SMALL MODULAR REACTOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Developments

• In June 2024, KEPCO ENGINEERING & CONSTRUCTION COMPANY.INC signed a Memorandum of Understanding (MOU) with Rwanda at the Chosun Palace Hotel in Seoul for mutual cooperation in the technology and business areas related to Small Modular Reactors (SMRs) and Used Battery Energy Storage Systems (UBESS). The ceremony was attended by President Sung-Arm Kim, and Rwanda’s Minister of Infrastructure Jimmy Gasore, among other officials from both sides. KEPCO Engineering & Construction Company, Inc. (KEPCO E&C) is a South Korea-based firm specializing in the design, engineering, and construction of power plants, with a focus on nuclear and fossil fuel facilities.
• In May 2023, Westinghouse Electric Corporation 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. Westinghouse Electric Corporation is a multinational company with a long history in the fields of electrical engineering and technology.