Dublin, Aug. 27, 2024 (GLOBE NEWSWIRE) -- The "Small Modular Reactor Market - A Global and Regional Analysis: Focus on Application, Reactor Type, Power Generation Capacity, and Country - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global small modular reactor market, valued at $1.95 billion in 2023, is expected to reach $4.42 billion by 2033, exhibiting a robust CAGR of 8.52% during the forecast period 2023-2033.
One of the primary drivers for the growth of the small modular reactor market is climate change and the growing demand for clean energy. SMRs' smaller footprint and modularity present opportunities to generate electricity with lower carbon emissions compared to conventional fossil fuel-based power plants.
Market Segmentation
Segmentation 1: by Application
- Electricity Production
- Combined Heat and Power
- Desalination
- Off-grid application
During the forecast period 2023-2033, electricity production is expected to be the leading application in the small modular reactor market, driven by the rising demand for clean and dependable electricity sources. Small modular reactors (SMRs) generate electricity efficiently and safely, making them suitable for various applications. For instance, in August 2023, Canadian Nuclear Laboratories partnered with Ultra Safe Nuclear Corporation to develop a commercially viable molten salt reactor SMR, indicating the industry's commitment to advancing SMR technology for electricity generation.
Segmentation 2: by Reactor Type
- Water-Cooled Reactors
- Liquid Metal-Cooled Fast Neutron Spectrum Reactors
- Molten Salt Reactors
- High-Temperature Gas-Cooled Reactors
Segmentation 3: by Power Generation Capacity
- < 25 MW
- 25-100 MW
- 101-300 MW
- >300 MW
Segmentation 4: by Region
- North America - U.S. and Canada
- Europe - Russia, France, and Rest-of Europe
- Asia-Pacific - China, Japan, and Rest-of-Asia-Pacific
- Rest-of-the-World
During the forecast period, Europe is anticipated to lead the global small modular reactor market, with Russia emerging as a prominent player. Russia operates one of the world's three operational small modular reactor (SMR) plants, boasting a significant production capacity of 2,350 MW as of 2023. The International Atomic Energy Agency predicts Russia's dominance in SMR production capacity, surpassing the U.S., which leads in the number of SMR projects under development. This is attributed to Russia's higher average production capacity per project. Moreover, Europe is actively promoting SMR research and development through the Euratom Research and Training Program (2021-2025), focusing on nuclear safety, security, and waste management to advance technology and nurture skilled professionals in the nuclear sector.
Recent Developments in the Global Small Modular Reactor Market
- In November 2023, The State Atomic Energy Corporation ROSATOM's engineering division received approval for the designs of the RITM 200N small modular reactor, along with the AS-14-15 core and its components, intended for small ground-based nuclear power plants.
- In April 2022, NuScale Power, LLC. signed a collaboration agreement with the U.S. Reactor Forging Consortium (RFC) to leverage its robust forging supply chain for the global deployment preparation of the company's SMR technology.
- In February 2023, Westinghouse Electric Company LLC. signed an agreement with Community Nuclear Power, Ltd. (CNP) to launch the U.K.'s privately funded small modular reactor (SMR) fleet, featuring the Westinghouse AP300 SMR.
Demand - Drivers, Restraints, and Opportunities
Market Drivers: Climate Change
The imperative to mitigate climate change is a significant driver in shaping the trajectory of the small modular reactor (SMR) market. As nations worldwide commit to reducing greenhouse gas emissions and transitioning to low-carbon energy sources, SMRs offer a promising solution to meet clean energy goals. SMRs, with their smaller footprint and modular design, present opportunities to generate electricity with lower carbon emissions compared to conventional fossil fuel-based power plants. This advantage positions SMRs as a vital component of sustainable energy systems, particularly in regions seeking to decarbonize their electricity grids while ensuring reliable power supply.
Market Challenges: High Initial Costs and Infrastructure Limitations
The high initial costs and infrastructure limitations present significant restraints in the small modular reactor (SMR) market. Despite their potential benefits, such as enhanced safety and flexibility, the upfront investment required for the development, construction, and regulatory approval of SMR projects remains a considerable barrier. These costs encompass various aspects, including research and development, licensing procedures, and infrastructure development, contributing to the overall financial burden of SMR implementation. Furthermore, the specialized infrastructure necessary to support SMR deployments, such as cooling systems, grid integration, and waste management facilities, adds to the complexity and cost of SMR projects, particularly in remote or underdeveloped regions where infrastructure may be lacking or inadequate.
Market Opportunities: Surge in Decarbonization Policies
In response to the escalating climate crisis, governments worldwide are intensifying their efforts to combat carbon emissions through comprehensive decarbonization policies. These policies aim to transition energy systems away from fossil fuels toward low-carbon alternatives, thereby mitigating the adverse effects of climate change. As a result, there is a growing opportunity for small modular reactors (SMRs) to play a pivotal role in supporting decarbonization objectives. SMRs offer a carbon-neutral energy solution as a reliable alternative to conventional fossil fuel-based power generation. Their compact size, flexibility, and scalability make them well-suited for integration into existing energy infrastructure, facilitating the transition toward a more sustainable and environmentally friendly energy landscape.
Key Market Players and Competition Synopsis
The companies that are profiled in the small modular reactor market have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, application, and market penetration. The global small modular reactor market is growing at a prominent rate, with many players competing for market share. The small modular reactor market is characterized by the presence of companies developing small modular reactors (SMRs) and new-age start-ups. The small modular reactor market is attracting significant investment, driven by its innovative approach and the burgeoning demand for energy security and sustainability. Despite the potential, large-scale deployments may face logistical challenges related to transportation, regulatory approvals, infrastructure integration, and security considerations.
For instance, in November 2023, the State Atomic Energy Corporation ROSATOM 's engineering division received approval for the designs of the RITM 200N SMR and its AS-14-15 core, along with its respective components, for a small ground-based nuclear power plant.
Major players in the small modular reactor market include The State Atomic Energy Corporation ROSATOM, Tsinghua University, Japan Atomic Energy Agency, NuScale Power, LLC., and JSC NIKIET.
Some prominent names established in the small modular reactor market are:
- Westinghouse Electric Company LLC
- China National Nuclear Corporation
- Rolls-Royce plc
- STATE POWER INVESTMENT CORPORATION LIMITED
- BWX Technologies. Inc.
- Terrestrial Energy Inc.
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- EDF
- Moltex Energy
- General Atomics
For more information about this report visit https://www.researchandmarkets.com/r/dp31q
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