The global small modular reactor market size is expected to reach USD 13.0 billion by 2030 according to a new study by Polaris Market Research. The report “Small Modular Reactor Market Share, Size, Trends, Industry Analysis Report, By Type (Thermal-neutron Reactors, Fast Reactors), By Technology (Cooling, Thermal,/Electrical Generation, Staffing, Load Following), By Deployment, By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Significant growth factors of the industry consist of a growing focus towards decarbonization of the energy sector to attain net-zero goals, increasing reliability and flexibility of nuclear power, as well as the growing demand for energy across the globe are the few factors projected to drive the industry growth during the forecast period.
Based on the connectivity segment, the off-grid segment is witnessing a leading stake in the global industry. This is due to the off-grid SMRs are compact and well-suited for remote locations that provide a clean and flexible replacement to fossil-fuel power generation. As a result, the off-grid segment plays a prominent role in the demand for SMR, which is expected to grow at a significant rate globally. However, the off-grid segment is also projected to grow at the fastest CAGR during the forecast period.
Based on geography, Asia-pacific is projected to lead the industry in terms of revenue share around the globe, owing to the rising government support to promote decarbonization strategies to lessen greenhouse gas emissions.
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Market participants include Afrikantov OKB Mechanical Engineering, ARC Clean Energy, Brookfield, China National Nuclear Corporation, Fluor Corporation, GE Hitachi Nuclear Energy, General Electric, Holtec International, Mitsubishi Heavy Industries, Moltex Energy, Nuscale Power, Rolls-Royce, TerraPower LLC, Terrestrial Energy, Tokamak Energy, Toshiba Energy Systems & Solutions, Westinghouse Electric, and X Energy LLC are some of the key players operating in the global industry.
The industry leaders are projected to concentrate on expanding their brand portfolio and acquiring businesses and technology to establish a worldwide presence in the emerging industry. For instance, In July 2021, NuScale Power received an equity investment from Samsung C&T to aid the installation of its SMR. Fluor and Samsung C&T are advancing a business collaboration agreement to develop capabilities accessible for future deployment of NuScale projects.
Polaris Market Research has segmented the small modular reactor market report on the basis of type, technology, deployment, application, and region:
Small Modular Reactor, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Thermal-neutron Reactors
- Fast Reactors
Small Modular Reactor, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Thermal/Electrical Generation
- Load Following
Small Modular Reactor, Deployment Outlook (Revenue – USD Billion, 2018 – 2030)
- Single Module Plant
- Multi-Module Plant
Small Modular Reactor, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Power Generation
- Process Heat
- Hydrogen Production
Small Modular Reactor, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa