According to latest research, the global small modular reactor market size is projected to reach USD 6.8 billion by 2030 from 5.8 billion in 2023, at a CAGR of 2.3% between 2023 and 2030. Factors such as the versatile nature of nuclear power and the relative advantages of SMRs such as modularization and factory construction are enabling the growth of the market.
Grid–Connected segment by connectivity is estimated to be the second–fastest growing market
The grid-connected segment held a 65.03% share of the total small modular reactor market in 2022. Grid-connected SMRs have the potential to complement variable renewable energies, such as wind and solar, and integrate with smart grids and energy parks. SMRs can provide baseload power for grid-connected operations and can vary their output to meet the fluctuations in the supply of power produced by renewable sources. SMRs are expected to phase out conventional coal-fired power plants, as utilities want to replace retiring coal-fired plants with baseload plants of similar size that do not produce greenhouse emissions. SMRs can support grid modernization activities, such as smart grid and load growth, and help replace the existing aging infrastructure. These reactors can restart without receiving energy from the grid. This can help an electricity grid meet the system requirements in terms of parameters such as voltage, inertia, reactive capacity, and frequency when recovering from an outage.
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Marine segment by location is estimated to be the second largest and second–fastest growing market
The marine segment held a 7.36% share of the small modular reactor market in 2022. SMRs can be deployed in marine environments either as barge-mounted floating power units or underwater power units. Marine SMRs generally use pressurized-water reactor technology. These reactors have long core lives and require little refueling. Marine SMRs provide several flexible deployment options, such as nuclear icebreaker ships and floating nuclear power plants.Single–module power plant segment by deployment is estimated to be the second largest and second–fastest growing marketThe single-module power plant segment held a 76.30% share of the small modular reactor market in 2022.
Single-module SMR plants are stand-alone units that may be used individually to meet niche energy requirements or localized demand.
Larger single-module SMR plants could be used to replace small fossil-fuel units or deployed for distributed generation. The licensing of single-module SMRs is expected to be simpler than that of multi-module SMRs, as the current regulatory and licensing frameworks generally rely on an extensive experience base, with single-module larger nuclear plants using light-water reactor technology. Single-module SMRs, especially under 10 Mwe, serve remote locations deprived of electricity and district heating applications. They incorporate all the essential components, such as the power generation unit, turbines, generators, control systems, and necessary support infrastructure, into a single unit.
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Europe likely to emerge as the second-largest region in Small modular reactor market
Europe accounted for a 30.3% share of the global small modular reactor market in 2022. The scope of the European small modular reactor market includes Russia, the UK, France, and the Rest of Europe. The Rest of Europe includes Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania. According to the BP Statistical Review of World Energy 2022, nuclear energy accounted for about 28.4% of the region’s electricity generation mix. The region accounted for 30.2% of the global nuclear power consumption.
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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.
