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"

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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.

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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.

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Solid Oxide Fuel Cell Market to Be Driven by Increasing Demand From End Use Industry in the Forecast Period of 2020-2025

The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025, at a CAGR of 30.1%, from an estimated USD 772 million in 2020. Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy source are key factors likely to drive the solid oxide fuel cell market during the forecast period. 

North America is estimated to be the largest solid oxide fuel cell market in 2019. The region has been segmented, by country, into US and Canada. US is the largest and fastest growing market in the region. The growth in this country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy’s (DoE’s) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market.

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The market is segmented, by type, into planar, and tubular. The planar segment held the largest solid oxide fuel cell market share in 2019. The market for planar segment is driven by the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes. As its construction is relatively simple, it is the most commonly used solid oxide fuel cell type.

The market is segmented, by application, into portable, stationary and transport. In terms of value, the stationary held the largest share in 2019 as it is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

The solid oxide fuel cell market is segmented, by end user, into power generation, automotive, hydrogen generation and others. The power generation segment is expected to be the largest market during the forecast period. Increased demand for clean energy generation is expected to drive the market.

The solid oxide fuel cell market is served by a mix of large international players with their presence and capabilities across different regions as well as local players that have a strong foothold in the domestic markets. The key players operating in the market include Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan), Sunfire (Germany), Convion (Finland) and others.

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The major strategies adopted by the players in the solid oxide fuel cell market include contracts & agreements, investments & expansion, mergers & acquisitions, new product launches, and partnerships (including joint ventures, strategic alliances, and collaborations). Contracts & agreements was the most commonly adopted strategy from 2017 to 2020. Partnerships & collaborations have also emerged as a key strategy, as companies look to strengthen their service offerings and geographic market reach by offering their product.

Bloom Energy (US) is one of the major manufacturers of solid oxide fuel cell systems. The company develops, manufactures, and sells solid oxide fuel cells under the name Energy Servers. It caters to the commercial and industrial sectors for distributed power generation. Bloom Energy operates under 4 business segments, namely Product, Installation, Service, and Electricity. In August 2019, Bloom Energy launched Always ON. The product acts as a microgrid providing consumers with energy resiliency for facing power outages at a predictable cost.

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Aisin Seiki (Japan) is a major player in manufacturing and selling fuel cells. The company focuses on meeting sustainable development goals in all its business segments by promoting the transition to clean energy, sustainable procurement, and sustainable industrialization by technological innovation. It operates under 5 segments, namely Powertrain, Chassis & Vehicle Safety System, Body Product, ICT & Electronics, and Energy & Lifestyle. Aisin Seiki caters to the energy & power, automotive, and communications industries. The company provides fuel cell cogeneration systems under its Energy & Lifestyle business segment. In April 2020, Aisin Seki and its subsidiary Konan Kogyo established a hydrogen station to promote the transformation from petroleum-based energy to clean energy. Under this partnership, Toyota Group and Aisin Seiki plan to use fuel cell-electrified buses for transportation.

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.

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Centrifugal Pump Market to Boost Business Scope with Key Players and market trend

Global Centrifugal Pump Market Overview:

The global centrifugal pump market size is projected to reach USD 48.8 billion by 2026 from an estimated value of USD 36.6 billion in 2021, at a CAGR of 5.9%. The key drivers for the centrifugal pump market include intensified demand for water and wastewater management in developed countries; surged investments in global construction industry; high demand for centrifugal pumps from agricultural sector.

Key Market Players:

The centrifugal pump market is dominated by major players that are established brand names with an extensive regional presence, along with many local and regional players in emerging economies. The key players in the centrifugal pump market include companies such as Xylem (US), Sulzer (Switzerland), KSB (Germany), Wilo (Germany), Grundfos (Denmark), and Flowserve (US).

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The industrial segment is estimated to be the fastest-growing segment of the centrifugal pump market, by end-user, from 2021 to 2026. This segment is driven by factors such as the increasing demand for freshwater in developing regions such as Asia Pacific and Africa. A focus on reducing carbon emissions is leading to the increased demand for cleaner sources of power generation which, in turn, would result in a rising demand for centrifugal pumps used as boiler feed pumps, condensate extraction, and cooling water pumps in the power generation industry.

Based on type, the overhung impeller centrifugal pump segment is expected to grow at the fastest rate from 2021 to 2026. This is due to various factors such as low installation cost as compared to between bearing centrifugal pumps. Overhung impeller pumps are installed with the lowest cost materials such as iron casings with brass or bronze impellers. They take up less floor space with slurry options such as rubber linings and offer reasonable efficiency. They are used in residential, commercial, and chemical applications. This segment is expected to have a higher market share due to the widespread implementation and easy operation of overhung impeller centrifugal pumps. The growing renewable energy sector also supports the growth of the overhung impeller pump segment with many solar power projects deploying these pumps for power generation.  

Based on stage, the single-stage segment is projected to grow at the highest CAGR from 2021 to 2026. The reliability and low maintenance costs of single-stage pumps in applications with moderate dynamic heads such as water pumping stations, which are some of the most common applications of submersible pumps, are expected to boost their demand for single-stage pumps across the globe.

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The centrifugal pump market has been segmented, based on region, into Asia Pacific, Europe, North America, Middle East, South America, and Africa. Asia Pacific is projected to grow at the fastest rate, from 2019 to 2026, followed by the North America and Middle. Countries such as China and Japan are the largest markets in Asia Pacific and have increased their investments in the infrastructure and power sectors in the recent past. China accounted for the maximum share in the market in Asia Pacific in 2020 and is projected to grow at the highest CAGR of 6.5%, from 2021 to 2026. Increasing industrialization, investments in water and wastewater treatment infrastructure, growing urbanization, and rising demand for proper sanitation are the major factors impacting the growth of the centrifugal pump market in this region.

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