Up from revenue of US$4.4 Bn registered in the year 2022, the global small modular reactor market is expected to reach nearly US$9 Bn by the end of 2030. The projections offered by a new study of Fairfield Market Research also suggest that the market is discovering opportunities on the back of the highly cost-intensive nature of conventional nuclear industry. An expediting shift to green energy further complements the pace of market expansion.
Cost Benefit Against Conventional Nuclear Industry Creates Tailwinds for Market
The market will largely gain from a growing need to have some more efficient and safer system alternatives that would offer benefits in the form of affordably priced energy security. The growing decommissioning requirements in addition to the clear benefits of SMR technology in the form of performance and costs are collectively driving the growth of the global small modular reactor market landscape.
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PWR Category Dominates Other Small Modular Reactor Types
By type of reactors, the pressurized water reactor (PWR) category continues to lead the global small modular reactor market. The segment currently accounts for nearly 66.7% share of the overall market valuation and will most likely surge ahead of the other segments covered in the report analysis, viz., pressurized heavy water reactor (PHWR), and others. Widespread availability of PWRs when compared to the others, and their competitive price point are poised to collectively uphold the dominance of this segment in the small modular reactor market landscape throughout the period of assessment.
End Users Seek Greater Safety, and Operational Stability
In addition to the higher operational stability, PWRs are associated with a greater safety quotient that strongly supports the market lead of PWRs in the small modular reactor market. ability. Preference for pressurized water reactors among end users is expected to remain high in the long term, suggests the research presented in the report.
Asia Pacific Leads the Pack in SMR Space
Based on the regional analysis of the small modular reactor market, Asia Pacific is the leader region with more than 80% share of the overall revenue generation. The market here will continue to reign supreme on account of the maximum installed base capacity, indicates report. China, and India will remain the most lucrative Asian markets as shows in the report.
Europe, and North America Turn Lucrative
Besides, Russia also is one of the global SMR hotspots, upholding attractive prospects of the European small modular reactor market. On the other hand, the US maintains the lead when it comes to RD around the SMR technology. Canada will remain an equally important pocket on the back of its Small Modular Reactor Action Plan.
Leaders in SMR Industry
GE, Mitsubishi Heavy Industries, Ltd., China National Nuclear Corporation, General Atomics, Rolls Royce, Nuclear Power Corporation of India Limited (NPCIL), Bechtel Corporation, Korea Electric Power Corporation, Holtec International, NuScale Power, LLC., BWX Technologies Inc.
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