Redding, California, June 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research 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,’ the small modular reactors market is projected to reach $6.14 billion by 2030, at a CAGR of 2.4% during the forecast period.
Small modular reactors (SMRs) are a type of nuclear fission reactor which is smaller than conventional nuclear reactors. The small modular reactors help to produce a large amount of low-carbon electricity. In addition, the benefits offered by small modular reactors, such as lower initial capital investment, greater scalability, and sitting flexibility for locations and generating power up to 300 MW(e) per unit, augment the growth of this market.
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The growth of this market is driven by the increasing adoption of SMRs for power generation, rising government initiatives associated with decarbonization, and growing demand for reliable and flexible nuclear power. However, the strict regulatory policies and standards for deploying SMRs restrain the growth of this market. Furthermore, the increasing focus on net zero emission and decarbonization in the energy sector is expected to create market growth opportunities. However, the lack of a standard licensing process is a major challenge for players in this market. The global small modular reactors market trends are rising demand for clean and reliable energy sources.
The small modular reactors market is segmented by type (light-water reactors [pressurized water reactors and boiling water reactors], heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors), coolant type (liquid lead, gases, water, and other coolants), deployment mode (land-based deployment and marine-based deployment), fuel type (uranium and other fuel types), application (power generation [single-module power plants and multi-module power plants] process heat, desalination, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on type, in 2023, the light-water reactors segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the growing ability to serve both as a moderator and coolant to carry away the energy generated by nuclear fission and the increasing use of light-water reactors due to the higher efficiency of generating energy from water. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on coolant type, in 2023, the water segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the increasing need for water coolant to convey heat from the reactor core to the steam turbines. Also, this segment is projected to register the highest CAGR during the forecast period due to the growing adoption of water coolants to maintain manageable pressures within the core.
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Based on fuel type, in 2023, the uranium segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the increasing demand for uranium due to the ability to generate large-scale low-carbon baseload electricity and the growing demand for uranium in nuclear power plants for nuclear fission. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on application, in 2023, the power generation segment is expected to account for the largest share of the small modular reactors market. The large market share of this segment is attributed to the growing demand for low fuel costs and the rising need for producing large amounts of carbon-free electricity. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on geography, the small modular reactors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-pacific is expected to account for the largest share of the small modular reactors market. Asia-Pacific’s large market share is attributed to the presence of leading small modular reactors providers and their strong government initiatives associated with decarbonization. Furthermore, the increasing integration of renewable energy sources with SMRs, and growing demand for low-carbon, reliable, and flexible power generation are also contributing to the growth of the small modular reactors market in Asia-Pacific. Also, this region is projected to register the highest CAGR during the forecast period.
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.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/small-modular-reactors-market-5512
Scope of the report:
Small Modular Reactors Market Assessment– by Type
- Light-water Reactors
- Pressurized Water Reactors
- Boiling Water Reactors
- Heavy-water Reactors
- High-temperature Reactors
- Fast Neutron Reactors
- Molten Salt Reactors
- Fast Breeder Reactors
Small Modular Reactors Market Assessment–by Coolant Type
- Liquid Lead
- Gases
- Water
- Other Coolant Types
Small Modular Reactors Market Assessment–by Deployment Mode
- Land-based Deployment
- Marine-based Deployment
Small Modular Reactors Market Assessment–by Fuel Type
- Uranium
- Other Fuel Type
Small Modular Reactors Market Assessment–by Application
- Power Generation
- Single-module Power Plants
- Multi-module Power Plants
- Process Heat
- Desalination
- Other Applications
Small Modular Reactors Market Assessment–by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of the Middle East & Africa
Quick Buy – Small Modular Reactors Market- Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/95937135
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