Small Modular Reactors market valued at $ 11.3 Billion by 2026
CHICAGO, September 3, 2021 / PRNewswire / – According to the new market research report “Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-Grid), Location (Land.), Marine), Application (Power Generation, Desalination, Process Heat) and Region – Global Forecast to 2026, “published by MarketsandMarkets ™, Small Modular Reactor Market Is Expected To Enter Market $ 11.3 billion by 2026. The market size for small modular reactors will be on $ 11.3 billion until 2026 (forecast year) $ 9.7 billion in 2021 (estimated year) at a CAGR of 3.2% over the forecast period. The market for small modular reactors has promising growth potential due to the low cost of SMRs due to modularization and factory building. The global market for small modular reactors is driven by the growing need for clean, reliable, and flexible power generation and helps with integration with variable renewable energy.
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The light water reactor segment is expected to dominate the small modular market by reactor type during the forecast period.
The light water reactors use normal water as a coolant and are the most widespread type because they have the lowest technological risks. Light water reactors are the most widely used SMR technology due to its high technological maturity and ease of licensing as regulators and developers are familiar with this technology. These factors are expected to drive the market for this segment over the forecast period.
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The multi-module power plant segment is expected to be the fastest growing market for small modular reactors in the forecast period after provision.
The segment of multi-module power plants after the provision of the market for small modular reactors is expected to grow the fastest in the forecast period. The growth of this segment will be driven by the simple financing of additional units of SMRs, resulting in savings in serial production. The SMR system can be supplemented with additional modules, which reduces up-front investment and capital risks, resulting in lower financial costs. In addition, multi-module power plants help avoid long downtimes through unit-by-unit maintenance and enable staggered refueling.
Asia Pacific likely to become the largest market for small modular reactors
In this report, Small Modular Reactors Market has been analyzed for four regions namely America, Europe, Asia Pacific, and middle East & Africa. The growth of the Asia Pacific Market is driven by increasing investments for the use of SMRs in countries such as China and Japan. For example in China, Various SMR designs, such as the CAP200, ACP100, ACPR50S, and HTR-PM, are being developed for land and marine use. In addition, the increase in opportunities for the use of SMRs in areas with isolated and small grid systems, such as coastal, island and offshore areas, is expected to fuel the growth of the small modular reactor market in that region.
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To allow for an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Small Modular Reactors market.
Some of the main players are General Electric-Hitachi Nuclear Energy (USA), Moltex Energy (Canada), NuScale Power (USA), Terrestrial Energy (Canada) and Westinghouse Electric (USA). The leading players are pursuing various strategies to increase their share of the Small Modular Reactors market.
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