The global small modular reactor (SMR) market is on an upward trajectory, with a projected revenue of US$9 billion by the end of 2030. This growth is expected to be driven by various factors, including the urgent need for energy security, recent advances in SMR projects, lower capital costs, and the growing demand for nuclear power facility decommissioning procedures.
Market Analysis in Brief
The global energy landscape is evolving, with nuclear power accounting for more than 17% of the global energy mix in 1996 but decreasing to 10-11% in 2019 due to the capital-intensive nature of conventional nuclear power. However, the small modular reactor (SMR) industry is set to revolutionize the nuclear power sector, offering smaller, more secure, and safer nuclear reactors. This shift is expected to fuel the growth of the global SMR market.
Key Report Findings
- By the end of 2030, the global SMR market is projected to reach US$9 billion in valuation.
- In 2022, five operational small modular reactors were in operation, including CNP-300 (China), PHWR-220 (India), EGP-6 (Siberia), KLT-40S (Russia), and RITM-200 (Russia).
- Several upcoming SMRs will require fuel enriched at the top end of low-enriched uranium (LEU) 20% U-235.
- Pressurized water reactors (PWR) dominate the market, accounting for over 66% of revenue.
- Asia Pacific leads the market with over 80% of the markets value share.
Growth Drivers
- Energy Security Crisis: The global energy security crisis, driven by the depletion of finite resources like crude oil, natural gas, and coal, is expected to propel the nuclear energy sector, particularly through SMRs.
- Recent Advances in SMR Projects: SMRs, offering affordability and safety, have gained traction in recent years, with projects like CAREM-25 in Argentina and KLT-40S in Russia advancing significantly.
- Lower Capital Costs and Lesser Carbon Emissions: SMRs are attracting attention due to their lower capital costs compared to traditional nuclear power plants and their ability to provide uninterrupted power supply.
- Growing Need for Nuclear Power Facility Decommissioning Procedures: Rising costs and delays associated with traditional large nuclear reactors have opened opportunities for SMR technology.
- Greater Flexibility to Connect with Renewables: SMRs offer flexibility to connect with renewables, making them a better match to meet demand at reduced upfront capital costs.
- Limelight on Affordable Power Generation Appeals Investors: Growing concerns around energy security at an affordable rate and increasing investments in affordable power generation systems are expected to drive the demand for SMRs.
Overview of Key Segments
- Sales of Pressurized Water Reactors Dominate: In 2022, pressurized water reactors (PWR) constituted 66.7% of the global SMR market, attributed to their operational stability and cost-effectiveness.
Growth Opportunities Across Regions
- Asia Pacific Leads with the Highest Installed Capacity: Asia Pacific dominated the global SMR market in 2022, with China taking the lead, and several other SMRs under construction.
- North America Surges Ahead in Terms of R&D: North America, led by the United States, is expected to lead in research and development efforts in the SMR market.
- Russia Upholds Europe’s Growth Prospects: Russia has been a key end-user of SMRs and has been active in R&D activities related to SMR technology.
Global Small Modular Reactor Market: Competitive Landscape
Key players in the small modular reactor market include Bechtel Corporation, BWX Technologies Inc., GE, China National Nuclear Corporation, Mitsubishi Heavy Industries, Ltd., Holtec International, General Atomics, Rolls Royce, Nuclear Power Corporation of India Limited (NPCIL), NuScale Power, LLC., and Korea Electric Power Corporation.
The global SMR market is set for substantial growth, driven by the need for secure, affordable, and efficient energy solutions. As the world transitions to a cleaner energy future, SMRs are poised to play a pivotal role in meeting the growing demand for reliable electricity generation.
Global Small Modular Reactor (SMR) Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/small-modular-reactor-smr-market
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