Dublin, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The "Small Modular Reactor Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global small modular reactor market reached a value of nearly $266.68 million in 2023. The market is expected to grow from $266.68 million in 2023 to $2.3 billion in 2028 at a rate of 53.88%. The market is then expected to grow at a CAGR of 36.02% from 2028 and reach $10.71 billion in 2033.
Growth in the historic period resulted from the strong economic growth in emerging markets, rise in energy security crisis, stringent environmental regulations and increasing costs of fossil fuels. Factors that negatively affected growth in the historic period include limited availability of skilled labor and expertise and concerns over nuclear waste management and disposal.
Going forward, the increasing urbanization, rise in demand for electricity, decommissioning of old reactors, favorable government policies and incentives, increasing adoption of renewable energy and significant investments in nuclear infrastructure will drive the market. Factors that could hinder the growth of the small modular reactor market in the future include significant upfront investment and economic uncertainties or downturns.
The small modular reactor market is segmented by reactor type into pressurized water reactor (PWR), boiling water reactor (BWR), high-temperature gas-cooled reactor (HTGR) and other reactor types. The high-temperature gas-cooled reactor (HTGR) market was the largest segment of the small modular reactor market segmented by reactor type, accounting for 76.55% or $204.15 million of the total in 2023. Going forward, the pressurized water reactor (PWR) segment is expected to be the fastest growing segment in the small modular reactor market segmented by reactor type, at a CAGR of 77.21% during 2023-2028.
The small modular reactor market is segmented by power rating into up to 100 MW, 101 to 200 MW and 201 to 300 MW. The 201 to 300 MW market was the largest segment of the small modular reactor market segmented by power rating, accounting for 76.55% or $204.15 million of the total in 2023. Going forward, the up to 100 MW segment is expected to be the fastest growing segment in the small modular reactor market segmented by power rating, at a CAGR of 52.77% during 2023-2028.
The small modular reactor market is segmented by application into power generation, heating and other applications. The power generation market was the largest segment of the small modular reactor market segmented by application, accounting for 77.64% or $207.04 million of the total in 2023. Going forward, the heating segment is expected to be the fastest growing segment in the small modular reactor market segmented by application, at a CAGR of 62.07% during 2023-2028.
The small modular reactor market is segmented by deployment into single module power plant and multi module power plant. The multi module power plant market was the largest segment of the small modular reactor market segmented by deployment, accounting for 76.55% or $204.15 million of the total in 2023. Going forward, the single module power plant segment is expected to be the fastest growing segment in the small modular reactor market segmented by deployment, at a CAGR of 101.32% during 2023-2028.
Asia-Pacific was the largest region in the small modular reactor market, accounting for 76.55% or $204.15 million of the total in 2023. It was followed by Eastern Europe, North America and then the other regions. Going forward, the fastest-growing regions in the small modular reactor market will be Eastern Europe and Asia-Pacific where, growth will be at CAGRs of 76.87% and 41.58%, respectively.
The global small modular reactor market has limited players operating in the market. The top two competitors in the market made up 100% of the total market in 2023. China National Nuclear Corporation was the largest competitor with a 76.6% share of the market and Rosatom State Nuclear Energy Corporation (Rosatom) with 23.4%.
The top opportunities in the small modular reactor market segmented by reactor type will arise in the pressurized water reactor (PWR) segment, which will gain $1.03 billion of global annual sales by 2028. The top opportunities in the small modular reactor market segmented by power rating will arise in the 201 to 300 MW segment, which will gain $1.21 billion of global annual sales by 2028. The top opportunities in the small modular reactor market segmented by deployment will arise in the single module power plant segment, which will gain $2.0 billion of global annual sales by 2028. The top opportunities in the small modular reactor market segmented by application will arise in the power generation segment, which will gain $1.47 billion of global annual sales by 2028. The small modular reactor market size will gain the most in Russia at $1.01 billion.
Market-trend-based strategies for the small modular reactor market include introduction of small modular reactors with enhanced performance and safety, advancements in small modular reactor core design and manufacturing for enhanced efficiency, strategic partnerships and collaborations among major players and integration of small modular reactors into hyperscale data centers and sustainable energy projects.
