Meticulous Research®, a prominent global market research firm, released a report titled ‘Small Modular Reactors Market by Type, Coolant, Deployment Mode, Fuel Type, Application, and Geography — Global Forecast to 2030.’
According to this publication, the small modular reactors (SMRs) market is anticipated to achieve $6.14 billion by 2030, with a projected compound annual growth rate (CAGR) of 2.4% throughout the forecast period. Factors contributing to market expansion include increased adoption of SMRs for power generation, governmental efforts towards decarbonization, and growing demand for reliable nuclear power solutions. However, stringent regulatory frameworks pertaining to SMR deployment pose challenges to market growth. Nonetheless, opportunities are anticipated due to heightened focus on achieving net zero emissions and advancing decarbonization in the energy sector. Despite these prospects, the absence of standardized licensing procedures remains a significant hurdle for industry participants. Key trends in the global SMRs market include escalating demand for clean and dependable energy sources.
The small modular reactors market is categorized based on several factors: types of reactors (including light-water reactors such as pressurized water reactors and boiling water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors), coolant types (like liquid lead, gases, water, and other coolants), deployment modes (whether land-based or marine-based), fuel types (primarily uranium but also other fuel types), applications (spanning power generation with both single-module and multi-module plants, process heat, desalination, and other uses), and geographical considerations. The report also includes an assessment of industry rivals and conducts market analysis at regional and national scales.
Based on type, the small modular reactors market is divided into various segments including light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors. As of 2023, the light-water reactors segment is expected to dominate the market share within small modular reactors. This significant share is driven by the rising adoption of light-water reactors, which are noted for their efficient energy generation from water and their dual role as both a moderator and coolant to manage the energy produced through nuclear fission. Moreover, this segment is projected to experience the highest compound annual growth rate (CAGR) during the forecast period.
Based on coolant type, the small modular reactors market includes segments for coolant types such as liquid lead, gases, water, and other coolants. By 2023, the water segment is anticipated to hold the largest market share in the small modular reactors sector. This dominance is driven by the rising demand for water coolant, which effectively transfers heat from the reactor core to steam turbines, and the growing preference for water coolant to regulate pressure levels within the core. Additionally, this segment is forecasted to achieve the highest compound annual growth rate (CAGR) throughout the forecast period.
Based on deployment mode, the small modular reactors market is divided into land-based and marine-based deployment segments. By 2023, the land-based deployment segment is projected to hold a larger share of the small modular reactors market. This segment's dominance is driven by the increasing adoption of land-based deployment for SMRs, which ensures safety and security, and the operational advantages of lower maintenance costs associated with land-based setups. However, the marine-based deployment segment is expected to achieve the highest compound annual growth rate (CAGR) during the forecast period. This growth is attributed to rising demand for cost-effective, carbon-free power solutions, and the growing necessity for cleaner energy alternatives that offer enhanced safety, affordability, and flexibility.
Based on fuel type, the small modular reactors market includes segments for uranium and other types of fuel. By 2023, the uranium segment is anticipated to dominate the small modular reactors market. This segment's significant share is driven by rising demand for uranium, which is capable of generating substantial low-carbon baseload electricity and is increasingly sought after for use in nuclear power plants utilizing nuclear fission. Additionally, the uranium segment is forecasted to achieve the highest compound annual growth rate (CAGR) throughout the forecast period.
Based on application, the small modular reactors market is categorized into segments including power generation, process heat, desalination, and other applications. By 2023, the power generation segment is projected to hold the largest share of the small modular reactors market. This segment's dominance is driven by increasing demand for large-scale production of carbon-free electricity, the rising preference for cost-effective fuel options, and the growing utilization of power plants for enhanced efficiency, portability, and ease of construction. Additionally, the power generation segment is expected to achieve the highest compound annual growth rate (CAGR) during the forecast period.
Based on geography, the small modular reactors market is segmented across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to hold the largest share of the small modular reactors market, followed by Europe, North America, Latin America, and the Middle East & Africa. The significant market share in Asia-Pacific can be attributed to the presence of leading companies offering small modular reactors. Additionally, factors such as increasing deployments of SMRs in coastal, island, and offshore locations, the integration of renewable energy sources with SMRs, and rising demand for low-carbon, reliable, and flexible power generation contribute to the growth of the small modular reactors market in Asia-Pacific. Moreover, this region is forecasted to experience the highest compound annual growth rate (CAGR) during the forecast period.
Key Players:
Key players 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), Leadcold (Sweden), and General Atomics (U.S.).
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Key questions answered in the report-
• Which market segments show high growth potential based on type, coolant type, deployment mode, fuel type, application, and geography?
• What was the historical performance of the small modular reactors market?
• What are the market forecasts and projections for the period from 2023 to 2030?
• What are the primary drivers, challenges, opportunities, restraints, and emerging trends in the small modular reactors market?
• Who are the major players in the small modular reactors market, and what market shares do they hold?
• How is the competitive landscape structured within the small modular reactors market?
• What recent developments have occurred in the small modular reactors market?
• What strategies have the leading players adopted within the small modular reactors market?
• What are the notable geographic trends, and which countries are experiencing rapid growth?
• Who are the local emerging competitors in the small modular reactors market, and how do they compete with established players?
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