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