, the small modular reactor market has been analyzed for four regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is a significant contributor to the small modular reactor market in the current scenario owing to a large number of SMR projects in China. For instance, various SMRs projects, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed, in China. Furthermore, The region has witnessed a rapid growth in electricity demand in recent years due to the growing population, increasing per capita income, and a growing number of petrochemical refineries, coupled with urbanization. These factors are further expected to boost the adoption rate of SMR technologies.

Ask Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=5001546

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the small modular reactor market.

Some of the key players are GE Hitachi Nuclear Energy (US), Moltex Energy (Canada), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada) and Westinghouse Electric Corporation (US). The leading players are adopting various strategies to increase their share in the small modular reactor market.

Small Modular Reactor Market Explore Top Factors that Will Boost the Global Market by 2026

New Revenue Pockets:

The global small modular reactor market is projected to reach USD 11.3 billion by 2026 from an estimated USD 9.7 billion in 2021, at a CAGR of 3.2 % during the forecast period. The global small modular reactor market is driven by the growing need for clean, reliable and flexible power generation and helps in facilitating access to nuclear energy across diverse applications. 

The small modular reactor market has promising growth potential due to the low cost of SMRs due to modularization and factory costruction. Cost optimization from modularization can be expected from construction or pre-assembly of modules in a factory away due to increased labor productivity, quality control, and reduced project management risks. Modularization of SMR has various benefits, such as shortened construction schedules; reductions in construction cost; opportunity for production learning and repeatability; improved constructability, efficient quality control, and assurance; and improved project cash flow. Factory production can use a higher degree of automation and employ other construction technologies which is likely to drive the small modular reactor market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5001546

The small modular reactor market, by reactor type, is segmented into light-water reactors, heavy-water reactors, fast-neutron reactors, high-temperature reactors and molten salt reactors. The light-water reactor segment holds the largest share of the small modular reactor market, and a similar trend is likely to continue in the near future. Light-water reactor is the most commonly adopted SMR technology owing to the high degree of technological readiness and ease of licensing, as regulators and developers are familiar with this technology. These factors are expected to drive the market for this segment during the forecast period.

The report segments the small modular reactor market, by connectivity, into grid-connected and off-grid. The off-grid segment is expected to hold a larger market share during the forecast period. Off-grid SMRs are small and suited for remote locations where setting up a large nuclear power plant is not feasible. Such reactors provide a clean and flexible alternative to fossil-fuel-fired power generation and other nonelectric applications in remote communities, islands, isolated grid systems, and mining sites. 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=5001546

The small modular reactor market, by location, is divided into land and marine. The potential for underground deployment of land reactors, enhanced protection from natural hazards, improved seismic capability, and higher thermal efficiencies are some of the major growth drivers for the land segment. These SMRs also have simpler licensing processes compared with marine SMRs.

The report segments the small modular reactor market, by deployment, into single-module power plants and multi-module power plants. The multi-module power plant segment is projected to hold a larger market share during 2021–2026. The growth of this segment is driven by the ease of financing additional units of SMRs, leading to the economies of series production. Additional modules can be added to the SMR plant, which helps in reducing upfront investments and capital risks, resulting in lower financial costs. In addition, multi-module power plants help avoid long outage periods through unit-by-unit maintenance and allow for staggered refueling.

The small modular reactor market, by application, is categorized into power generation, process heat, deslination,  hydrogen production and industrial application. The power generation segment of the small modular reactor market, by application, accounts for the largest market share among all the other segments owing to its ability to be integrated with renewable energies to provide flexible power and baseload power. The ease of siting and operating flexibility drives the demand for SMRs in the power generation application.

Request FREE Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=5001546

Asia Pacifc is estimated to be the largest and fastest growing market for small modular reactor during the forecast period. The region has been segmented, by country, into China, Japan, India and South Korea. The growth of the Asia Pacific market is driven by the increasing investments for the deployment of SMRs in countries such as China and Japan. For instance, in China, various SMRs designs, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed for land and marine deployment. Furthermore, the country plans to promote the construction of Generation III coastal nuclear power plants and accelerate the development of SMRs and offshore floating nuclear reactors. In Japan, the government has made several policy reforms to accelerate the decarbonization of the energy sector. For instance, in December 2020, the Japanese government launched a new initiative called Green Growth Strategy to achieve carbon neutrality by 2050.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

 

Small Modular Reactor Market size to Grow $11.3 billion by 2026 - Is Booming Worldwide

According to the new market research report "Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Process Heat), and Region - Global Forecast to 2026" The small modular reactor market is projected to reach USD 11.3 billion by 2026. The small modular reactor market size will grow to USD 11.3 billion by 2026 (forecasted year) from USD 9.7 billion in 2021 (estimated year), at a CAGR of 3.2% during the forecast period. The small modular reactor market has promising growth potential due to the low cost of SMRs due to modularization and factory construction. The global small modular reactor market is driven by the growing need for clean, reliable and flexible power generation and helps in integration with variable renewable energy.

Browse 135 market data Tables and 43 Figures spread through 213 Pages and in-depth TOC on "Small Modular Reactor Market - Global Forecast to 2026"

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5001546

The light-water reactor segment is expected to dominate the small modular market, by reactor type, during the forecast period.

Thelight-water reactorsuse ordinary water as a coolant and are the most widely adopted type, as these have the lowest technological risks. Light-water reactor is the most commonly adopted SMR technology owing to the high degree of technological readiness and ease of licensing, as regulators and developers are familiar with this technology. These factors are expected to drive the market for this segment during the forecast period.

The multi-module power plant segment is expected to be the fastest growing small modular reactor market, by deployment, during the forecast period. 

The multi-module power plant segment, by deployment, of small modular reactor market is estimated to grow at the fastest rate during the forecast period. The growth of this segment is driven by the ease of financing additional units of SMRs, leading to the economies of series production. Additional modules can be added to the SMR plant, which helps in reducing upfront investments and capital risks, resulting in lower financial costs. In addition, multi-module power plants help avoid long outage periods through unit-by-unit maintenance and allow for staggered refueling.

Asia Pacific likely to emerge as the largest small modular reactor market

In this report, the small modular reactor market has been analyzed for four regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa. The growth of the Asia Pacific market is driven by the increasing investments for the deployment of SMRs in countries such as China and Japan. For instance, in China, various SMRs designs, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed for land and marine deployment. Furthermore, the rise in opportunities for deployment of SMRs in areas with isolated and small scale grid systems such as coastal, island, and offshore areas are expected to fuel growth of small modular reactor market in this region.

Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=5001546

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the small modular reactor market.

Some of the key players are General Electric-Hitachi Nuclear Energy (US), Moltex Energy (Canada), NuScale Power (US), Terrestrial Energy (Canada) and Westinghouse Electric (US). The leading players are adopting various strategies to increase their share in the small modular reactor market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com