Meticulous Research®, a leading global market research company, has unveiled a comprehensive study titled, ‘Small Modular Reactors Market by Type (Light-water Reactors, High-temperature Reactors), Coolant (Water, Liquid Lead), Deployment Mode, Fuel Type (Uranium), Application (Power Generation, Desalination) and Geography — Global Forecast to 2030.’
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The report projects that the small modular reactors (SMRs) market will reach $6.14 billion by 2030, representing a CAGR of 2.4% during the forecast period. This growth is attributed to the increasing adoption of SMRs for power generation, the surge in government-led decarbonization initiatives, and the rising demand for reliable and adaptable nuclear energy. Despite these drivers, strict regulatory frameworks and standards pose challenges to market expansion.
Additionally, the focus on achieving net zero emissions and advancing decarbonization efforts in the energy sector is expected to create significant growth opportunities. However, the lack of a standardized licensing process remains a major hurdle for market participants. The prevailing trend is a growing preference for clean and dependable energy sources.
The market is divided into several segments: reactor type, coolant type, deployment mode, fuel type, application, and geography. This segmentation facilitates a detailed analysis of industry competitors and market conditions at both regional and national levels. The study covers various reactor types, including light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors.
Among reactor types, light-water reactors are projected to hold the largest market share in 2024. This segment’s prominence is due to its efficiency in generating energy from water and its capability to act as both a moderator and a coolant. Light-water reactors are also expected to experience the highest CAGR in the forecast period.
In terms of coolant types, the water segment is anticipated to lead the market in 2024. The demand for water as a coolant stems from its crucial role in transferring heat from the reactor core to steam turbines and maintaining manageable pressures. This segment is projected to have the highest CAGR during the forecast period.
The deployment mode segment forecasts land-based SMR deployments to dominate in 2024, owing to their safety, security, and lower maintenance costs. Conversely, marine-based deployments are expected to show the highest CAGR, driven by the need for cost-effective, carbon-free energy solutions and safer, more flexible clean energy options.
Regarding fuel type, uranium is forecasted to be the leading segment in 2024. Uranium’s ability to provide large-scale low-carbon electricity and its role in nuclear fission make it a preferred choice. This segment is also expected to experience the highest CAGR during the forecast period.
For applications, power generation is predicted to be the largest segment in 2024, driven by the need for substantial carbon-free electricity, low fuel costs, and enhanced efficiency. The power generation segment is projected to register the highest CAGR during the forecast period.
Geographically, Asia-Pacific is expected to hold the largest share of the small modular reactors market in 2024, followed by Europe, North America, Latin America, and the Middle East Africa. Asia-Pacific’s major market share is due to the presence of key SMR players, increasing deployments in coastal and offshore regions, and a rising demand for low-carbon, flexible power solutions. This region is also expected to achieve the highest CAGR during the forecast period.
Key Players:
The key players operating in the small modular reactors market include Brookfield Asset Management Inc. (Canada), Fluor Corporation (U.S.), General Electric Company (U.S.), Holtec International (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (U.K.), Terrestrial Energy Inc. (Canada), X Energy, LLC (U.S.), Westinghouse Electric Company LLC (U.S.), Kairos Power (U.S.), TerraPower, LLC (U.S.), Toshiba Energy Systems Solutions Corporation (Japan), ARC Clean Technology, Inc. (Canada), and Leadcold (Sweden), and General Atomics (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/small-modular-reactors-market-5512
Key questions answered in the report-
- Which are the high-growth market segments based on type, coolant type, deployment mode, fuel type, application, and geography?
- What was the historical market for small modular reactors?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the small modular reactors market?
- Who are the major players, and what shares do they hold in the small modular reactors market?
- How is the competitive landscape in the small modular reactors market?
- What are the recent developments in the small modular reactors market?
- What are the different strategies adopted by the major players in the small modular reactors market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the small modular reactors market, and how do they compete with the other players?
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