Small Modular Reactors Market by Type (Light-water Reactors, High-temperature Reactors), Coolant (Water, Liquid Lead), Deployment Mode, Fuel Type (Uranium), Application (Power Generation, Desalination) and Geography - Global Forecast to 2030

The Small Modular Reactors Market is projected to reach $6.14 billion by 2030, at a CAGR of 2.4% during the forecast period of 2024 to 2030.

The growth of this market is driven by the increasing adoption of SMRs for power generation, rising government initiatives associated with decarbonization, and growing demand for reliable and flexible nuclear power. However, the strict regulatory policies and standards for deploying SMRs restrain the growth of this market. Furthermore, the increasing focus on net zero emission and decarbonization in the energy sector is expected to create market growth opportunities. However, the lack of a standard licensing process is a major challenge for the players operating in this market. The trends in the global small modular reactors market are rising demand for clean and reliable energy sources.

Increasing Adoption of Small Modular Reactors for Power Generation

In power generation, small modular reactors are deployed in either single-module or multi-module power plants, which produce energy with nuclear power. The small modular reactor has greater safety performance through inherent and passive safety features and offers a lower initial capital investment, greater scalability, and siting flexibility for locations for cogeneration and non-electric applications. SMRs help generate carbon-free energy more efficiently, flexibly, and at a lower cost. Also, the SMRs help to reduce the fuel requirement for power plants. Power plants based on small modular reactors require less frequent refueling every 3 to 7 years. Conversely, conventional plants require fuel every 1 to 2 years.

Many countries are focusing on developing small modular reactors, which help produce electricity of up to 300 MW(e) per module. For instance, in November 2021, the U.K. government announced its commitment of around USD 261.32 million (GBP 210 million) to develop the Rolls-Royce small modular reactor. Rolls-Royce intends to build a 470MWe SMR with availability to the U.K. electricity grids by the early 2030s. Thus, strong government initiatives are driving the adoption of SMRS for power generation.

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Key Findings in the Small Modular Reactors Market Study:

The Light-water Reactors Segment to Register the Highest CAGR During Forecast Period

Based on type, the ligh-water reactors segment is projected to register the highest CAGR during the forecast period. The increasing use of light-water reactors due to the higher efficiency of generating energy from water and the growing ability to serve as moderators and coolants to carry away the energy generated by nuclear fission are expected to support the growth of this segment.

The Water Segment to Register the Highest CAGR During Forecast Period

Based on coolant type, the water segment is projected to register the highest CAGR during the forecast period. The increasing need for water coolant to convey heat from the reactor core to the steam turbines and the growing adoption of water coolant to maintain manageable pressures within the core are expected to support the growth of this segment.

The Marine-based Deployment Segment to Register the Highest CAGR During Forecast Period

Based on deployment mode, the marine-based deployment segment is projected to register the highest CAGR during the forecast period. The increasing marine-based deployment to generate clean energy solutions that are safer, more affordable, mobile, and flexible and the growing demand for affordable carbon-free power are expected to support the growth of this segment.

The Uranium Segment to Register the Highest CAGR During Forecast Period

Based on fuel type, the uranium segment is projected to register the highest CAGR during the forecast period. The growing demand for uranium in nuclear power plants for nuclear fission and the increasing demand for uranium due to its ability to generate large-scale low-carbon baseload electricity are expected to support the growth of this segment.

The Power Generation Segment to Register the Highest CAGR During Forecast Period

Based on application, the power generation segment is projected to register the highest CAGR during the forecast period. The increasing use of power plants for more efficient output, portable and easy to construct, growing demand for low fuel cost, and the increasing demand for producing large amounts of carbon-free electricity are expected to support the growth of this segment.

Asia-Pacific to be the Fastest-growing Regional Market

In 2024, Asia-Pacific is expected to account for the largest share of the small modular reactors market, followed by Europe, North America, Latin America, and the Middle East & Africa. Also, the market in Asia-Pacific is slated to record the fastest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth of regional economies, increasing integration of renewable energy sources with SMRs, rising government initiatives associated with decarbonization, and the rise in deployments of SMRs in the coastal, island and offshore areas contribute to the rapid growth of this regional market.

Key Players

The key players operating in the small modular reactors market include Brookfield Asset Management Inc. (Canada), Fluor Corporation (U.S.), General Electric Company (U.S.), Holtec International (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (U.K.), Terrestrial Energy Inc. (Canada), X Energy, LLC (U.S.), Westinghouse Electric Company LLC (U.S.), Kairos Power (U.S.), TerraPower, LLC (U.S.), Toshiba Energy Systems & Solutions Corporation (Japan), ARC Clean Technology, Inc. (Canada), and Leadcold (Sweden), and General Atomics (U.S.).

Scope of the report:

Small Modular Reactors Market Assessment, by Type                         

• Light-water Reactors
  • Pressurized Water Reactors
  • Boiling Water Reactors
• Heavy-water Reactors           
• High-temperature Reactors   
• Fast Neutron Reactors          
• Molten Salt Reactors 
• Fast Breeder Reactors          

Small Modular Reactors Market Assessment, by Coolant Type

• Liquid Lead
• Gases
• Water
• Other Coolant Types

Small Modular Reactors Market Assessment, by Deployment Mode   

• Land-based Deployment
• Marine-based Deployment

Small Modular Reactors Market Assessment, by Fuel Type     

• Uranium
• Other Fuel Type

Small Modular Reactors Market Assessment, by Application               

• Power Generation      
  • Single-module Power Plants
  • Multi-module Power Plants
• Process Heat 
• Desalination   
• Other Applications

Small Modular Reactors Market Assessment, by Geography               

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Sweden
  • Rest of Europe
• Asia-Pacific    
  • Japan
  • China
  • India
  • South Korea
  • Singapore
  • Australia & New Zealand
  • Indonesia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa  
  • UAE
  • Saudi Arabia
  • Israel
  • Rest of the Middle East & Africa

Key questions answered in the report: