Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The "Global Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Industrial), Coolant and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global small modular reactor market is projected to reach USD 7 billion by 2030 from an estimated USD 5.7 billion in 2022, at a CAGR of 2.6%
The cost reduction due to modularization and factory production is expected to drive the small modular reactor market growth. Furthermore, the need for clean, stable and reliable nuclear energy for the supply of baseload power is driving the market. However, stringent nuclear regulatory requirements for deployment of SMRs is likely to hamper the growth of small modular reactor market.
The water segment, by coolant, is expected to be the largest and the fastest-growing market from 2022 to 2030
The SMR market, by coolant is bifurcated into heavy liquid metals, water, gases and molten salts. The water segment is expected to hold the largest market share in 2030. The largest market share can be attributed to the increasing adoption of light-water reactors and heavy-water reactors across various regions.
The multi-module power plant, by deployment, is expected to be the fastest-growing market from 2021 to 2026
The multi-module power plant segment is expected to be the fastest-growing deployment segment during the forecast period, owing to the ease of financing additional modules. Multi-module SMR plants are easier to finance compared with large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time.
The ability to add modules incrementally in multi-module SMRs provides economies of series production. This, in turn, could permit investors and operators to adjust to the changes in demand for electricity and budgetary constraints to reduce financial risks. These factors are expected to drive the demand for SMRs for deployment in multi-module power plants.
Competitive landscape
NuScale Power, LLC (US), Westinghouse Electric Corporation (US), GE Hitachi Nuclear Energy (US), Terrestrial Energy Inc. (Canada), and Moltex Energy (Canada) are a few of the major players in the small modular reactor market.
Premium Insights
- Low Cost of SMRs due to Modularization and Factory Construction is Expected to Drive Small Modular Reactor Market During 2021-2030
- Small Modular Reactor Market in Asia-Pacific to Grow at Highest CAGR During Forecast Period
- Water Segment to Account for Largest Market Share, by Coolant, in 2030
- Light-Water Reactors Accounted for Largest Market Share, by Type, in 2021
- Off-Grid Segment Held Larger Share of Small Modular Reactor Market, by Connectivity, in 2021
- Multi-Module Power Plant Held Larger Share of Small Modular Reactor Market, by Deployment, in 2021
- Land Segment Dominated Small Modular Reactor Market, by Location, in 2021
- Industrial Segment Dominated Small Modular Reactor Market, by Application, in 2021
- Light-Water Reactors and China Were Largest Shareholders in Small Modular Reactor Market in Asia-Pacific in 2021
Market Dynamics
Drivers
- Versatile Nature of Nuclear Power
- Benefits of Modularization and Factory Construction
Restraints
- Stringent Regulatory Policies and Standards to Deploy SMRs
- Negative Public Perception of Nuclear Power Technology
Opportunities
- Progression into Sustainable Future with Net Zero Emission and Decarbonization of Energy Sector
- Integration of SMRs with Renewable Energy Sources
Challenges
- Lack of Standard Licensing Process
Trends/Disruptions Impacting Customers' Businesses
- Revenue Shift and New Revenue Pockets for Small Modular Reactor Market Players
Supply Chain Analysis
- Component Manufacturers
- Small Modular Reactor Manufacturers
- Small Modular Reactor Support Service Providers/ Integrators
- End-users
Company Profiles
Key Players
- Westinghouse Electric Company LLC
- Nuscale Power, LLC
- Terrestrial Energy Inc.
- Moltex Energy
- GE Hitachi Nuclear Energy
- X Energy, LLC
- Holtec International
- General Atomics
- Arc Clean Energy, Inc.
- Leadcold Reactors
- Rolls-Royce PLC
- Ultra Safe Nuclear
- Toshiba Energy Systems & Solutions Corporation
- Tokamak Energy Ltd.
- SNC-Lavalin Group
Other Players
- Afrikantov OKB Mechanical Engineering
- China National Nuclear Corporation
- Framatome
- U-Battery
- Seaborg Technologies
For more information about this report visit https://www.researchandmarkets.com/r/gocund
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