According to the report published by Allied Market Research, the global small modular reactor market generated $3.5 Billion in 2020, and is anticipated to reach $18.8 Billion by 2030, manifesting a CAGR of 15.8%. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Increase in demand for power generation in remote locations, adaptability of small modular reactors, and ease of construction due to factory fabrication fuel the global small modular reactor market growth. On the other hand, investments directed toward renewable energy hamper the market. On the contrary, decarbonization of energy sector creates several lucrative opportunities.
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The report segments the global small modular reactor market on the basis of reactor type, application, location, and region.
Based on reactor type, the heavy water reactor segment contributed to the highest market share in 2020, attributing to more than half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the fast neutron reactor segment is expected to manifest the fastest CAGR of 16.4% from 2021-2030.
Based on application, the power generation segment contributed to the highest market share in 2020, attributing to more than half of the total market share, and is anticipated to lead during the forecast period. The segment is expected to manifest the fastest CAGR of 16.3% from 2021-2030. The report also talks about other segments such as desalination and process heat.
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Based on region, North America contributed to the highest share in 2020, holding nearly half of the total share, and is expected to lead during the forecast period. The global small modular reactor market across the LAMEA region is anticipated to exhibit the fastest CAGR of 17.0% during the forecast period.
Key players of the global small modular reactor market analyzed in the research include Fluor Corporation, Brookfield, General Atomics, Holtec International, Mitsubishi Heavy Industries, General Electric, Rolls Royce Plc, TTerrestrial Energy, erraPower LLC, and X Energy LLC.
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- The COVID-19 pandemic has put more focus on nuclear energy technology such as the small modular reactor market which helps in boosting the global small modular reactor market.
- However, due to the pandemic, travel restrictions and lockdown measures were imposed to curb the COVID-19 infection. This impacted the operations of nuclear energy plants.
- The pandemic also caused lack of workforce.
Key findings of the study
- U.S. accounted for the largest share of the market in 2020 as well as the fastest growing region, owing to the presence of well-established SMR manufacturers such as NuScale Power and General Electric.
- LAMEA is projected to grow at the fastest rate, owing to countries such as Brazil, Saudi Arabia and South Africa shifting towards nuclear energy
- On the basis of reactor type, Heavy Water Reactor (HWR) accounted for the largest share in 2020, owing to low costs and efficiency.
- Fast Neutron Reactor is projected to be fastest growing segment, as it offers prospects of efficient use of uranium resources and most generation IV reactor designs are based on FNRs.
- On the basis of application, the power generation segment accounted for the largest market share in 2020, and is projected to grow at the highest CAGR of 16.3%.
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