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Redding, California - June 1, 2023

Small Modular Reactors Market to be Worth $6.14 Billion by 2030

Small Modular Reactors Market by Type (Light-water Reactors, High-temperature Reactors), Coolant (Water, Liquid Lead), Deployment Mode, Fuel Type (Uranium), Application (Power Generation, Desalination) and Geography—Global Forecast to 2030


Meticulous Research®—a leading global market research company, published a research report titled, ‘Small Modular Reactors Market by Type (Light-water Reactors, High-temperature Reactors), Coolant (Water, Liquid Lead), Deployment Mode, Fuel Type (Uranium), Application (Power Generation, Desalination) and Geography — Global Forecast to 2030.’

According to this latest publication from Meticulous Research®, the small modular reactors market is projected to reach $6.14 billion by 2030, at a CAGR of 2.4% during the forecast period. The growth of this market is driven by the increasing adoption of SMRs for power generation, rising government initiatives associated with decarbonization, and growing demand for reliable and flexible nuclear power. However, the strict regulatory policies and standards for deploying SMRs restrain the growth of this market. Furthermore, the increasing focus on net zero emission and decarbonization in the energy sector are expected to create market growth opportunities. However, the lack of a standard licensing process is a major challenge for the players operating in this market. The global small modular reactors market trends are rising demand for clean and reliable energy sources.

The small modular reactors market is segmented by type (light-water reactors [pressurized water reactors and boiling water reactors], heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors), coolant type (liquid lead, gases, water, and other coolants), deployment mode (land-based deployment and marine-based deployment), fuel type (uranium and other fuel types), application (power generation [single-module power plants and multi-module power plants] process heat, desalination, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on type, the small modular reactors market is segmented into light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors. In 2023, the light-water reactors segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the increasing use of light-water reactors due to the higher efficiency of generating energy from water and the growing ability to serve both as a moderator and coolant to carry away the energy generated by nuclear fission. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on coolant type, the small modular reactors market is segmented into liquid lead, gases, water, and other coolants. In 2023, the water segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the increasing need for water coolant to convey heat from the reactor core to the steam turbines and the growing adoption of water coolant to maintain manageable pressures within the core. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on deployment mode, the small modular reactors market is segmented into land-based and marine-based deployment. In 2023, the land-based deployment segment is expected to account for the larger share of the small modular reactors market. The large market share of this segment is attributed to the increasing adoption of land-based deployment of SMRs to maintain safety and security and enhancement of land-based deployment due to lower maintenance costs. However, the marine-based deployment segment is projected to register the highest CAGR during the forecast period due to the growing demand for affordable carbon-free power and the rising need to generate clean energy solutions that are safer, affordable, and flexible.

Based on fuel type, the small modular reactors market is segmented into uranium and other fuel type. In 2023, the uranium segment is expected to account for the larger share of the small modular reactors market. The large market share of this segment is attributed to the increasing demand for uranium due to the ability to generate large-scale low-carbon baseload electricity and the growing demand for uranium in nuclear power plants for nuclear fission. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on application, the small modular reactors market is segmented into power generation, process heat, desalination, and other applications. In 2023, the power generation segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the rising demand for producing large amounts of carbon-free electricity, growing demand for low fuel cost, and increasing use of power plants for more efficient output, portable and easy to construct. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, the small modular reactors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-pacific is expected to account for the largest share of the small modular reactors systems market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s major market share is attributed to the presence of prominent players offering small modular reactors. Furthermore, rising deployments of SMRs in coastal, island and offshore areas, increasing integration of renewable energy sources with SMRs, and growing demand for low-carbon, reliable, and flexible power generation are also contributing to the growth of the small modular reactors market in Asia-Pacific. Also, this region is projected to register the highest CAGR during the forecast period.

Key Players:

The key players operating in the small modular reactors market include Brookfield Asset Management Inc. (Canada), Fluor Corporation (U.S.), General Electric Company (U.S.), Holtec International (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (U.K.), Terrestrial Energy Inc. (Canada), X Energy, LLC (U.S.), Westinghouse Electric Company LLC (U.S.), Kairos Power (U.S.), TerraPower, LLC (U.S.), Toshiba Energy Systems & Solutions Corporation (Japan), ARC Clean Technology, Inc. (Canada), and Leadcold (Sweden), and General Atomics (U.S.).

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Key questions answered in the report-

  • Which are the high-growth market segments based on type, coolant type, deployment mode, fuel type, application, and geography?
  • What was the historical market for small modular reactors?
  • What are the market forecasts and estimates for the period 2023–2030?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the small modular reactors market?
  • Who are the major players, and what shares do they hold in the small modular reactors market?
  • How is the competitive landscape in the small modular reactors market?
  • What are the recent developments in the small modular reactors market?
  • What are the different strategies adopted by the major players in the small modular reactors market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the small modular reactors market, and how do they compete with the other players?

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