The small modular reactor market, set to grow significantly, offers scalable, sustainable energy solutions. Driven by environmental concerns, tech advancements, and global investments, SMRs face challenges but promise efficient, clean power.
The global small modular reactor market, valued at $1,953.1 million in 2023, is projected to reach $4,425.2 million by 2033, growing at a robust CAGR of 8.52% from 2023 to 2033. Key drivers include climate change and increasing demand for clean energy. SMRs offer a smaller footprint and modular design, allowing for lower carbon emissions compared to traditional fossil fuel power plants.
SMRs offer efficient, reliable power for energy-intensive industries, enhance productivity, and support sustainable practices through cogeneration. Their adoption is driven by increasing demand for clean energy and sustainability, fostering innovation, job creation, and economic growth.
• Electricity Production
• Combined Heat and Power
• Desalination
• Off-grid application
• Water-Cooled Reactors
• Liquid Metal-Cooled Fast Neutron Spectrum Reactors
• Molten Salt Reactors
• High-Temperature Gas-Cooled Reactors
• <25 MW
• 25-100 MW
• 101-300 MW
• >300 MW
• North America - U.S. and Canada
• Europe - Russia, France, and Rest-of Europe
• Asia-Pacific - China, Japan, and Rest-of-Asia-Pacific
• Rest-of-the-World
Europe is set to lead the small modular reactor market, with Russia at the forefront, operating one of the top SMR plants with 2,350 MW capacity. Russia's high production capacity surpasses the U.S., which leads in SMR projects. Europe's Euratom Research and Training Program supports SMR R&D, focusing on safety, security, and waste management.
• In November 2023, ROSATOM's engineering division received approval for the RITM 200N small modular reactor design, including the AS-14-15 core and components for small ground-based nuclear plants.
• In April 2022, NuScale Power, LLC partnered with the U.S. Reactor Forging Consortium to utilize its robust forging supply chain for global deployment of its SMR technology.
• In February 2023, Westinghouse Electric Company LLC. and Community Nuclear Power, Ltd. (CNP) agreed to launch the UK's privately funded SMR fleet featuring the Westinghouse AP300 SMR.
• Reduction of Greenhouse Gas Emissions
• Transition to Low-Carbon Energy Sources
• Reliable Power Supply with Minimal Environmental Impact
• Significant Upfront Investment
• Complex Licensing and Regulatory Procedures
• Specialized Infrastructure Requirements
• Support for Carbon Reduction Goals
• Integration with Existing Energy Infrastructure
• Scalability and Adaptability
BIS Research provides a customized Go-to-Market Strategy designed to assist businesses in exploring and entering emerging markets, offering expert guidance to uncover new opportunities.
The small modular reactor (SMR) market is growing swiftly, driven by the need for energy security and sustainability. Major players like ROSATOM, Tsinghua University, and NuScale Power are leading the way. Despite its promise, the market faces challenges such as logistical issues and regulatory hurdles. Success will depend on overcoming these obstacles to achieve widespread SMR deployment.
• Westinghouse Electric Company LLC.
• China National Nuclear Corporation
• Rolls-Royce plc.
• STATE POWER INVESTMENT CORPORATION LIMITED
• BWX Technologies. Inc.
• Terrestrial Energy Inc.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• EDF
• Moltex Energy
• General Atomics
According to Debraj Chakraborty, Principal Analyst – BIS Research ?"Small modular reactors (SMRs) mark a significant advancement in nuclear technology, delivering improved safety, adaptability, and cost-efficiency. As nations aim to reduce carbon emissions and secure their energy supply, SMRs' scalability and rapid deployment capabilities make them an attractive choice.
With ongoing improvements in design and regulatory standards, SMRs are set to become a key component of the future energy landscape, offering clean, dependable, and sustainable power solutions”.
