Small Modular Reactor Market, By Reactor Type (Heavy Water Reactor, Light water Reactor, Fast neutron Reactor, and Others), By Connectivity, By Application, By Geography

Description

Small modular reactor market is estimated to be valued at USD 5.89 Bn in 2024 and is expected to reach USD 7.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	5.89 Bn
Historical Data for:	2019 to 2023	Forecast Period:	2024 to 2031
Forecast Period 2024 to 2031 CAGR:	3.20%	2031 Value Projection:	7.34 Bn

Figure. Small Modular Reactor Market Share (%), By Region, 2024

Small modular reactors (SMRs) are nuclear reactors that are smaller in size yet generate less electricity than traditional nuclear power plants. SMRs can be factory-built and transported to sites by truck, rail, or vessel. This modular construction reduces the required capital investment and construction timelines for the deployment of new nuclear capacity. SMRs can range between 10 and 300 MWe in size and cater to smaller electric grids, remote communities, and non-electric applications such as district heating and desalination. Given their modular design and shorter construction periods, SMRs have potential to play a complementary role to large nuclear plants and help expand nuclear power capacity in the coming years.

Market Dynamics

Small modular reactor market growth is driven by factors such as lower upfront capital costs, shorter construction periods, scalable power output, and siting flexibility of SMRs. Their modular design allows incremental capacity additions as per growing power needs. Favorable government policies and investments in new nuclear technologies across countries also boost the market growth. However, high levelized cost of energy compared to other baseload sources and unproven nature of some SMR designs at commercial scale remain challenges. Initiatives to develop generation IV reactors with passive safety features and capabilities of district heating/hydrogen production present opportunities. Ongoing demonstration and pre-commercial projects by market players will be crucial to gaining regulatory approvals and wider market acceptance.

Key Features of the Study

This report provides in-depth analysis of the global small modular reactor market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global small modular reactor market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include Holtec International, General Atomics Corporation, Brookfield Asset Management, Terrestrial Energy Inc., Fluor Corporation, TerraPower, LLC., Moltex Energy, X Energy LLC, Rolls-Royce plc., ULTRA SAFE NUCLEAR, Westinghouse Electric Company LLC., Mitsubishi Heavy Industries Ltd., NuScale Power, LLC., and General Electric Company

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

Global small modular reactor market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global small modular reactor market

Market Segmentation

By Reactor Type Insights (Revenue, USD Bn, 2019 - 2031)
- Heavy Water Reactor (HWR)
- Light water Reactor (LWR)
- Fast Neutron Reactor (FNR)
- Others
By Connectivity Insights (Revenue, USD Bn, 2019 - 2031)
- Off Grid
- Grid Connected
By Application Insights (Revenue, USD Bn, 2019 - 2031)
- Desalination
- Power Generation
- Industrial
- Hydrogen Production
Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Key Players Insights
- Holtec International
- General Atomics Corporation
- Brookfield Asset Management
- Terrestrial Energy Inc.
- Fluor Corporation
- TerraPower, LLC.
- Moltex Energy
- X Energy LLC
- Rolls-Royce plc.
- ULTRA SAFE NUCLEAR
- Westinghouse Electric Company LLC.
- Mitsubishi Heavy Industries Ltd.
- NuScale Power, LLC.
- General Electric Company

Product Code: CMI7480

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Small Modular Reactor Market, By Reactor Type
- Small Modular Reactor Market, By Connectivity
- Small Modular Reactor Market, By Application
- Small Modular Reactor Market, By Region

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER's Analysis
Merger and Acquisition Scenario
Key Development
Industry Trends

4. Small Modular Reactor Market, By Reactor Type, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Heavy Water Reactor (HWR)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Light water Reactor (LWR)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Fast Neutron Reactor (FNR)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

5. Small Modular Reactor Market, By Connectivity, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Off Grid
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Grid Connected
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

6. Small Modular Reactor Market, By Application, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Desalination
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Power Generation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Industrial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Hydrogen Production
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

7. Small Modular Reactor Market, By Region, 2019 - 2031, Value (USD Bn)

Introduction
- Market Share (%) Analysis, 2024,2027 & 2031, Value (USD Bn)
- Market Y-o-Y Growth Analysis (%), 2020 - 2031, Value (USD Bn)
- Regional Trends
North America
- Introduction
- Market Size and Forecast, By Reactor Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Connectivity, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - U.S.
  - Canada
Latin America
- Introduction
- Market Size and Forecast, By Reactor Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Connectivity, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Europe
- Introduction
- Market Size and Forecast, By Reactor Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Connectivity, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
Asia Pacific
- Introduction
- Market Size and Forecast, By Reactor Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Connectivity, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - ASEAN
  - Rest of Asia Pacific
Middle East
- Introduction
- Market Size and Forecast, By Reactor Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Connectivity, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - GCC Countries
  - Israel
  - Rest of Middle East
Africa
- Introduction
- Market Size and Forecast, By Reactor Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Connectivity, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country/Region, 2019 - 2031, Value (USD Bn)
  - South Africa
  - North Africa
  - Central Africa

8. Competitive Landscape

Holtec International
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
General Atomics Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Brookfield Asset Management
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Terrestrial Energy Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Fluor Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
TerraPower, LLC.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Moltex Energy
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
X Energy LLC
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Rolls-Royce plc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
ULTRA SAFE NUCLEAR
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Westinghouse Electric Company LLC.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Mitsubishi Heavy Industries Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
NuScale Power, LLC.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
General Electric Company
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies

9. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

10. References and Research Methodology

References
Research Methodology
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