CHICAGO, June 29, 2023 /PRNewswire/ -- Small Modular Reactor Market is projected to reach USD 6.8 billion in 2030 from USD 5.8 billion in 2023 at a CAGR of 2.3% according to a new report by MarketsandMarkets™. Factors such as the versatile nature of nuclear power and the relative advantages of SMRs such as modularization and factory construction are enabling the growth of the market.
Browse in-depth TOC on "Small Modular Reactor Market"
150 - Tables
80 - Figures
250 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5001546
Small Modular Reactor Market Scope:
Report Coverage
| Details
|
Market Size
| USD 6.8 billion in 2030
|
Growth Rate
| 2.3% of CAGR
|
Largest Market
| Middle East & Africa
|
Market Dynamics
| Drivers, Restraints, Opportunities & Challenges
|
Forecast Period
| 2023-2030
|
Forecast Units
| Value (USD Million/Billion)
|
Report Coverage
| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
Segments Covered
| By Coolant, By Deployment, By location, By Application, By Reactor Type, By Power Rating, By Connectivity
|
Geographies Covered
| Asia Pacific, Americas, Europe, and Middle East & Africa
|
Report Highlights
| Updated financial information / product portfolio of players
|
Key Market Opportunities
| Integration of SMRs with renewable energy sources
|
Key Market Drivers
| Versatile nature of nuclear power
|
Gases segment is expected to result in the segment occupying the second largest market share of the Small modular reactor
The gases segment accounted for a share of 22.6% of the Small Modular Reactor Market in 2022. The gas-cooled reactor uses helium as a coolant medium during the operation and can be easily pressurized and maintain a stable high temperature facilitating higher efficiency in the operations. Using gas as a medium in the reactor can stop the occurrence of corrosion on the surfaces of the reactor, which reduces the need for maintenance. These operational advantages are pushing the growth of the gases segment. Gas-cooled reactors use graphite as a neutron moderator and carbon dioxide gas as the coolant.
High–temperature reactors by type is estimated to be the second largest and second–fastest growing market
The high-temperature reactor segment accounted for a 22.6% share of the Small Modular Reactor Market in 2022. High-temperature reactors are Generation IV technology reactors characterized using a graphite moderator and gases such as helium, carbon dioxide, or nitrogen as the primary coolants. The most developed HTRs are high-temperature gas-cooled reactors (HTGRs), which include two main types of reactor designs: pebble-bed reactors (PBR) and prismatic block reactors (PMR). These reactors can reach temperatures of up to 1,000° C and may use fuels that contain uranium enriched up to 20.0%, which has higher enrichment than LWR fuel. These reactors provide immense potential use of thorium-based fuels. HTGRs produce ~40% less high-level waste per unit of energy produced and less plutonium content compared with a single-pass typical cycle of LWRs. The waste reduction is a result of higher thermal efficiencies and increased burnup in HTGRs. The storage and disposal requirement of high-temperature reactors is about 50 times lower for HTGRs compared with LWRs. However, the regulators and designers face several challenges while developing and licensing HTRs, such as limited design experience, lack of construction codes, and unresolved questions concerning fuel development and safety analysis tools.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=5001546
Power Generation is estimated to be the fastest growing market
The power generation segment held a 34.15% share of the Small Modular Reactor Market in 2022. SMRs are expected to be used for power generation, as they have simpler designs, economies of series production, short construction times, and reduced siting costs compared with large nuclear power plants. The power generated by SMRs is expected to be economical compared with other low-carbon alternatives and they 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. SMRs can be used to power isolated grid systems, remote communities, islands, and mining sites. All these factors are likely to boost the growth of the market for the power generation segment.
Grid–Connected segment by connectivity is estimated to be the second–fastest growing market
The grid-connected segment held a 65.03% share of the total Small Modular Reactor Market in 2022. Grid-connected SMRs have the potential to complement variable renewable energies, such as wind and solar, and integrate with smart grids and energy parks. SMRs can provide baseload power for grid-connected operations and can vary their output to meet the fluctuations in the supply of power produced by renewable sources. SMRs are expected to phase out conventional coal-fired power plants, as utilities want to replace retiring coal-fired plants with baseload plants of similar size that do not produce greenhouse emissions. SMRs can support grid modernization activities, such as smart grid and load growth, and help replace the existing aging infrastructure. These reactors can restart without receiving energy from the grid. This can help an electricity grid meet the system requirements in terms of parameters such as voltage, inertia, reactive capacity, and frequency when recovering from an outage.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=5001546
Marine segment by location is estimated to be the second largest and second–fastest growing market
The marine segment held a 7.36% share of the Small Modular Reactor Market in 2022. SMRs can be deployed in marine environments either as barge-mounted floating power units or underwater power units. Marine SMRs generally use pressurized-water reactor technology. These reactors have long core lives and require little refueling. Marine SMRs provide several flexible deployment options, such as nuclear icebreaker ships and floating nuclear power plants.
Single–module power plant segment by deployment is estimated to be the second largest and second–fastest growing market
The single-module power plant segment held a 76.30% share of the Small Modular Reactor Market in 2022. Single-module SMR plants are stand-alone units that may be used individually to meet niche energy requirements or localized demand. Larger single-module SMR plants could be used to replace small fossil-fuel units or deployed for distributed generation. The licensing of single-module SMRs is expected to be simpler than that of multi-module SMRs, as the current regulatory and licensing frameworks generally rely on an extensive experience base, with single-module larger nuclear plants using light-water reactor technology. Single-module SMRs, especially under 10 Mwe, serve remote locations deprived of electricity and district heating applications. They incorporate all the essential components, such as the power generation unit, turbines, generators, control systems, and necessary support infrastructure, into a single unit.
