Global Small Modular Reactor Market Analysis 2024: Size Forecast and Growth Prospects

The small modular reactor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Small Modular Reactor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The small modular reactor market size has grown steadily in recent years. It will grow from $6.78 billion in 2023 to $7.08 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%.  The growth in the historic period can be attributed to energy security concerns, regulatory support, increasing electricity demand, desire for carbon emission reduction, need for decentralized power generation.

The small modular reactor market size is expected to see steady growth in the next few years. It will grow to $8.05 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%.  The growth in the forecast period can be attributed to growing focus on clean energy solutions, demand for flexible power generation options, increasing interest in nuclear power, rising concerns about climate change, expanding applications in industrial sectors. Major trends in the forecast period include emergence of new market players and technologies, integration of digitalization and automation, customization and modularization of reactor designs, increasing role in supporting renewable energy integration, development of hybrid energy systems.

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Scope Of Small Modular Reactor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Small Modular Reactor Market Overview
Market Drivers –
The rising energy security crisis is expected to propel the growth of the small modular reactor market going forward. An energy security crisis occurs when a region or country faces significant challenges in meeting its energy needs reliably and affordably. Small modular reactors (SMRs) offer flexibility in power output, enabling operators to quickly adjust electricity generation to meet the specific needs of remote communities or industries by operating at partial load or ramping up or down swiftly in response to changing demand to ensure a reliable and stable power supply. For instance, in November 2022, according to data published by the International Energy Agency (IEA), a France-based, autonomous intergovernmental organization, the global population lacking access to electricity is projected to increase by nearly 20 million in 2022, reaching approximately 774 million individuals without electricity worldwide, up from 754 million in 2021. Therefore, the rising energy security crisis is driving the growth of the small modular reactor market.

Market Trends –
Major companies operating in the small modular reactor market are increasing their focus on developing advanced solutions or products, such as single-loop pressurized water reactors (PWR), to gain a competitive edge in the market. It is a compact and scalable nuclear reactor design typically ranging from tens to a few hundred megawatts, offering enhanced safety features, flexibility in deployment, and potential cost-effectiveness compared to traditional larger-scale nuclear power plants. For instance, in May 2023, Westinghouse Electric Company, a US-based nuclear power company that offers nuclear products and services, launched the AP300. This small modular reactor introduces integral pressurized water reactor (iPWR) technology, passive safety systems, and modular design, revolutionizing nuclear energy with compactness, enhanced safety, and swift deployment. It significantly impacts the small modular reactor (SMR) market by advancing safety, versatility, and cost-effectiveness, shaping the future of nuclear energy generation.

The small modular reactor market covered in this report is segmented –
1) By Reactor Type: Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Heavy Water Reactor (HWR), Other Reactor Types
2) By Power Rating: Up To 100 MW, 101 To 200 MW, 201 To 300 MW
3) By Deployment: Single Module Power Plant, Multi Module Power Plant
4) By Application: Power Generation, Desalination, Process Heat, Industrial, Hydrogen Production

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Regional Insights –
Asia-Pacific was the largest region in the small modular reactor market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the small modular reactor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the small modular reactor market are General Electric Company, Hitachi, Korea Electric Power Corporation (KEPCO ), State Power Investment Corporation (SPIC), Mitsubishi Heavy Industries Ltd., OKBM Afrikantov (Rosatom), Bechtel Corporation, Rolls-Royce plc., Fluor Corporation, IHI Corporation, Korea Hydro & Nuclear Power (KHNP), SNC-Lavalin Group, Toshiba Energy Systems & Solutions, Brookfield Asset Management, General Atomics Corporation, Curtiss-Wright Corporation, BWX Technologies Inc., Nuclear Power Corporation of India Limited (NPCIL), China National Nuclear Corporation (CNNC), U-Battery Developments Ltd. (Urenco Group), Babcock & Wilcox, Tokamak Energy, NuScale Power LLC., ARC Energy LLC, Terrestrial Energy Inc., Holtec International, Kairos Power, TerraPower LLC.

Table of Contents
1. Executive Summary
2. Small Modular Reactor Market Report Structure
3. Small Modular Reactor Market Trends And Strategies
4. Small Modular Reactor Market – Macro Economic Scenario
5. Small Modular Reactor Market Size And Growth
…..
27. Small Modular Reactor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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