DELRAY BEACH, Fla., Nov. 12, 2024 /PRNewswire/ -- The global Small Modular Reactor Market is anticipated to grow from estimated USD 6.00 billion in 2024 to USD 7.14 billion by 2030, at a CAGR of 3.0% during the forecast period. The growth in the market will be attributed to the growing demand for clean, reliable energy and the need for greater flexibility in power generation. Their compact design allows for easier construction and quicker commissioning, which can help reduce capital costs compared to traditional large-scale reactors. Additionally, advancements in safety features and the potential for integration with renewable energy sources enhance their appeal in the transition to a low-carbon economy.
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Light-water reactors, by type
The light-water reactors segment is expected to largest segment in the Small Modular Reactor Market. These reactors use ordinary water as a coolant and are the most widely adopted type, as these have the lowest technological risks. Such SMRs utilize well-tested solutions and products that use small and integrated components and increased passive safety features compared with those in the current large-scale LWRs. Also, these type of reactors has high technology readiness levels (TRL) which further drive this segment.
Power Generation, by application
The application segment is further segmented into 4 types: Power generation, Desalination, Industrial, and Hydrogen Production. Power generation segment is expected be the fastest growing segment in the application segment. SMRs have economies of series production, short construction times, and reduced siting costs compared with large nuclear power plants which makes them a cost-effective compared to traditional reactors. 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.
Regional Analysis
Americas is going to witness the highest CAGR for the Small Modular Reactor Market. The aggressive investments in the region drives the growth for the SMRs during the forecast period. For Instance, US Department of Energy (DOE) announced an investment of USD 900 million to support the initial deployment of the small modular reactors technology. Technology giants are experiencing the surge in demand of power from the data centres due to the increasing load of the generative AI. These technology giants are investing into the SMRs to get clean power for the growing demand from their data centres.
Key Players
Some of the major players in the Small Modular Reactor Market are State Atomic Energy Corporation Rosatom (Russia), China National Nuclear Corporation (China), Westinghouse Electric Company (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), GE Hitachi Nuclear Energy (US) among others. The major strategies adopted by these players include partnerships, contracts , acquisitions, joint ventures, and expansions.
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MITSUBISHI HEAVY INDUSTRIES, LTD.
MITSUBISHI HEAVY INDUSTRIES, LTD. is one of the largest industrial firms specializing in various sectors such as machinery, power systems, infrastructure, energy, aviation, and defense. The company has four business segments: Energy Systems, Logistics, Thermal & Drive Systems, Plants & Infrastructure Systems, and Aircraft, Defense & Space. MITSUBISHI HEAVY INDUSTRIES, LTD. offers SMR products and services mainly through the segment Energy Systems. This segment offers systems for nuclear power generation (including light-water reactors, nuclear fuel cycle, advanced solutions), thermal power, wind power, aircraft engines, compressors, air quality control systems, and marine machinery.
The State Atomic Energy Corporation ROSATOM
The State Atomic Energy Corporation ROSATOM is a diversified company involved in all stages of the nuclear production chain. The company includes nuclear energy, nuclear plants, nuclear reactors & services, nuclear power generation, uranium enrichment, innovation, nuclear fuel, nuclear equipment, nuclear engineering, electricity trading, nuclear decommissioning, radioactive waste management, and nuclear fuel cycle. Its business segments include uranium exploration and mining, nuclear fuel fabrication, nuclear power plant design and construction, power generation, and radioactive waste management.
Westinghouse Electric Company LLC
The Westinghouse Electric Company LLC is among the largest service providers and product suppliers in the nuclear power industry, specializing in nuclear power, plant modifications, nuclear fuel, new plants, and the provision of outage services. Brookfield Business Partners acquired the company in 2018, reinforcing its position in the marketplace. Westinghouse Electric Company LLC provides a variety of products, solutions, and services, including mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. Moreover, it is engaged in remediation services for the decontamination and decommissioning of power plant sites and the provision of technologies, equipment, as well as engineering and design services for new power plants.
GE Hitachi Nuclear Energy
GE Hitachi Nuclear Energy is one of the largest providers of advanced reactors, fuel, and nuclear services, and is part of an alliance formed by GE and Hitachi to serve the global nuclear industry. As a leading supplier of advanced reactors, fuel, and nuclear services, GE-Hitachi plays an important role in both nuclear energy supply and provision. This helped both countries boost their role in the nuclear energy business, thus the alliance in Japan is Hitachi-General Electric Nuclear Energy. The firm provides design services of steam turbines for nuclear applications, new nuclear plant services, parts-new and refurbished, reactor core monitoring systems, outage management services, nuclear fuels, inspection services, reactor modifications, plant modernization services, and plant performance software.
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