Global Small Modular Reactor (SMR) Market Revenue Will Reach US$9 Bn in 2030, Forecasts Fairfield Market Research in a New Report
London, May 03, 2023 (GLOBE NEWSWIRE) — The complementarity of the cost-intensive nature of the traditional nuclear industry, and the worldwide green energy drive create strong tailwinds for the expansion of the small modular reactor (SMR) market worldwide. The rise of SMR technology as a potential alternative to nuclear power will favor the market growth in future. In addition, heightening costs of traditional nuclear reactors, and the need for decommissioning are likely to underpin market expansion. “Given the three-fivefold lower CAPEX, the SMR technology provides end users with a clear performance and cost benefit over the tractional nuclear power reactors. While this drives the growth of market, the global valuation will take a leap from US$4.4 Bn recorded in 2022 to US$9 Bn estimated to be attained in 2030,” reports the analyst at Fairfield Market Research. The company’s latest published study provides a detailed growth analysis and forecast of the market studied during 2023 – 2030.
Key Research Insights
- Between 2023 and 2030, the global small modular reactor market size is all set for 9.5% expansion in terms of value
- Pressurized water reactors account for over 60% of global SMR sales
- More than 80% of total revenue generation is registered by Asia Pacific
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Insights into Segmentation Analysis
The analysis of the global small modular reactor market reveals dominance of pressurized water reactors (PWRs) with approximately 66.7% share of the market valuation. The other considered segments of the market include pressurized heavy water reactor (PHWR), and other types. “PWRs will continue to maintain their lead in the global market as they are available widely, and at competitive costs. Moreover, when it comes to safety, these reactors possess a higher safety quotient in addition to displaying higher operational stability. These attributes are desirable among the end users, which uphold the preference for pressurized water reactors over the other available alternatives,” states an analyst.
Key Report Highlights
- The need for employing more efficient, and safer systems that target affordably priced energy security will drive market growth
- As of 2022, the world houses five fully operational SMR plants where Russia, China, and India retain prominence
- By 2030-end, the global SMR capacities will see manifold expansion
Insights into Regional Analysis
In 2022, Asia Pacific spearheaded the global small modular reactor market space on the back of the highest installation capacity. The region reportedly accounts for more than 80% of the overall market valuation, and the report marks China, and India as the prime pockets here. When it comes to R&D of SMR technology, the US leads its way. On the other hand, Canada also represents an important market for small modular reactor development, and deployment. The country’s Small Modular Reactor Action Plan remains the key growth engine here, says the report. North America’s small modular reactor market is therefore foreseen to surge ahead with lucrative prospects.
The report however highlights Russia, China, and India as the global SMR hotspots. Nearly 60 power reactors are currently under construction worldwide, and most of them are reportedly located across the key SMR markets, i.e., China, Russia, and India. Russia especially has a vital role to play in the European SMR space. The small modular reactor market in Europe continues to dominate on the back of Russia’s pivotal position in worldwide SMR landscape. Besides, Serbia is expected to display solid growth potential in the years to come, project the report estimations. Serbia has been recently developing interest in SMR technology, which will push the market expansion in the country.
Leading Players in Global Small Modular Reactor Market
Besides GE, China National Nuclear Corporation, Mitsubishi Heavy Industries, Ltd., and Rolls Royce, the report has covered several other prominent companies in its competitive analysis section. Some of the company names subject to strategic analysis include General Atomics, Nuclear Power Corporation of India Limited (NPCIL), Korea Electric Power Corporation, Bechtel Corporation, Holtec International, BWX Technologies Inc., and NuScale Power, LLC.
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|Forecast Year||2023 – 2030|
|Market Size in 2022||US$4.4 Bn|
|Estimated Market Size in 2030||US$9 Bn|
|Key Players||GE, China National Nuclear Corporation, Mitsubishi Heavy Industries, Ltd., Rolls Royce, General Atomics, Nuclear Power Corporation of India Limited (NPCIL), Korea Electric Power Corporation, Bechtel Corporation, Holtec International, BWX Technologies Inc., NuScale Power, LLC.|
Global Small Modular Reactor Market is Segmented as Below:
By Type Coverage
- Pressurized Water Reactor (PWR)
- Pressurized Heavy Water Reactor (PHWR)
By Geographical Coverage
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Bechtel Corporation
- China National Nuclear Corporation
- BWX Technologies Inc.
- Mitsubishi Heavy Industries, Ltd.
- Holtec International
- General Atomics
- Rolls Royce
- Nuclear Power Corporation of India Limited (NPCIL)
- NuScale Power, LLC.
- Korea Electric Power Corporation
- China National Nuclear Corporation
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Small Modular Reactor – Existing and Upcoming Project Details
4. Global Small Modular Reactor (SMR) Market Outlook, 2019 – 2030
5. North America Small Modular Reactor (SMR) Market Outlook, 2019 – 2030
6. Europe Small Modular Reactor (SMR) Market Outlook, 2019 – 2030
7. Asia Pacific Small Modular Reactor (SMR) Market Outlook, 2019 – 2030
8. Rest of the World (RoW) Small Modular Reactor (SMR) Market Outlook, 2019 – 2030
9. Competitive Landscape
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/small-modular-reactor-smr-market/more-information
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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