The small modular reactors market is projected to grow from an estimated in USD 6.00 billion in 2024 to USD 7.14 billion by 2030, at a CAGR of 3.0% during the forecast period. Factors such as growing focus on decarbonizing economies, cost-effectiveness and scalability due to modular nature and factory construction demand from various end-use sectors are expected to propel the growth of small modular reactors market.

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The small modular reactors market is categorized by Type into Heavy Water Reactors, Light Water Reactors, High-temperature Reactors, Fast Neutron Reactors, Molten Salt Reactors. During the forecast period, the share of total small modular reactors market likely to be dominated by Light Water Reactors. On the other hand, High-temperature Reactors is the second-fastest growing reactor type. High-temperature reactors are Generation IV technology reactors characterized by use of a graphite moderator and gases, such as helium, carbon dioxide, or nitrogen, as primary coolants. The most developed HTRs are HTGRs consisting of two major types of reactor designs: PBR, and PMR. These reactors can reach temperatures of up to 1,000° C and may use fuels that contain uranium enriched up to 20.0%, which has a a higher enrichment than LWR fuel. These reactors provide immense potential use of thorium-based fuels. HTGRs produce ~40% less high-level waste per unit of energy produced and less plutonium content compared to a single-pass typical cycle of LWRs.

By Deployment, the Multi-module Power Plants segment is expected to grow at a high CAGR during the forecast period. Multi-module plant designs permit a wide range of simultaneous applications, as some modules can be dedicated to electricity production, while others provide heat to support industrial processes or produce hydrogen. This characteristic of multi-module plant design is suited for hybrid energy applications, in which multiple energy sources are integrated with multiple energy consumption processes to form a highly optimized and efficient system. Multi-module SMR plants are easier to finance than large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time.

Small Modular Reactor Companies

• The State Atomic Energy Corporation ROSATOM (Russia),
• China National Nuclear Corporation (China),
• GE Hitachi Nuclear Energy (US),
• Westinghouse Electric Company LLC (US),
• MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)

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The small modular reactors market in Asia Pacific to grow at the second highest CAGR during the forecast period. The Asia Pacific region has been segmented by country into China, Japan, India, South Korea, and the Rest of Asia Pacific. The Rest of Asia Pacific region includes Indonesia and Pakistan. The Asia Pacific region, on the other hand, is now the powerhouse in the small modular reactor (SMR) sector of the global market. This dominance is because the region is investing a lot in SMR projects. The curiosity of SMRs to replace the traditional fossil fuel-fired power plants for the electricity generation and process heat applications has become the most attractive option for meeting the regional increasing energy needs. Asia Pacific’s fast urbanization and industrialization are the major reasons behind the increase in the electricity consumption. Today, this section of the world witnesses an ever-growing demand for energy. The need for this demand is fulfilled by looking more into cleaner and more efficient sources of energy. SMRs can fill the needed gap with their compact size, modular concept, and shorter period of construction.