Global Small Modular Reactor Market is valued approximately USD 5.7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 2.3% over the forecast period 2023-2030. A Small Modular Reactor (SMR) is a type of nuclear power plant that is smaller and more flexible compared to traditional large-scale nuclear reactors. It is designed to provide electricity and heat by using nuclear reactions to generate energy. What makes SMRs special is that they are built in smaller pieces or modules, making them easier to manufacture, transport, and assemble. These modular reactors can be used in various locations, such as remote areas, industrial sites, or communities, where they can generate reliable and clean energy to meet the specific needs of those places. Its driving boosting market factors are expansion of nuclear power reactors and growing demand of electricity.
According to the Statista in 2023, there were 436 nuclear reactor operation in 32 countries around the world. The United States has the largest number of nuclear power reactors in operation which are about 93 units. The expansion of nuclear power reactors can drive the growth and adoption of small modular reactors (SMRs) due to their flexibility, cost advantages, enhanced safety features, and potential for meeting specific energy needs. Moreover, decentralized power generation and nuclear waste management will create more opportunities in the market. However, the supply chain & infrastructure, project siting and grid integration stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Small Modular Reactor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The United States has been at the forefront of SMR development and deployment. The U.S. Department of Energy (DOE) has provided substantial support for SMR projects through its funding programs. NuScale Power, an American company, is one of the notable leaders in SMR technology, having received significant funding and making progress towards commercialization.
Major market player included in this report are:
- Westinghouse Electric Company LLC
- NuScale Power
- Terrestrial Energy Inc
- Moltex Energy
- Hitachi Nuclear Energy
- X Energy LLC
- General Atomics
- ARC Clean Energy
- Leadcold Reactors
- Toshiba Energy Systems & Solutions Corporation
Recent Developments in the Market:
- In May 2023, Nuscale Power Corporation and Nucor Corporation announced the collaboration to investigate co-locating Nusale's VOYGR small modular nuclear reactors provide clean and reliable baseload electricity.
- In Jan 2023, Hitachi Nuclear Energy, Ontario Power Generation, SNC_Lavalin, and Aecon inked the deal for the installation of a BWROC 300 Small modular reactor at OPG's Darlington new nuclear project site.
Global Small Modular Reactor Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Heavy Liquid Metal, Type, Application, End-use, Connectivity, Location, Deployment, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Coolant:
- Heavy Liquid Metal
- Gases
- Molten Salt
- Water
By Type:
- Heavy-water Reactors
- Light-water Reactors
- Fast-neutron Reactors
- Molten Salt Reactors
By Application:
- Power Generation
- Desalination
- Hydrogen Generation
- Industrial
By End-use:
- Transmission & Distribution Utilities
- Power Generation
- Industrial
- Others
Connectivity:
Location:
Deployment:
- Single-Module Power Plant
- Multi-Module Power Plant
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Small Modular Reactor Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Small Modular Reactor Market, by Coolant, 2020-2030 (USD Billion)
- 1.2.3. Small Modular Reactor Market, by Type, 2020-2030 (USD Billion)
- 1.2.4. Small Modular Reactor Market, by Application, 2020-2030 (USD Billion)
- 1.2.5. Small Modular Reactor Market, by End-use, 2020-2030 (USD Billion)
- 1.2.6. Small Modular Reactor Market, by Connectivity, 2020-2030 (USD Billion)
- 1.2.7. Small Modular Reactor Market, by Location, 2020-2030 (USD Billion)
- 1.2.8. Small Modular Reactor Market, by Deployment, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Small Modular Reactor Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Small Modular Reactor Market Dynamics
- 3.1. Small Modular Reactor Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Expansion of Nuclear Power Reactors
- 3.1.1.2. Growing Demand of Electricity
- 3.1.2. Market Challenges
- 3.1.2.1. Supply Chain and Infrastructure
- 3.1.2.2. Project Siting and Grid Integration
- 3.1.3. Market Opportunities
- 3.1.3.1. Decentralized Power Generation
- 3.1.3.2. Nuclear Waste Management
Chapter 4. Global Small Modular Reactor Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Small Modular Reactor Market, by Coolant
- 5.1. Market Snapshot
- 5.2. Global Small Modular Reactor Market by Coolant, Performance - Potential Analysis
- 5.3. Global Small Modular Reactor Market Estimates & Forecasts by Coolant 2020-2030 (USD Billion)
- 5.4. Small Modular Reactor Market, Sub Segment Analysis
- 5.4.1. Heavy Liquid Metal
- 5.4.2. Gases
- 5.4.3. Molten Salt
- 5.4.4. Water
Chapter 6. Global Small Modular Reactor Market, by Type
- 6.1. Market Snapshot
