Small Modular Reactor Market Size and Trends

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.

Small Modular Reactor Market Key Factors

To learn more about this report, Request sample copy

Growing need for clean energy generation across the globe is boosting demand for small modular reactors. These reactors offer flexible, economic, and safer nuclear energy and can be deployed at locations where the construction of large nuclear power plants may not be feasible. Furthermore, their modular design allows the mass manufacturing of identical reactor units in factories, thereby offering economies of scale. The rising focus on sustainable energy sources to reduce dependence on fossil fuels is further expected to support the small modular reactor market growth in the coming years.

Small Modular Reactor Market Concentration By Players

To learn more about this report, Request sample copy

Top Strategies Followed by Small Modular Reactor Market Players

Established players focus extensively on research and development to innovate new products. Industry leaders like Westinghouse Electric Company and Rolls-Royce invest heavily in R&D, with Westinghouse spending over US$ 100 million annually. They conduct rigorous testing and simulations to enhance reactor designs. Leading companies also form strategic partnerships to solidify their presence.
Mid-level players deliver competitive, cost-effective solutions. Companies like X-energy focus on minimizing costs through simplifying and standardizing designs. They aim to cut costs by 30-40% compared to traditional reactors.
Small-scale entities grow by specializing in niche areas. BWXT Nuclear Energy Canada developed accident-tolerant fuels in 2022 with enhanced irradiation tolerance. It provides unique additive manufacturing capabilities. Toshiba's 4S reactor focuses on supplying energy for small electric grids or isolated regions unreachable by transmission lines.

Emerging Startups in the Small Modular Reactor Market

On the technology front, companies like Kairos Power are developing advanced fluence monitoring techniques using machine learning algorithms. This could optimize reactor performance and dynamics. Another startup, Oklo, plans to 3D print fuel assemblies and compact heat exchangers using high-density fuels like spent nuclear fuel for maximum energy yield.

Several startups contribute to sustainability. For instance, Moltex Energy works on recycling used fuel through its Stable Salt Reactor design. It aims to reduce nuclear waste volumes. TerraPower collaborates with various national labs such as Idaho National Laboratory on developing traveling wave reactors that can fully consume existing stockpiles of nuclear waste. Their innovative designs could pave the way for a greener, more environmentally-benign nuclear future.

Startups often fill market gaps through niche offerings. For example, NuScale Power caters to the needs of smaller utility providers by supplying scalable, modular units perfectly suited for replacement power. Its all-electric design achieves passive cooling without external power.