Market Leaders:
The small modular reactor market is expected to grow from an estimated in USD 9.7 billion in 2021 to USD 11.3 billion by 2026, at a CAGR of 3.2% during the forecast period. The low cost of SMRs due to modularization and factory construction and growing need for clean, reliable, and flexible power generation are the main drivers for the small modular reactor market. Factors such as decarbonization of the energy sector to meet decarbonization goals and integration of small modular reactors with variable renewable energy are expected to offer lucrative opportunities for the small modular reactor market during the forecast period. Moreover, Modularization of small modular reactor (SMR) has various benefits, such as shortened construction schedules; reductions in construction cost; opportunity for production learning and repeatability; improved constructability, efficient quality control, and assurance; and improved project cash flow. Factory production can use a higher degree of automation and employ other construction technologies.
Key Market Players:
Some major players that have a wide regional presence dominate the small modular reactor market. The leading players in the small modular reactor market include NuScale Power (US), Westinghouse Electric (US), General Electric-Hitachi Nuclear Energy (US), Terrestial Energy (Canada), and Moltex Energy (Canada).
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The major strategies adopted by these players include contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and investments were the two most commonly adopted strategy from March 2016 to July 2021.
NuScale Power is a nuclear technology company that designs and engineers nuclear steam supply systems and nuclear power plants. In 2011, Fluor (US) became a majority investor in NuScale Power and a key strategic partner for engineering, procurement, and construction services. Some of the key minority shareholders of the company are Oregon State University (US), ARES Holding (US), Enercon Services (Germany), Ultra Electronics (UK), Doosan Heavy Industries and Construction (South Korea), and Sargent & Lundy (US). The company specializes in the R&D for small, modular, scalable light-water reactors. NuScale Power’s small modular reactor has received Standard Design Approval from the US Nuclear Regulatory Commission (NRC) in August 2020. NuScale Power will site a NuScale 12-module reference plant in Idaho, which is expected to become fully operational by 2027 as part of the Carbon Free Power Project initiated by Utah Associated Municipal Power Systems. NuScale Power has corporate offices in Oregon, North Carolina, Maryland, and Washington in the US and London, UK. The company has undertaken SMR projects in Canada, the US, Europe, South Africa, and Asia. The company has a strong focus on contracts and agreements. For instance, in April 2021, Halliburton has launched StrataXaminer, a wireline logging service that provides images of the reservoir structure to identify bedding, fracture patterns, fault zones, and potential flow barriers. In July 2021, NuScale Power would receive an equity investment from Samsung C&T to support the deployment of SMR. Fluor and Samsung C&T are developing a business collaboration agreement to expand capabilities available for future deployment of NuScale projects. One of the key projects of the company include an investment agreement where NuScale Power would receive an equity investment from Samsung C&T to support the deployment of its small modular reactor (SMR). Fluor and Samsung C&T are developing a business collaboration agreement to expand capabilities available for future deployment of NuScale projects.
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Westinghouse Electric is one of the leading service providers and product suppliers for the nuclear power industry. The company was acquired by Brookfield Business Partners in August 2018. Its products and services include mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. Westinghouse Electric also offers services related to the decontamination, decommissioning, and remediation of power plant sites and technology, equipment, and engineering and design services to new power plants. Westinghouse Electric offers small modular reactors such as integral pressurized water reactors and micro reactors. The company expects to have its integral pressurized water reactor ready for deployment in the US by 2022. It intends on building a demonstration unit of its micro reactor design by 2022 and deploy it for commercial operation by 2025. Westinghouse Electric’s key markets are North America, Europe, the Middle East, and Asia. The company has operations in more than 19 countries across the globe. It has established approximately 42 corporate offices in North America and Europe and operates sales and service centers in Japan, China, South Korea, the UAE, and South Africa. The company has a strong focus on contract and agreements. For instance, October 2020, Westinghouse Electric and Bruce Power entered into an agreement to pursue applications of the eVinci micro reactor program within Canada. The agreement is supported by efforts from the federal and provincial governments to study applications for nuclear technology to reach Canada’s goal of a Net Zero Canada by 2050.The company has received several investment grants from government agencies, such as the US Department of Energy, US Department of Defense, and UK Government’s Department for Business, Energy and Industrial Strategy, to develop the small modular reactor technology. For instance, in March 2020, Westinghouse Electric was awarded funding for its eVinci micro reactor from the US Department of Defense’s Project Pele, a mobile nuclear reactor prototyping program.