Player-adopted strategies in the small modular reactor market include focus on enhancing operational capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the small modular reactor companies to focus on leveraging advanced SMR technology for market growth, focus on advancements in SMR core design for enhanced efficiency, focus on integrating SMRs into data centers and sustainable energy projects, focus on high temperature gas-cooled reactor (HTGR) market segment, focus on 201 to 300 mw market segment, focus on multi-module power plant market segment, expand in emerging markets, focus on strategic partnerships to enhance SMR development, focus on developing competitive pricing strategies for SMRs, focus on building strong brand awareness for SMRs, continue to use B2B promotions and focus on targeting power generation and heating end-users.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider small modular reactor market; and compares it with other markets.
Markets Covered:
- By Reactor Type: Pressurized Water Reactor (PWR); Boiling Water Reactor (BWR); High-Temperature Gas-Cooled Reactor (HTGR); Other Reactor Types
- By Power Rating: Up To 100 MW; 101 To 200 MW; 201 To 300 MW
- By Application: Power Generation; Heating; Other Applications
- By Deployment: Single Module Power Plant; Multi Module Power Plant
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $266.7 Million |
| Forecasted Market Value (USD) by 2033 | $10712.9 Million |
| Compound Annual Growth Rate | 44.7% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Small Modular Reactor - Market Attractiveness and Macro economic Landscape
Market Characteristics
- Small Modular Reactor Market Definition and Segmentations
- Market Segmentation by Reactor Type
- Pressurized Water Reactor (PWR)
- Boiling Water Reactor (BWR)
- High-Temperature Gas-Cooled Reactor (HTGR)
- Other Reactor Types
- Market Segmentation by Power Rating
- Up to 100 MW
- 101 to 200 MW
- 201 to 300 MW
- Market Segmentation by Deployment
- Single Module Power Plant
- Multi Module Power Plant
- Market Segmentation by Application
- Power Generation
- Heating
- Other Applications
Major Market Trends
- Introduction of Small Modular Reactors With Enhanced Performance and Safety
- Advancements in Small Modular Reactor Core Design and Manufacturing for Enhanced Efficiency
- Strategic Partnerships and Collaborations Among Major Players
- Integration of Small Modular Reactors Into Hyperscale Data Centers and Sustainable Energy Projects
Global Market Size and Growth
- Market Size
- Historic Market Growth, 2018-2023, Value ($ Million)
- Forecast Market Growth, 2023-2028, 2033F Value ($ Million)
Global Small Modular Reactor Market Segmentation
- Global Small Modular Reactor Market, Segmentation by Reactor Type, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
- Global Small Modular Reactor Market, Segmentation by Power Rating, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
- Global Small Modular Reactor Market, Segmentation by Deployment, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
- Global Small Modular Reactor Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
Small Modular Reactor Market, Regional and Country Analysis
- Global Small Modular Reactor Market, by Region, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
- Global Small Modular Reactor Market, by Country, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
Competitive Landscape and Company Profiles
- China National Nuclear Corporation (CNNC)
- Rosatom State Nuclear Energy Corporation (Rosatom) considered 2022 revenue
Other Major and Innovative Companies
- Idaho National Laboratory
- Westinghouse Electric Company
- NuScale Power Corporation
- Holtec International
- X-Energy
- TerraPower
- General Electric-Hitachi Nuclear Energy
- Ultra Safe Nuclear Corporation
- IHI Corporation
- Terrestrial Energy
- Kairos Power
- Canadian Nuclear Laboratories
- Rolls-Royce
- Moltex Energy
- Seaborg Technologies
- ThorCon
- Tokamak Energy
- Korea Atomic Energy Research Institute
Key Mergers and Acquisitions
- Cameco and Brookfield Acquired Westinghouse Electric Company
- Ares Management Acquired X Energy
- Spring Valley Acquisition Acquired NuScale Power
Opportunities and Strategies
- Global Small Modular Reactor Market in 2028 - Countries Offering Most New Opportunities
- Global Small Modular Reactor Market in 2028 - Segments Offering Most New Opportunities
- Global Small Modular Reactor Market in 2028 - Growth Strategies
Small Modular Reactor Market, Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/9rwss
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