Small Modular Reactor (HWR, LWR, HTR, FNR, MSR) Markets - Global Forecast to 2030: Low Cost of SMR Due to Modularization and Factory Construction to Drive Market Growth

Dublin, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The "Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Application (Power Generation, Desalination, Hydrogen Generation, Industrial), Deployment (Single, Multi), Connectivity, Location, Coolant, Power Rating & Region - Global Forecast to 2030" report has been added to's offering.

The global small modular reactor market is estimated to grow from USD 6.8 billion by 2030 from an estimated of USD 5.8 billion in 2023; it is expected to record a CAGR of 2.3%

The small modular reactor (SMR) market is experiencing growth driven by increased investment in industrial production. According to the International Energy Agency, nuclear energy accounted for approximately 10% of the global electricity generation mix in 2021.

Asia Pacific, Europe, and the Americas offer promising opportunities for SMR deployment due to their compact size, making them suitable for remote regions, isolated grids, islands, and small-scale grids. Governments in the US, the UK, and Canada have initiated various policy initiatives to accelerate the development and commercialization of SMR technology.

The Americas region, which includes the US, Canada, and Argentina, is estimated to hold the third-largest and third-fastest-growing market share in the SMR market. This region is home to major SMR developers such as NuScale Power, LLC (US), GE Hitachi Nuclear Energy (US), Moltex Energy (Canada), and Terrestrial Energy Inc. (Canada).

These companies are actively working on multiple SMR projects expected to be commercialized in the near future. According to the BP Statistical Review of World Energy 2021, nuclear power accounted for 18.5% of the total electricity generation in the Americas.

Key players in the small modular reactor market, including Westinghouse Electric Company LLC (US), NuScale Power, LLC (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), and GE Hitachi Nuclear Energy (US), are implementing growth strategies and offering innovative services to maintain their competitive positions in the market.

101-200 MW: The second largest- growing segment of the Small modular reactor market

Based on by power rating of small modular reactor, the 101-200 MW segment is estimated to be the second largest-growing market from 2023 to 2028. The power rating of 101-200 MW holds a market share of 29.3% share of the small modular reactor market in 2022.

In addition to power generation, small modular reactors (SMRs) in the range of 101 to 200 MW can indeed be actively used in the field of desalination. Desalination is the process of converting seawater or brackish water into freshwater suitable for various purposes, including drinking water, agriculture, and industrial applications. SMRs can play a significant role in this domain by providing the necessary energy for desalination plants.

The excess heat generated by the reactor can be utilized in thermal desalination methods such as multi-effect distillation (MED) or multi-stage flash (MSF) distillation. In these processes, the heat is used to evaporate seawater, leaving behind salt and impurities, and then condensing the vapor to produce freshwater.

Molten Salt: The third largest- growing segment of the Small modular reactor market

Based on by coolant of small modular reactor, the Molten Salt segment is estimated to be the third largest-growing market from 2023 to 2028.

The salts concerned as primary coolants are mostly lithium-beryllium fluoride, and lithium fluoride. Molten Salt Reactors (MSRs) use molten fluoride salts as the primary coolant. Fluoride salts have very low vapor pressures even at high temperatures due to their good heat transfer properties.

They are not damaged by radiation, do not react violently with air or water, and are inert to some common structural metals. Using Molten salts as a coolant in the reactor will make them radioactive and can lead to the need for periodic maintenance. But the operational advantages of these salts are far more preferred than the disadvantages fueling the market for molten salts segment.

MSRs have the flexibility to utilize various fuels, including uranium, plutonium, actinides derived from nuclear waste, and thorium. The choice of fuel depends on whether the MSRs are operating as fast reactors or not. One notable advantage of MSRs is their ability to operate at high temperatures, making them suitable for generating hydrogen and providing heat for diverse industrial applications.

Desalination: The third-largest segment by application in Small modular reactor market

The desalination segment, by applications, is projected to hold the third-largest market size during the forecast period. SMRs can be used for nuclear desalination, where potable water is produced from seawater in a facility. Desalination using an SMR may involve the use of electrical or thermal energy.

