The growing need for flexible and affordable power sources and investment by the government in R&D is driving the demand for the market. Market Size – USD 4.57 Billion in 2019, Market Growth – CAGR of 11.9%, Market trends –Deployment in brownfield sites.
The Global Small Modular Reactor Market size was valued at USD 4.57 Billion in 2019 and is anticipated to reach USD 10.42 Billion by 2027 at a CAGR of 11.9%. Small modular reactors are witnessing an increased demand owing to their ability to meet the flexible power generation for a variety of applications and replace aging fossil fuel-fired power plants. The small modular reactor has low investment costs as compared to other traditional nuclear plants. They are low-mid capital-intensive nuclear plants offering equipment and solutions related to the development of SMRs.
The latest industry intelligence research on the Small Modular Reactor Market offers a repository of valuable data on the size, share, and growth rate of the Small Modular Reactor Market for the forecast period, 2020 – 2027. Importantly, examination of various facets of the industry including but not limited to production volume, product sales, demand and supply assessment and forecast for the period, 2020 – 2027 aim at offering business owners a competitive edge over their rivals. The study further conducts a qualitative evaluation of various driving forces expected to shape the future of the industry during the estimated period.
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Segments Covered in the report
Type Outlook (Revenue, USD Billion; 2017-2027)
Pressurized water reactor (PWR)
Pressurized heavy water reactor (PHWR)
High-temperature reactor (HTR)
Fast neutron reactor (FNR)
Other (MST, Integral PWR)
Deployment Outlook (Revenue, USD Billion; 2017-2027)
Single Module Plant
Multi-Module Plant
Application Outlook (Revenue, USD Billion; 2017-2027)
Power Generation
Desalination
Process Heat
Other Industrial Uses
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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Key Highlights From The Report
In August 2020, the Bill Gates-backed nuclear innovation firm, TerraPower in partnership with GE Hitachi Nuclear Energy launched Natrium, a new small modular reactor system paired with a molten salt storage unit. The product can be used to power 345-megawatt SMR to around 500 megawatts up to five hours.
In the integral pressurized water reactor, the primary circuit components are placed inside the reactor pressure vessel, which eliminates the need for primary circuit pipework, which enhances the safety and reliability of the technology.
A multi-module plant or power station is composed of multiple nuclear power modules where each module is operated safely independent of each other. The modules are located in a common building structure and can be physically impacted by any event happening at another module due to close proximity and lack of physical barriers.
Small module reactors are extensively used to power end users who require a significant amount of energy, such as large water treatment or purification plants and mines. Remote areas find it difficult to find an economical, efficient, and reliable energy source. SMR provides a solution to these isolated areas. They also have a load-following design, so that they can conserve energy when demand is low.
North America held a significant share of 30.8% in 2019. The bulk of the demand is from the United States. The country is taking a keen interest in developing the nuclear industry, and major focus has been on the development of SMR to replace coal-fired power plants. The implementation of strict regulations to safeguard against air pollution is driving the demand for SMR in the country.
Key participants include Bechtel Corporation, Holtec International, General Electric Hitachi Nuclear Energy, Toshiba International Corporation, Mitsubishi Heavy Industries Ltd., General Atomics, Rolls Royce Plc, Nuclear Power Corporation of India Limited (NPCIL), China National Nuclear Corporation (CNNC), and Shanghai Nuclear Engineering Research and Design Institute Co., Ltd. (SNERDI), among others.
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