Small Modular Reactor market is projected to grow at a CAGR of 9% by 2033: Visiongain
Visiongain has published a new report entitled Small Modular Reactor Market Report 2023-2033: Forecasts by Deployment (Land-based Plant, Marine-based Plant), by Design (Integral Reactor Design, Twin Reactor Design, Other), by Coolant Type (Molten Salt Reactors (MSR), Gas-Cooled Reactors (GCR), Liquid Metal Reactors (LMR), Other), by Type (Pressurised Water Reactor (PWR), Pressurised Heavy Water Reactor (PHWR), High-Temperature Reactor (HTR), Fast Neutron Reactor (FNR), Other), by Application (Power Generation, Desalination, Process Heat Supply, Industrial Applications, District Heating, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global small modular reactor market was valued at US$80.8 billion in 2022 and is projected to grow at a CAGR of 9% during the forecast period 2023-2033.
Enhanced Safety and Passive Cooling
Safety is a paramount consideration in the nuclear industry. SMRs incorporate advanced safety features, including passive cooling systems, which operate without the need for external power or operator intervention during certain emergencies. Passive cooling systems use natural processes, such as convection, to dissipate heat from the reactor core. This inherent safety design reduces the risk of severe accidents and enhances public acceptance of nuclear power.
Market Accessibility and Deployment Scalability
SMRs offer an accessible pathway for countries with limited nuclear infrastructure to enter the nuclear energy market. Traditional large-scale nuclear projects may be financially and technically challenging for some nations. SMRs, with their smaller size and scalability, allow countries to align nuclear capacity with their energy needs and grid requirements. They can start with a single SMR unit and gradually expand as electricity demand grows.
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How has COVID-19 had a significant negative impact on the Small Modular Reactor Market?
COVID-19 has had a significant negative impact on the Small Modular Reactor (SMR) market, affecting various aspects of the industry. The pandemic brought about unprecedented challenges, disrupting global supply chains, construction activities, and investment decisions.
Many SMR projects experienced delays due to travel restrictions, lockdown measures, and social distancing guidelines imposed to curb the spread of the virus. The pandemic disrupted construction schedules, as skilled workers and project personnel faced movement restrictions and health concerns. This led to project postponements and extended timelines, causing cost overruns and financial strain for project developers.
Several countries with active nuclear new build programs faced uncertainties during the pandemic. With workforce disruptions and financing challenges, some countries had to reevaluate their nuclear energy plans, including SMR deployment strategies. Some governments redirected funds and resources to address urgent pandemic-related needs, impacting nuclear energy development.
The COVID-19 had a profound and negative impact on the Small Modular Reactor market, causing delays in project timelines, supply chain disruptions, financing challenges, and regulatory hurdles. The pandemic’s economic repercussions and shifting energy priorities further contributed to uncertainties surrounding SMR deployment plans. Despite these challenges, the SMR industry is poised to rebound as economies recover and governments renew their focus on clean and sustainable energy solutions for the future.
How will this Report Benefit you?
Visiongain’s 386-page report provides 127 tables and 170 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global small modular reactor market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Small Modular Reactor. Get financial analysis of the overall market and different segments including coolant type, design, deployment, application, and type and capture higher market share. We believe that there are strong opportunities in this fast-growing small modular reactor market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Technological Advancements and Innovation
The SMR market is witnessing continuous technological advancements and innovations. Several advanced reactor designs, such as high-temperature gas-cooled reactors and molten salt reactors, are under development. These advanced technologies offer improved efficiency, safety, and waste management solutions. Research and development efforts are focused on enhancing the performance and safety of SMRs, making them more attractive for potential investors and regulators.
Global Energy Transition and Nuclear Renaissance
The ongoing global energy transition towards sustainable and low-carbon energy sources has led to a renewed interest in nuclear power. Nuclear energy, including SMRs, is seen as a reliable and continuous source of clean electricity. Many countries are considering nuclear energy as part of their energy mix to achieve carbon neutrality. This renewed interest in nuclear power signifies a nuclear renaissance, with SMRs at the forefront of this nuclear resurgence.
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Where are the Market Opportunities?
Strategic Alliances and International Collaboration
The development and deployment of SMRs require significant expertise and resources. Strategic alliances and collaborations between governments, research institutions, and private enterprises have accelerated the progress of SMR projects. These partnerships foster technology exchange, regulatory harmonization, and shared investments. International collaboration can also streamline licensing and regulatory processes, enabling a more efficient deployment of SMRs.
Supportive Government Policies and Incentives
Governments worldwide are recognizing the potential of SMRs in meeting energy and climate goals. Supportive policies, such as subsidies, tax incentives, and funding for research and development, incentivize private sector participation and spur investments in SMR projects. Clear and predictable regulatory frameworks are crucial to instill investor confidence and provide a conducive environment for the successful implementation of SMRs.
The major players operating in the small modular reactor market are ARC Clean Energy, China National Nuclear Corporation (CNNC), Framatome, GE Hitachi Nuclear Energy (GEH), General Atomics (GA) , LeadCold Reactors , Moltex Energy, NuScale Power Corporation, Rolls-Royce Limited , SNC-Lavalin Group Inc. , Terrestrial Energy Inc. , Tokamak Energy Ltd , Ultra-Safe Nuclear (USNC) , Westinghouse Electric Company LLC, X Energy, LLC. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 07 June 2023, A Memorandum of Understanding was by Westinghouse Electric Company and Fortum of Finland to explore the potential for the construction and deployment of AP1000® and AP300TM reactor projects in Finland and Sweden. The MOUs create a foundation for cooperation for in-depth technical and business discussions and investigate collaboration on the subsequent steps to integrate Westinghouse reactor technologies in both nations.
- 16 May 2023, NuScale Power Corporation (NYSE: SMR) and Nucor Corporation (Nucor) have signed a Memorandum of Understanding (MOU) to explore the possibility of co-locating NuScale’s VOYGRTM small modular nuclear reactor (SMR) power plants to supply Nucor’s scrap-based Electric Arc Furnace (EAF) steel mills with clean, dependable baseload electricity.
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To find more Visiongain research reports in the Energy sector, click on the following links:
- AI Applications in Nuclear Reactors Market Report 2023-2033
- Molten Salt Reactors Market Report 2022-2032
- Chemical, Biological, Radiological & Nuclear (CBRN) Defence Market Report 2023-2033
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