San Francisco, 25 September 2024: The Report Small Modular Reactor Market Size, Share & Trends Analysis Report By Product Type (Heavy Water Reactors, Light Water Reactors, High-Temperature Reactors), By Application, By Region, And Segment Forecasts, 2024 - 2030
The global small modular reactor market size was estimated at USD 6.14 billion in 2023 and is expected to grow at a CAGR of 3.3% from 2024 to 2030. This growth is attributed to their potential to provide a more flexible and cost-effective solution for nuclear power generation. These are designed to be factory-built and shipped to sites, reducing construction time and costs compared to traditional large reactors. Small modular reactor (SMRs) also provides improved safety features, including passive safety systems and the ability to be deployed in remote or smaller grid locations where larger plants are not feasible.
Moreover, SMRs can support grid stability, complement renewable energy sources, and provide a reliable, low-carbon energy source, supporting global efforts to reduce greenhouse gas emissions and transition to cleaner energy systems.
The demand is expected to be hampered by its high upfront costs, and regulatory barriers. The higher initial investment needed for developing and deploying, making it difficult for investors to justify the expense compared to alternative energy sources. Moreover, the complex and stringent regulatory landscape for nuclear technology can also cause delays and increase costs, which is further expected to affect the potential developers. Public concerns about nuclear safety and waste management also persist, impacting the acceptance and support for SMRs. These factors collectively are likely to affect its widespread adoption.
Key market players are opting for various strategies to gain market share in which they are employing strategies including strategic partnerships and collaborations with governments, utilities, and private investors to secure funding and support. They are also focusing on modularity and scalability, which allows for easier and more cost-effective deployment compared to traditional large reactors. These players are emphasizing the safety and reliability of SMRs, leveraging their advanced design features that enhance safety margins and reduce risks.
Request sample report of Small Modular Reactor Market@ https://www.grandviewresearch.com/industry-analysis/small-modular-reactor-market-report/request/rs1
Key Small Modular Reactor Company Insights
Some of the key players operating in the market include Fluor Corporation and Rolls-Royce plc.
• Fluor Corporation is a U.S.-based company offering products and services related to construction, procurement, and engineering. Its services and expertise section includes engineering & design, procurement, fabrication, construction, maintenance, and innovation & expertise. This company mainly operates through three business segments, energy solutions, urban solutions, and mission solutions. Furthermore, with its products, it serves various industries including chemicals, energy transition, fuels, life science, infrastructure, manufacturing, and technology. • Rolls-Royce plc is involved in the manufacturing of propulsion and power solutions. Its products and services are categorized into civil aerospace, defense, power systems, and electrical aviation. The company employs around 41,400 people.
General Atomics and X Energy LLC are some of the emerging participants in market.
• General Atomics is involved is a defense and diversified technology company. It was a division of General Dynamic and then was acquired by Blue family in the year 1986. This company provides products and services under 5 segments including energy, defense, unmanned aircraft systems, and commercial products. Furthermore, company operates around 8.3 million square feet of manufacturing and laboratory facility with over 12,500 employe strength. • X Energy LLC is involved in the manufacturing and engineering of fuel designs and nuclear reactors. The nuclear reactors segment of the company offers Xe-Mobile and Xe-100. Xe-100 is a small modular reactor with a modular design and the technology is based on Gen-IV High-Temperature Gas-cooled Reactors (HTGR). Furthermore, this small modular reactor is designed to offer around 60 years of operational life.
Small Modular Reactor Market Report Scope
Report Attribute Details Market size value in 2024 USD 6.33 billion Revenue forecast in 2030 USD 7.69 billion Growth rate CAGR of 3.3% from 2024 to 2030 Base year for estimation 2023 Historical data 2018 - 2022 Forecast period 2024 - 2030
Recent Developments
In May 2023, Westinghouse announced the launch of AP300 which is a small modular nuclear reactor, and it will be available in the market by 2027. It is a smaller version of its AP1000 nuclear reactor. This product will generate around 300 megawatts of energy which will help in proving power to 3,00,000 houses. Furthermore, the aim for introducing a new product is to expand access of people to nuclear power as there is increasing demand for clean energy.
The global Small Modular Reactor (SMR) Market is forecasted to be worth USD 10.42 Billion by 2027, according to a new report by Emergen Research.
The growing interest in a small modular reactor is fueled by the need to reduce the impact of capital cost and provide power separate from a large power grid.
There is a growing demand for smaller and simpler units for the generation of energy from nuclear power, which is driving the demand for small module reactors.The latest research report by Emergen Research, named ‘Global Small Modular Reactor Market - Forecast to 2027’, entails a comprehensive review of the global Small Modular Reactor market’s present and future trends.
The report gathers viable information on the most established industry players, sales and distribution channels, regional spectrum, estimated market share and size, and revenue estimations over the forecast timeframe.Get a sample of the report @ https://www.emergenresearch.com/request-sample/150Market Scope:One of the report’s central components is the broad Small Modular Reactor market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders.
The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period.
The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.Key Highlights From The ReportIn August 2020, the Bill Gates-backed nuclear innovation firm, TerraPower in partnership with GE Hitachi Nuclear Energy launched Natrium, a new small modular reactor system paired with a molten salt storage unit.
