Small Modular Reactor Market : Size, Share, Growth, Analysis, Key Players, Revenue, | Valuates Reports

Small Modular Reactor Market Overview 2030
The global small modular reactor market was valued at $3.5 Billion in 2020, and is projected to reach $18.8 Billion by 2030, growing at a CAGR of 15.8%. Small modular reactors (SMRs) are defined as nuclear reactors having a power output of less than 300MWe. A major advantage of SMRs are its small size and shorter construction times compared to traditional bulk nuclear reactors. As a SMR is fully built in a factory using module fabrication, high production rate can be achieved. SMRs are still in the design phase. In fact, only three SMRs are currently in the advanced regulatory phase: NuScale's Power Module, GE-Hitachi's BWRX 300, and Terrestrial Energy's Integral Molten Salt Reactor. SMRs can be made to operate underground or as a floating nuclear power unit. Modular reactors are primarily used for electricity generation; however, it is also used in seawater desalination and process heating. SMR designs promises an affordable, safe, viable, and non-greenhouse gas emitting energy.
The ongoing COVID-19 has put more focus on nuclear energy technology such as Small Modular Reactor Market, thus increasing the pace of market developments.

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Growing global demand for electricity, flexibility of SMRs with respect to size and power output are some of the drivers responsible for global small modular reactor market growth. The older generation of nuclear power plants are large in size and require huge amount of capital and construction time. Locations far away from large power grid systems find it difficult to install nuclear reactors. Hence, setting a nuclear reactor is not feasible in remote locations, thus paving for development of smaller nuclear reactors. With increased emphasis on achieving political and technological solutions to climate change, many experts in the global community are turning their focus to the virtually emissions-free power produced by nuclear reactors. Therefore, continuous development of small modular reactors (SMRs) offers a potential opportunity to overcome many of the hindrances presented by larger nuclear power plants, including high costs, complex supply chains, large physical infrastructure, and unsuitability in harsh environments.
On the contrary, more focus is directed towards renewable sources such as wind and solar power. There has been a massive increase in installation of small and large scale solar power plants in countries such as India and China. China, being a major nuclear power is also increasing the use of wind and solar power. A major reason for this preference is the amount of power obtained by solar and wind over nuclear energy. Another reason is safety offered by solar and wind as compared to nuclear energy. In addition, negative sentiments related to nuclear power plants will greatly hinder the small modular reactor market during the forecast period. Countries such as Germany are taking less interest in nuclear power and more focus is put on wind and solar electricity. However, due to the comparatively low cost and time required for building, the global small modular market is to get less affected by these restraints. Moreover, as compared to a wind farm or solar farm, SMR-based power plants will take up very little land, i.e. low footprint.

Global efforts at energy decarbonization is a major opportunity that could offer lucrative opportunities for the global small modular reactor market during the forecast period. The world is shifting from a fossil fuel-based generation system to a more net-zero emission energy system, of which nuclear energy plays a major part. The transition will help in mitigating climate change and protecting the environment. Across the globe, there is a mounting demand for clean and reliable energy generation that has fueled interest in the SMR technology. Furthermore, expanding the role of nuclear energy in electricity production through a combination of advanced reactors and thermal energy storage will help in more emission control. All such factors are expected to offer fresh opportunities for the global market during the forecast period.
The global small modular reactor market is segmented into reactor type, location, application, and region. On the basis of reactor type, the market is segmented into heavy water reactor (HWR), light water reactor (LWR), fast neutron reactor (FNR), and Others. By application, it includes desalination, power generation and process heat. On the basis of region, the global small modular reactor market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

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Small Modular Reactor Market
Small Modular Reactor Market Reactor Type
• Heavy Water Reactor (HWR)
• Light Water Reactor (LWR)
• High Temperature Gas Reactor (HTR)
• Fast Neutron Reactor (FNR)
• Molten Salt Reactor (MSR)
Small Modular Reactor Market by Application
• Desalination
• Power Generation
• Process Heat

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