Overview and Scope
A small modular reactor (SMR) is a compact nuclear reactor design characterized by its smaller size, simplified construction, and modular configuration for electricity generation. These are employed to provide scalable and flexible nuclear power solutions suitable for diverse applications, including remote locations, industrial processes, and grid supplementation.
Sizing and Forecast
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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Segmentation & Regional Insights
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
Top 5 Major Players:
- General Electric Company,
- Hitachi,
- Korea Electric Power Corporation (KEPCO ),
- State Power Investment Corporation (SPIC),
- Mitsubishi Heavy Industries Ltd
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The small modular reactor market report table of contents includes:
1. Executive Summary
2. Small Modular Reactor Market Characteristics
3. Small Modular Reactor Market Trends And Strategies
4. Small Modular Reactor Market – Macro Economic Scenario
5. Global Small Modular Reactor Market Size and Growth
….
32. Global Small Modular Reactor Market Competitive Benchmarking
33. Global Small Modular Reactor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Small Modular Reactor Market
35. Small Modular Reactor Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Small Modular Reactor Market, Segmentation By Reactor Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Small Modular Reactor Market, Segmentation By Power Rating, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Small Modular Reactor Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 75: General Electric Company Financial Performance
Table 76: Hitachi Financial Performance
Table 77: Korea Electric Power Corporation (KEPCO ) Financial Performance
Table 78: State Power Investment Corporation (SPIC) Financial Performance
Table 79: Mitsubishi Heavy Industries Ltd Financial Performance
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