PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1590394
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1590394
The small modular reactors market is expected to grow from an estimated USD 6.00 billion in 2024 to USD 7.14 billion by 2030, at a CAGR of 3.0% during the forecast period. The superiority of the small modular reactors in relation to their modular size and safety features spearheads the growth of the small modular reactor market. Modularity enables simpler deployment in any location, ranging from remote ones to areas lacking infrastructure. Moreover, the current environmental policies and incentives on carbon dioxide emission reduction further the push the SMRs to compete with fossil fuel power plants.
Scope of the Report | |
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Years Considered for the Study | 2019-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Million/Billion) |
Segments | by type, deployment, location, coolant, connectivity, power rating, and region. |
Regions covered | Americas, Europe, Asia Pacific, Middle East & Africa |
"Water, by coolant, is expected to be the largest segment from 2024 to 2030."
The water segment is expected to largest segment in the small modular reactors market. Using water as a coolant in ordinary conditions can greatly affect nuclear fission because it absorbs fast-moving neutrons. Advancements in the reactors for the proper handling of the water coolants have brought in new technologies such as super-critical water reactors, which have increased the thermal efficiency of the water-cooled reactors. These developments are expected to fuel the water coolant market.
"Land, by location, is expected to be the largest and fastest-growing market from 2024 to 2030"
It is expected that the land segment in the small modular reactors market will grow at a faster rate. Land SMRs utilize various reactor technology configurations, such as light-water reactors, heavy-water reactors, molten salt reactors, high-temperature gas-cooled reactors, and fast-neutron reactors, for grid connection and off-grid applications. Land SMRs have higher thermal efficiency compared with marine or naval SMRs. The potential for underground deployment of land reactor units provides various advantages, such as enhanced protection from natural hazards (earthquakes, flooding, tsunami, etc.) and disasters such as the impact of an aircraft crash.
"Asia Pacific is expected be the largest market for small modular reactors."
Asia Pacific is going to witness the largest market share for the small modular reactors. The Asia Pacific region is a key driver of the small modular reactors (SMRs) market, fueled by a combination of rapid industrialization, increasing energy demand, and a strong commitment to reducing carbon emissions. These growing investments drive the growth of the SMR. Also, the countries like China, and Russia are coming up with major projects which are going to be operational by 2030.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the small modular reactor market.
By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
By Designation: C-level Executives - 35%, Director Level- 25%, and Others- 40%
By Region: Americas - 30%, Europe - 25%, Asia Pacific - 30%, Middle East & Africa - 15%
Note: Other designations include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2023. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.
The small modular reactor market is dominated by a few major players that have a wide regional presence. The leading players in the small modular reactor market are State Atomic Energy Corporation Rosatom (Russia), China National Nuclear Corporation (China), Westinghouse Electric Company LLC (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), GE Hitachi Nuclear Energy (US) among others. The major strategy adopted by the players includes agreements, partnership, memorandum of understanding, acquisitions, and expansions.
The report defines, describes, and forecasts the small modular reactor market by type, connectivity, deployment, power rating, location, application, coolant, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements, memorandum of understanding, and recent developments associated with the small modular reactor market. Competitive analysis of upcoming startups in the small modular reactor market ecosystem is covered in this report.
Reasons to buy this report The report will help the market leaders/new entrants market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.