Global Small Modular Reactors Market–Industry Analysis, Size, Share, Growth, Trends and Forecast

The Global Small Modular Reactors Market was valued at USD 4.6 Billion in 2019 and is projected to reach around USD 325.2 Billion by 2035 in terms of conservative scenario expanding at a CAGR of 30.6% during the period, 2019 and 2035. The market is expected to grow owing to increase in population worldwide and with that rising demand for power and energy. The demand for SMR is growing rapidly in accordance with the growth in the demand for electricity across the globe. Rising population and disposable income of people across the globe are driving the need for electricity, and hence the demand for small modular Reactors.

Additionally, the small modular reactors market is driven by increasing demand from the shipping segment and oil & gas processing units, and other types of processing units where heat and energy are required on a large scale. The advantages of small modular reactors and vendor claims as per the current designing models is leading to rising popularity of the SMRs over large reactors. Moreover, the large reactors have their substantial position in the areas of huge energy production requirement but the factors such as less emission, less need of raw material, and modular design are helping SMRs to gain popularity.

Market Dynamics

The boom in electricity consumption across residential and industrial sectors is boosting the focus of governments to use sustainable power generation methods over conventional ones to reduce their carbon footprint. Additionally, rising electrification of connected devices, transport, and other essential services is fueling the demand for more electricity, which in turn, is boosting the demand for small modular reactors due to their less carbon emission.

Rising inclination toward generating clean energy is anticipated to create lucrative opportunities in the market. Moreover, Governments from around the globe are aware about crumpling balance of the environment and are taking strong actions to save the environment, which includes the implementation of stringent rules against harmful emission. These rules are driving new investors toward small modular reactors. Besides, the capital required to set up a small modular reactor plant is less than that required for conventional reactor plants. Small modular reactors require less construction, which reduces the need for investments. Furthermore, modular design of SMRs makes is easier to transport and install on location. These factors reduce the final cost of the reactor installation on location. Although Small modular reactors are ideal for remote locations and their installation costs are lower than those required for conventional nuclear reactors. Economical and business perspectives to match up with the cost invested. Production has to be large scale. If the demand for products produced by end use industries is not enough, it can turn into a huge loss. This is reducing investments in small modular reactor plants, which in turn, is hampering the market.

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Regional Outlook

Based on regions, the global Small Modular Reactors Market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. : Asia Pacific has the most number of end-users of SMRs due to the high demand for electricity from the oil & gas industry and the presence a growing shipping industry in this region. Russia have one floating nuclear power station to supply electricity to the remote areas in the country. The plant is expected to produce enough energy for 100000+ residents in remote locations of Russia. Europe and North America region are expected to show a significant growth as US and Canada are investing more in sustainable energy sources.

Competitive Landscape

• Key players in the market include Rolls-Royce Holdings plc, KOREA ELECTRIC POWER CORPORATION (KEPCO),X-Energy, LLC,GENERAL, ELECTRIC COMPANY, Holtec International, INVAP, NuScale Power, LLC, Nuclear Power Corporation of India Limited, General Atomics, Terrestrial Energy Inc., Toshiba Energy Systems & Solutions Corporation, KAERI, Moltex Energy Ltd, AFRIKANTOV OKBM, OKB "GIDROPRESS”. These players are considered as key players of the market based on their availability of SMR research and development programs, regional presence, better supply chain management system, and the increasing contract for the SMR products.

• The players are adopting key strategies such as constant R&D activities for developing sustainable designing. Moreover, Investment and collaboration with companies and government for establishment of the public private partnership for better nuclear power plant designing.

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