PUBLISHER: Global Insight Services | PRODUCT CODE: 1599002
PUBLISHER: Global Insight Services | PRODUCT CODE: 1599002
The global small modular reactor market is anticipated to expand from $5.5 billion in 2023 to $18.9 billion by 2033, with a CAGR of 12.6%.
The Small Modular Reactor (SMR) market encompasses the development and deployment of compact nuclear reactors designed for scalable and flexible power generation. These reactors offer enhanced safety features, reduced construction times, and lower capital costs compared to traditional nuclear plants. The market includes reactor design, engineering services, fuel supply, and regulatory compliance, addressing the growing demand for clean, reliable energy solutions while supporting decarbonization and energy security goals across diverse industries and regions.
The Small Modular Reactor (SMR) market is witnessing remarkable growth, largely driven by the global shift towards sustainable and low-carbon energy solutions. Among the key segments, the power generation sector leads, capitalizing on the demand for reliable, clean energy sources. The desalination sub-segment emerges as the second-highest performer, addressing the critical need for fresh water in arid regions. Regionally, North America dominates the market, benefiting from government support and technological advancements. The United States, in particular, is at the forefront, with significant investments in SMR development and deployment. Europe follows closely, propelled by stringent environmental regulations and a strong commitment to reducing carbon emissions. Within Europe, the United Kingdom stands out as a key player, actively pursuing SMR projects to enhance energy security and transition to a low-carbon economy. These trends underscore the strategic importance of SMRs in the global energy landscape, offering lucrative opportunities for stakeholders.
Key Companies
Nu Scale Power, Terrestrial Energy, X- Energy, Moltex Energy, Ultra Safe Nuclear Corporation, ARC Clean Energy, Rolls- Royce SMR, Holtec International, GE Hitachi Nuclear Energy, Kaleidos Power, Westinghouse Electric Company, Lead Cold Reactors, Seaborg Technologies, Thor Con Power, Toshiba Energy Systems & Solutions Corporation, Oklo Inc, Newcleo, Copenhagen Atomics, Gen4 Energy, Advanced Reactor Concepts
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