Small Modular Reactor Market is Set to Experience a Significant Growth of 3.2% CAGR from 2022 To 2031

Key Companies Covered in the Small Modular Reactor Market Research are NuScale Power, General Electric-Hitachi Nulcear Energy, Terrestrial Energy, Moltex Energy, X-energy, Hotec International, Genral Atomics, and other key market players.

The small modular reactor market is projected to reach USD 11.3 billion by 2031 from an estimated USD 9.7 billion in 2022, at a CAGR of 3.2% during the forecast period.

The cost reduction due to modularization and factory production is expected to drive the small modular reactor market growth. Furthermore, the need for clean, stable and reliable nuclear energy for the supply of baseload power is driving the market. However, strigent nuclear regulatory requirements for deployment of SMRs is likely to hamper the growth of small modular reactor market.

“The off-grid segment, by connectivity, is expected to be the largest and the fastest growing market from 2022 to 2031”

The off-grid SMR segment accounted for a larger market share in 2020. SMRs deployed for off-grid operations are not connected to a large-scale electricity grid. Most SMRs are designed for remote locations where it is not feasible to site larger nuclear power plants. Off-grid SMRs located in remote communities, islands, and mining sites can be used for power generation and other non-electric applications. Despite the high cost of electricity generation, deployment of SMRs is beneficial in remote regions, especially in Russia, owing to the higher cost of alternatives such as power grid extension and fossil fuel-fired generators.

“The multi-module power plant, by deployment, is expected to be the fastest growing market from 2022 to 2031”

The multi-module power plant segment is expected to be the fastest growing deployment segment during the forecast period, owing to the ease of financing additional modules. Multi-module SMR plants are easier to finance compared with large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time. The ability to add modules incrementally in multi-module SMRs provides economies of series production. This, in turn, could permit investors and operators to adjust to the changes in demand for electricity and budgetary constraints to reduce financial risks. These factors are expected to drive the demand for SMRs for deployment in multi-module power plants.

“The power generation segment, by application, is expected to be the largest market from 2022 to 2031”

Power generation is expected to dominate the global small modular reactor market between 2022 and 2031 as the power generated by SMRs is expected to be economical compared with other low-carbon alternatives and help reduce carbon emissions and meet new energy demands. SMRs provide a stable and reliable baseload power supply, which makes them suitable for replacing and optimizing the use of retiring coal and other fossil fuel-fired power plants and replacing aging infrastructure. SMRs also have load following capabilities and can be integrated with renewable energies to provide flexible power, as these reactors can vary their output to meet the fluctuations in power produced using renewable energy.

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Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.

The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
  • By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
  • By Region: Asia Pacific- 33%, Middle East & Africa – 20%, Europe- 20%, and Americas 27%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: 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 Westinghouse Electric (US), NuScale Power (US), General Electric-Hitachi Nulcear Energy (US), Terrestrial Energy (Canada), Moltex Energy (Canada), X-energy (US), Hotec International (US), Genral Atomics (US), LeadCold Reactors (Sweden), ARC Clean Energy (Canada), Rolls-Royce (UK), Tokamak Energy (UK), Ultra Safe Nuclear (US), Toshiba Energy Systems & Solutions (Japan), SNC-Lavalin Group (Canada) and others.

Study Coverage:

The report defines, describes, and forecasts the small modular reactor market, by reactor type, connectivity, deployment, location, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the small modular reactor market.

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Key Benefits of Buying the Report

  • The report identifies and addresses the key markets for small modular reactor operations and services, which would help equipment manufacturers and service providers review the growth in demand.
  • The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
  • The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

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