Meticulous Research®—a top-tier global market research organization—has announced a new report 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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According to the latest research from Meticulous Research®, the small modular reactors (SMRs) market is projected to reach $6.14 billion by 2030, with a CAGR of 2.4% during the forecast period. This growth is attributed to the rising adoption of SMRs for power generation, increasing government-led decarbonization initiatives, and the growing need for reliable and flexible nuclear power solutions. However, stringent regulatory policies and standards pose challenges to market growth.
Moreover, the growing focus on achieving net zero emissions and advancing decarbonization efforts is expected to create new growth opportunities. Despite this, the lack of a standardized licensing process presents a significant challenge for market players. The current global trend is an increasing preference for clean and reliable energy sources.
The market segmentation includes reactor type, coolant type, deployment mode, fuel type, application, and geography. This segmentation facilitates a comprehensive analysis of industry competitors and market conditions at regional and country levels. The report covers various reactor types, such as 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 expected to dominate the market in 2024, holding the largest market share. This is due to their efficiency in generating energy from water and their ability to act as both a moderator and a coolant. The light-water reactors segment is also projected to have the highest CAGR during the forecast period.
In terms of coolant types, water is anticipated to be the leading segment in 2024. The demand for water as a coolant is driven by its role in transferring heat from the reactor core to steam turbines and managing core pressures. The water segment is expected to achieve the highest CAGR during the forecast period.
Regarding deployment modes, land-based SMR deployments are forecasted to lead the market in 2024, due to their safety, security, and lower maintenance costs. However, marine-based deployments are projected to exhibit the highest CAGR, driven by the demand for affordable, carbon-free power and cleaner, more flexible energy solutions.
For fuel types, uranium is expected to be the largest segment in 2024. The demand for uranium is driven by its ability to produce large-scale low-carbon electricity and its use in nuclear power plants. This segment is also projected to achieve the highest CAGR during the forecast period.
The application segment forecasts power generation to dominate in 2024, driven by the need for significant amounts of carbon-free electricity, low fuel costs, and increased efficiency. The power generation segment is expected to grow at 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 substantial market share is due to the presence of major SMR players, increasing deployments in coastal and offshore regions, and a rising demand for low-carbon, flexible power solutions. This region is also projected 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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