Global Small Modular Reactor Market Overview
The small modular reactor market is estimated to be USD 5.8 billion in 2023 to USD 6.8 billion by 2030, at a CAGR of 2.3% during the forecast period.
The factors that drive the market growth include versatile nature of nuclear power and modularization of SMRs. SMRs offer the potential for improved economics. Their smaller scale and standardized designs can lead to cost savings in manufacturing, construction, and maintenance. The modular nature of SMRs enables phased deployment, reducing upfront capital costs and allowing for incremental capacity expansion based on demand.
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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.
Top Key Players:
- Westinghouse Electric Company LLC (US)
- NuScale Power, LLC. (US)
- Terrestrial Energy Inc. (Canada)
- Moltex Energy (Canada)
- GE Hitachi Nuclear Energy (US)
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.
Key Trends:
- The factors that drive the market growth include versatile nature of nuclear power and modularization of SMRs
- Increasing the deployment of renewable energy technologies
- Growing use of renewable energy has an impact on the operation of the electrical system
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Regional Analysis:
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.
