Meticulous Research®, a prominent global market research firm, has released a new 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 report from Meticulous Research®, the small modular reactors (SMRs) market is expected to reach $6.14 billion by 2030, with a compound annual growth rate (CAGR) of 2.4% during the forecast period. This market growth is primarily driven by the increasing use of SMRs for power generation, government initiatives aimed at decarbonization, and a rising demand for reliable and flexible nuclear power. However, stringent regulatory policies and standards for SMR deployment pose challenges. Additionally, the market could benefit from the growing focus on net-zero emissions and decarbonization in the energy sector. Nevertheless, the absence of a standard licensing process remains a significant challenge for market players. The demand for clean and reliable energy sources is a key trend in the global small modular reactors market.
The small modular reactors market is categorized by type, coolant type, deployment mode, fuel type, application, and geography. The report also provides an analysis of industry competitors and evaluates the market at both regional and country levels.
Market Segmentation:
By Type:
• Light-water reactors (including pressurized water reactors and boiling water reactors)
• Heavy-water reactors
• High-temperature reactors
• Fast neutron reactors
• Molten salt reactors
• Fast breeder reactors
By Coolant Type:
• Liquid lead
• Gases
• Water
• Other coolants
By Deployment Mode:
• Land-based deployment
• Marine-based deployment
By Fuel Type:
• Uranium
• Other fuel types
By Application:
• Power generation (single-module power plants and multi-module power plants)
• Process heat
• Desalination
• Other applications
By Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
Key Findings:
1. Type Segment: The light-water reactors segment is projected to hold the largest market share in 2024, due to the efficiency in generating energy and their dual role as a moderator and coolant in nuclear fission. This segment is also expected to witness the highest CAGR during the forecast period.
2. Coolant Type Segment: The water coolant segment is anticipated to dominate the market in 2024, driven by the need for water to convey heat from the reactor core to steam turbines and to maintain manageable pressures within the core. This segment is expected to register the highest CAGR.
3. Deployment Mode Segment: The land-based deployment segment is likely to account for the larger market share in 2024, attributed to enhanced safety, security, and lower maintenance costs. The marine-based deployment segment, however, is expected to grow at the highest CAGR, fueled by the demand for affordable, carbon-free power and clean energy solutions.
4. Fuel Type Segment: Uranium is expected to be the dominant fuel type in 2024, owing to its capability to generate large-scale low-carbon baseload electricity and its growing use in nuclear power plants. This segment is projected to experience the highest CAGR.
5. Application Segment: Power generation is anticipated to hold the largest market share in 2024, driven by the need for carbon-free electricity, low fuel costs, and efficient, portable, and easy-to-construct power plants. This segment is also expected to register the highest CAGR.
6. Geographical Insights: Asia-Pacific is projected to lead the small modular reactors market in 2024, followed by Europe, North America, Latin America, and the Middle East & Africa. The significant market share in Asia-Pacific is due to the presence of key players, rising SMR deployments, integration of renewable energy sources, and the demand for low-carbon, reliable, and flexible power generation. This region is also expected to witness the highest CAGR during the forecast period.
Key Players:
• 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)
• General Atomics (U.S.)
Key Questions Addressed in the Report:
• Which market segments exhibit high growth based on type, coolant type, deployment mode, fuel type, application, and geography?
• What are the historical trends in the small modular reactors market?
• What are the market forecasts and estimates from 2024 to 2030?
• What are the primary drivers, restraints, opportunities, challenges, and trends in the small modular reactors market?
• Who are the major players in the market, and what market shares do they hold?
• How is the competitive landscape structured in the small modular reactors market?
• What recent developments have occurred in the small modular reactors market?
• What strategies are adopted by major players in this market?
• What are the key geographic trends, and which countries exhibit high growth?
• Who are the emerging local players, and how do they compete with established players?
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