Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Small Modular Reactor (SMR) Market - Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)" report has been added to ResearchAndMarkets.com's offering.
The traditional nuclear industry is cost intensive. Green energy on the other hand has been expanding its roots on the back of the worldwide depleting interest in nuclear power. The industry is thus emphasizing the development of alternatives in forms of small and mid-sized nuclear power reactors such as small modular reactors (SMRs). The growing need for decommissioning, and mounting costs of conventional nuclear reactors point to more efficient, or equivalent alternatives.
Typical delays associated with large nuclear reactors also tend to restrict the nuclear power deployment to a large extent. The entire scenario paves the way for the establishment of alternative technologies like SMR.
Exhibiting a strong CAGR during the forecast period, the global small modular reactor market is slated to reach US$9 Bn in revenue by the end of 2030. More SMR capacities are likely to be added worldwide, toward the end of this decade, as the concerns around affordably priced energy security achieved with the use of safer and more efficient systems continue to aggravate.
Key Insights and Trends Across Global Small Modular Reactor Market
- The market for small modular reactors will experience nearly 9.5% growth in revenue between 2023 and 2030
- The study reports five operational SMR plants all over the world, in the year 2022
- SMR prospects look promising especially in China, Russia, and India
- A majority of approximately 60 power reactors that are currently under construction are located in China, Russia, and India
The Cost and Performance Benefit Drives Preference for SMR Technology
When compared with traditional nuclear power plants, the small modular reactor plants prove to be potentially beneficial as the overall CAPEX is nearly 3x-5x lower. As the electricity generated through SMR technology offers a measurable cost benefit over the traditional nuclear power plant-generated electricity, the preference for the former is poised to ascend year over year. This is likely to accelerate the pace of the small modular reactor market growth.
Primacy of Pressurized Water Reactors Prevails
Based on the analysis of the global small modular reactor market by reactor type, the pressurized water reactor (PWR) segment is estimated to retain dominance over the other two segments, i.e., pressurized heavy water reactor (PHWR), and other types. The PWR category accounted for nearly 66.7% share of the total market valuation in 2022 and will remain the leading segment through the end of 2030. The report attributes this to competitive costs, greater operational stability, and higher safety quotient.
China, and Russia Remain Significant
Banking on the highest installation capacity, Asia Pacific led the global small modular reactor market in 2022. The region currently accounts for the lion's share in terms of value, which is over 80%, and the trend will continue till the end of projection period. China secures the top spot based on the installed capacity as the country remains the globally leading electricity consumer that offers a strong impetus to nuclear power generators.
The US as it reigns supreme in R&D of the small modular reactor technology will remain the global leader in the small modular reactor industry. North America will thus remain a substantial pocket for SMR manufacturers, as well as investors. On the other side, Canada is also expected to remain significant in terms of the development, and deployment of small modular reactors, on the back of Canada's Small Modular Reactor Action Plan.
The report indicates Russia's indispensable role in upholding the dominance of the European small modular reactor market. Besides, Serbia also reflects high growth potential owing to greater interest of the country in the small modular reactor technology.
Leaders in Global Small Modular Reactor Industry
GE, Mitsubishi Heavy Industries, Ltd., China National Nuclear Corporation, Rolls Royce, Nuclear Power Corporation of India Limited (NPCIL), General Atomics, Korea Electric Power Corporation, Holtec International, Bechtel Corporation, NuScale Power, LLC., and BWX Technologies Inc. represent some of the prominent players leading the competition landscape of the global small modular reactor market.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Small Modular Reactor- Existing and Upcoming Project Details
4. Global Small Modular Reactor (SMR) Market Outlook, 2019 - 2030
4.1. Global Small Modular Reactor (SMR) Market Outlook, by Configuration, Value (US$ Mn) & Capacity (MW), 2019 - 2030
4.1.1. Key Highlights
4.1.1.1. Pressurized Water Reactor (PWR)
4.1.1.2. Pressurized Heavy Water Reactor (PHWR)
4.1.1.3. Others
4.1.2. BPS Analysis/Market Attractiveness Analysis, by Configuration
4.2. Global Small Modular Reactor (SMR) Market Outlook, by Region, Value (US$ Mn) & Capacity (MW), 2019 - 2030
4.2.1. Key Highlights
4.2.1.1. North America
4.2.1.2. Europe
4.2.1.3. Asia Pacific
4.2.1.4. Rest of the World
4.2.2. BPS Analysis/Market Attractiveness Analysis, by Region
5. North America Small Modular Reactor (SMR) Market Outlook, 2019 - 2030
6. Europe Small Modular Reactor (SMR) Market Outlook, 2019 - 2030
7. Asia Pacific Small Modular Reactor (SMR) Market Outlook, 2019 - 2030
8. Rest of the World (RoW) Small Modular Reactor (SMR) Market Outlook, 2019 - 2030
9. Competitive Landscape
10. Appendix
A selection of companies mentioned in this report includes
- Bechtel Corporation
- China National Nuclear Corporation
- BWX Technologies Inc.
- GE
- Mitsubishi Heavy Industries, Ltd.
- Holtec International
- General Atomics
- Rolls Royce
- Nuclear Power Corporation of India Limited (NPCIL)
- NuScale Power
For more information about this report visit https://www.researchandmarkets.com/r/k2lzpc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