- 6.2. Global Small Modular Reactor Market by Type, Performance - Potential Analysis
- 6.3. Global Small Modular Reactor Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 6.4. Small Modular Reactor Market, Sub Segment Analysis
- 6.4.1. Heavy-water Reactors
- 6.4.2. Light-water Reactors
- 6.4.3. High-temperature Reactors
- 6.4.4. Fast-neutron Reactors
- 6.4.5. Molten Salt Reactors
Chapter 7. Global Small Modular Reactor Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Small Modular Reactor Market by Application, Performance - Potential Analysis
- 7.3. Global Small Modular Reactor Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 7.4. Small Modular Reactor Market, Sub Segment Analysis
- 7.4.1. Power Generation
- 7.4.2. Desalination
- 7.4.3. Hydrogen Generation
- 7.4.4. Industrial
Chapter 8. Global Small Modular Reactor Market, by End-use
- 8.1. Market Snapshot
- 8.2. Global Small Modular Reactor Market by End-use, Performance - Potential Analysis
- 8.3. Global Small Modular Reactor Market Estimates & Forecasts by End-use 2020-2030 (USD Billion)
- 8.4. Small Modular Reactor Market, Sub Segment Analysis
- 8.4.1. Transmission & Distribution Utilities
- 8.4.2. Power Generation
- 8.4.3. Industrial
- 8.4.4. Others
Chapter 9. Global Small Modular Reactor Market, by Connectivity
- 9.1. Market Snapshot
- 9.2. Global Small Modular Reactor Market by Connectivity, Performance - Potential Analysis
- 9.3. Global Small Modular Reactor Market Estimates & Forecasts by Connectivity 2020-2030 (USD Billion)
- 9.4. Small Modular Reactor Market, Sub Segment Analysis
- 9.4.1. Grid-Connected
- 9.4.2. Off-Grid
Chapter 10. Global Small Modular Reactor Market, by Location
- 10.1. Market Snapshot
- 10.2. Global Small Modular Reactor Market by Location, Performance - Potential Analysis
- 10.3. Global Small Modular Reactor Market Estimates & Forecasts by Location 2020-2030 (USD Billion)
- 10.4. Small Modular Reactor Market, Sub Segment Analysis
- 10.4.1. Land
- 10.4.2. Marine
Chapter 11. Global Small Modular Reactor Market, by End-use
- 11.1. Market Snapshot
- 11.2. Global Small Modular Reactor Market by End-use, Performance - Potential Analysis
- 11.3. Global Small Modular Reactor Market Estimates & Forecasts by End-use 2020-2030 (USD Billion)
- 11.4. Small Modular Reactor Market, Sub Segment Analysis
- 11.4.1. Single-Module Power Plant
- 11.4.2. Multi-Module Power Plant
Chapter 12. Global Small Modular Reactor Market, Regional Analysis
- 12.1. Top Leading Countries
- 12.2. Top Emerging Countries
- 12.3. Small Modular Reactor Market, Regional Market Snapshot
- 12.4. North America Small Modular Reactor Market
- 12.4.1. U.S. Small Modular Reactor Market
- 12.4.1.1. Coolant breakdown estimates & forecasts, 2020-2030
- 12.4.1.2. Type breakdown estimates & forecasts, 2020-2030
- 12.4.1.3. Application breakdown estimates & forecasts, 2020-2030
- 12.4.1.4. End-use breakdown estimates & forecasts, 2020-2030
- 12.4.1.5. Connectivity breakdown estimates & forecasts, 2020-2030
- 12.4.1.6. Location breakdown estimates & forecasts, 2020-2030
- 12.4.1.7. Deployment breakdown estimates & forecasts, 2020-2030
- 12.4.2. Canada Small Modular Reactor Market
- 12.5. Europe Small Modular Reactor Market Snapshot
- 12.5.1. U.K. Small Modular Reactor Market
- 12.5.2. Germany Small Modular Reactor Market
- 12.5.3. France Small Modular Reactor Market
- 12.5.4. Spain Small Modular Reactor Market
- 12.5.5. Italy Small Modular Reactor Market
- 12.5.6. Rest of Europe Small Modular Reactor Market
- 12.6. Asia-Pacific Small Modular Reactor Market Snapshot
- 12.6.1. China Small Modular Reactor Market
- 12.6.2. India Small Modular Reactor Market
- 12.6.3. Japan Small Modular Reactor Market
- 12.6.4. Australia Small Modular Reactor Market
- 12.6.5. South Korea Small Modular Reactor Market
- 12.6.6. Rest of Asia Pacific Small Modular Reactor Market
- 12.7. Latin America Small Modular Reactor Market Snapshot
- 12.7.1. Brazil Small Modular Reactor Market
- 12.7.2. Mexico Small Modular Reactor Market
- 12.8. Middle East & Africa Small Modular Reactor Market
- 12.8.1. Saudi Arabia Small Modular Reactor Market
- 12.8.2. South Africa Small Modular Reactor Market
- 12.8.3. Rest of Middle East & Africa Small Modular Reactor Market
Chapter 13. Competitive Intelligence
- 13.1. Key Company SWOT Analysis
- 13.1.1. Company 1
- 13.1.2. Company 2
- 13.1.3. Company 3
- 13.2. Top Market Strategies
- 13.3. Company Profiles
- 13.3.1. Westinghouse Electric Company LLC
- 13.3.1.1. Key Information
- 13.3.1.2. Overview
- 13.3.1.3. Financial (Subject to Data Availability)
- 13.3.1.4. Product Summary
- 13.3.1.5. Recent Developments
- 13.3.2. NuScale Power
- 13.3.3. Terrestrial Energy Inc
- 13.3.4. Moltex Energy
- 13.3.5. Hitachi Nuclear Energy
- 13.3.6. X Energy LLC
- 13.3.7. General Atomics
- 13.3.8. ARC Clean Energy
- 13.3.9. Leadcold Reactors
- 13.3.10. Toshiba Energy Systems & Solutions Corporation
Chapter 14. Research Process
- 14.1. Research Process
- 14.1.1. Data Mining
- 14.1.2. Analysis
- 14.1.3. Market Estimation
- 14.1.4. Validation
- 14.1.5. Publishing
- 14.2. Research Attributes
- 14.3. Research Assumption