Meticulous Research®, a distinguished global market research firm, has published a comprehensive report entitled ‘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.’ The report forecasts that the small modular reactors (SMRs) market will attain a value of $6.14 billion by 2030, with a compound annual growth rate (CAGR) of 2.4% throughout the forecast period.

The growth of the SMR market is driven by several factors, including the increasing adoption of SMRs for power generation, supportive governmental decarbonization initiatives, and a growing demand for flexible and reliable nuclear power. However, stringent regulatory policies and standards for SMR deployment pose challenges to market growth. The emphasis on achieving net-zero emissions and decarbonization offers promising opportunities, although the lack of standardized licensing processes remains a significant challenge.

The market is segmented based on reactor type, coolant type, deployment mode, fuel type, application, and geography. Reactor types include light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors. The light-water reactors segment is expected to dominate in 2024 due to their high efficiency and ability to act as both a moderator and coolant. This segment is also forecasted to experience the highest CAGR during the period.

Coolant types are categorized into liquid lead, gases, water, and other coolants. The water segment is projected to hold the largest market share in 2024, driven by its role in transferring heat from the reactor core and maintaining core pressures. This segment is also anticipated to register the highest CAGR.
Deployment modes include land-based and marine-based options. The land-based deployment segment is expected to hold a larger market share in 2024 due to its safety, security, and lower maintenance costs. However, marine-based deployments are projected to grow at the highest CAGR due to increasing demands for affordable, carbon-free energy and the flexibility of these deployments.

Fuel types are segmented into uranium and other types. The uranium segment is anticipated to lead the market in 2024, owing to its role in providing large-scale, low-carbon electricity and its use in nuclear fission. This segment is also forecasted to achieve the highest CAGR.
Applications of small modular reactors include power generation, process heat, desalination, and other uses. The power generation segment is expected to dominate in 2024 due to the rising demand for carbon-free electricity, low fuel costs, and the efficiency of power plants. This segment is also projected to see the highest CAGR.

Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold the largest market share in 2024, followed by Europe, North America, Latin America, and the Middle East & Africa. The major market share in Asia-Pacific is attributed to the presence of key players, increased SMR deployments, and a growing demand for reliable, low-carbon power. This region is also projected to experience 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 2024–2030?
• 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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