The distillation process may require mainly heat, in addition to electricity for ancillary equipment, and the membrane process, which requires only electricity to provide pumping power. Desalination plants may also be designed to produce potable water or used as co-generation nuclear power plants to generate electricity. Currently, the energy for desalination plants is mostly produced from fossil fuels, which causes several environmental concerns.

Therefore, several countries are considering using SMRs for desalination. SMRs that generate low-temperature heat (280-325C) are a viable option to fulfill the increasing demand for potable water, especially in areas with acute water shortages in several arid and semi-arid zones.

Geographies such as Asia, the Middle East, and North Africa have immense potential for the deployment of SMRs for desalination. Harnessing the advantages of SMRs for desalination can enhance water security, promote sustainable development, and alleviate the strain on freshwater sources in a more environmentally friendly manner.

Americas: The third fastest and third largest-growing region in Small modular reactor market

The governments in this region have made several advancements in the development of SMRs. For instance, the US Department of Energy selected 13 projects in April 2018 to receive USD 60 million in cost-shared R&D funding for advanced SMR technologies as a part of grants under the US Industry Opportunities for Advance Nuclear Technology Development initiative.

he Department of Energy also established the Advanced Reactor Demonstration Program (ARDP) in May 2020 to provide funds (starting with USD 160 million) on a cost-sharing basis for the construction of two SMRs that are expected to become operational within seven years.

Similarly, as a part of the initiatives by the Canadian government, Terrestrial Energy Inc. (Canada) received a grant of USD 14.9 million investment from Canada's Strategic Innovation Fund to accelerate the development of its Integral Molten Salt Reactor (IMSR) in October 2020.

Key Attributes:

Report AttributeDetails
No. of Pages213
Forecast Period2023 - 2030
Estimated Market Value (USD) in 2023$5.8 Billion
Forecasted Market Value (USD) by 2030$6.8 Billion
Compound Annual Growth Rate2.3%
Regions CoveredGlobal

Premium Insights

  • Low Cost of SMR Due to Modularization and Factory Construction to Drive Market During 2023-2030
  • Small Modular Reactor Market in Asia-Pacific to Record Highest CAGR During Forecast Period
  • Water Segment to Account for Largest Market Share, by Coolant, in 2022
  • Light-Water Reactors Accounted for Largest Market Share in 2022
  • Off-Grid Segment Held Larger Market Share in 2022
  • Multi-Module Power Plant Secured Larger Market Share in 2022
  • Land Segment Dominated Market in 2022
  • Industrial Segment Led Market in 2022
  • 201-300 Mw Segment Claimed Larger Market Share in 2022
  • Light-Water Reactors and China Dominated Market in Asia-Pacific in 2022

Market Dynamics


  • Versatile Nature of Nuclear Power
  • Benefits of Modularization and Factory Construction


  • Stringent Regulatory Policies and Standards
  • Negative Public Perception of Nuclear Power Technology


  • Progression into Sustainable Future with Net Zero Emission and Decarbonization of Energy Sector
  • Integration of Smrs with Renewable Energy Sources


  • Lack of Standard Licensing Process

Trends/Disruptions Impacting Customer Business

  • Revenue Shift and New Revenue Pockets for Small Modular Reactor Market Players
  • Pricing Analysis

Supply Chain Analysis

  • Component Manufacturers
  • Small Modular Reactor Manufacturers
  • Small Modular Reactor Support Service Providers/ Integrators
  • End-users

Company Profiles

Key Players

  • Westinghouse Electric Company LLC
  • Nuscale Power, LLC.
  • Terrestrial Energy Inc.
  • Moltex Energy
  • Ge Hitachi Nuclear Energy
  • X-Energy, LLC.
  • Holtec International
  • General Atomics
  • Arc Clean Energy, Inc.
  • Leadcold Reactors
  • Rolls-Royce plc
  • Ultra Safe Nuclear
  • Toshiba Energy Systems & Solutions Corporation
  • Tokamak Energy Ltd.
  • Snc-Lavalin Group

Other Players

  • Afrikantov Okb Mechanical Engineering
  • China National Nuclear Corporation
  • Framatome
  • U-Battery
  • Seaborg Technologies

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Global Small Modular Reactor Market