Upto 100 MW segment by power rating is estimated to be the fastest growing segment in the Small Modular Reactor Market
The power rating of up to 100 MW holds a market share of 16.9% share of the Small Modular Reactor Market in 2022. SMRs are characterized by their compact size and modular design. The reactor unit can be manufactured in a factory and transported to the installation site. The modular design allows for scalability, where multiple SMR units can be deployed together to meet varying energy demands. The primary application of a 100 MW SMR is power generation. It can serve as a standalone power plant, providing clean and reliable electricity to communities, industries, or remote locations. The excess heat generated by a 100 MW SMR can be utilized for district heating, where thermal energy is distributed to nearby residential, commercial, and institutional buildings for space heating and water heating purposes.
Europe likely to emerge as the second-largest region in Small Modular Reactor Industry
Europe accounted for a 30.3% share of the global Small Modular Reactor Market in 2022. The scope of the European Small Modular Reactor Market includes Russia, the UK, France, and the Rest of Europe. The Rest of Europe includes Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania. According to the BP Statistical Review of World Energy 2022, nuclear energy accounted for about 28.4% of the region's electricity generation mix. The region accounted for 30.2% of the global nuclear power consumption.
Investments for the development of SMRs and the shift toward the use of clean energy to combat climate change are increasing the opportunities for the deployment of SMRs in this region. For instance, in November 2020, the government pledged USD 298 million to SMRs in 2021 as a part of the UK Research and Innovation (UKRI) through the Low-Cost Nuclear (LCN) program. In November 2019, UKRI provided an initial match funding of USD 23 million to the UK SMR consortium, led by Rolls-Royce, for the development of a conceptual SMR design. In June 2021, Rosatom (Russia) announced its plans to invest USD 7 billion in new nuclear technologies by 2030. The plan includes the development of four floating power units using RITM-200 reactors (55 MWe each) by the end of 2028 for the Baimskaya Mining and Refining Plant in Chukotka. It also aims to commission a land nuclear power plant that utilizes RITM-200 SMR technology by 2030 for the Kyuchusskoye gold deposit in Yakutia. Rosatom also has plans to launch pilot units, including SHELF and ELENA, in remote regions of the country. It intends on concluding the first export contract for its SMR power plants at the end of 2026. Factors such as the integration of SMRs with intermittent renewable energy and the decarbonization of the energy sector enhance the growth of the Small Modular Reactor Market in Europe.
Key Market Players:
The leading players in the Small Modular Reactor Companies include Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), GE Hitachi Nuclear Energy (US), X Energy, LLC. (US), X Energy, LLC. (US), General Atomics (US), ARC Clean Energy, Inc. (Canada), LeadCold Reactors (Sweden), Rolls-Royce (UK), Ultra Safe Nuclear (US), Toshiba Energy Systems & Solutions Corporation (Japan), Tokamak Energy Ltd. (UK), SNC-Lavalin Group (Canada), Afrikantov OKB Mechanical Engineering (Russia), China National Nuclear Corporation (China), Framatome (France), U-BATTERY (UK), and Seaborg Technologies (Denmark).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=5001546
Recent Developments
- In June 2023, Fortum and Westinghouse Electric Company, one of world's leading suppliers of safe and innovative nuclear technology, have signed a Memorandum of Understanding (MoU) to explore prerequisites for the development and deployment of new nuclear in Finland and Sweden. Any potential investment decisions will be made at a later stage. The collaboration with Fortum is to bring proven and industry-leading, nuclear technology to the Nordic region, delivering added energy security for many generations in the future.
- In May 2023, NuScale Power Corporation (NYSE: SMR) and Nucor Corporation (Nucor) announced the signing of a Memorandum of Understanding (MOU) to investigate co-locating NuScale's VOYGR small modular nuclear reactor (SMR) power plants to provide clean, reliable baseload electricity to Nucor's scrap-based Electric Arc Furnace (EAF) steel mills. The firms will also look into expanding their manufacturing partnership, in which Nucor, North America's largest steel producer and recycler of any form of material, would supply Econiq, its net-zero steel products, for Nuscale projects.
- In April 2023, SNC-Lavalin announced its strategic agreement with Moltex on Small Modular Reactor development, thereby extending nuclear energy in Canada. SNC-Lavalin's world-class network of expertise in engineering, licencing and regulatory affairs, cost estimation, supplier qualification and management, quality assurance, and construction and operation planning will be used by Moltex. SNC-Lavalin will work with Moltex to bring in new customers and advance Molter's commercial objectives.
- In Jan 2023, Hitachi Nuclear Energy (GEH), Ontario Power Generation (OPG), SNC-Lavalin, and Aecon inked a deal for the installation of a BWROC 300 small modular reactor (SMR) at OPG's Darlington New Nuclear Project site. This is North America's first commercial contract for a grid-scale SMR.
- In Feb 2022, Terrestrial Energy Inc. signed an agreement with the Australian Nuclear Science and Technology Organisation (ANSTO). Under this agreement, ANSTO will provide technical guidance to Terrestrial Energy Inc. for the conditioning of used reactor fuel from the Integral Molten Salt Reactor (IMSR) power plants in the United States, Canada, and the United Kingdom, and other global markets.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
Nuclear Power Plant Equipment Market - Global Forecast to 2027
Concentrating Solar Power Market - Global Forecast to 2027
Nuclear Decommissioning Services Market
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/small-modular-reactor-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/small-modular-reactor.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/small-modular-reactor-market-worth-6-8-billion-by-2030---exclusive-report-by-marketsandmarkets-301866574.html
SOURCE MarketsandMarkets
