Small Modular Reactor Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Reactor Type (Heavy Water Reactor, Light Water Reactor, Fast Neutron Reactor, Others), By Deployment (Single, Multi), By Connectivity (Grid, Off-grid), By Location (Land, Marine), By Application (Power Generation, Desalination, Process Heat), By Region, By Company and By Geography, Forecast & Opportunities, 2018-2028

  • Industry : Power
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 4.26 Billion

CAGR (2023-2028)

4.82%

Market Size (2028)

USD 5.66 Billion

Fastest Growing Segment

Light Water Reactor

Largest Market

Asia-Pacific


Market Overview

The global energy landscape is undergoing a profound transformation, driven by the imperatives of sustainability, energy security, and the need to reduce carbon emissions. In this dynamic context, Small Modular Reactors (SMRs) have emerged as a pivotal solution that addresses these challenges while offering unique advantages in terms of safety, flexibility, and scalability. The global SMR market represents a convergence of technological innovation, policy evolution, and industry collaboration, positioning it as a significant player in the future of clean and reliable energy generation.

SMRs are compact nuclear reactors that offer a departure from traditional large-scale nuclear facilities. Their modular design allows for the manufacturing of standardized reactor components in factory-controlled environments, followed by on-site assembly. This approach reduces construction timelines, improves quality control, and enhances safety features, making SMRs an attractive option for countries seeking to rapidly deploy nuclear energy infrastructure. The versatility of SMRs lies in their adaptability to varying energy demands, grid requirements, and geographic conditions, a feature that resonates strongly with the evolving energy needs of diverse regions.

A driving force behind the global SMR market is the necessity to enhance energy security and grid resilience. SMRs provide a consistent source of baseload power that can stabilize energy supply during peak demand periods, extreme weather events, or disruptions in renewable energy generation. As governments and industries grapple with the challenge of ensuring a reliable and continuous energy supply, SMRs emerge as a solution that mitigates the risk of blackouts and grid failures.

Furthermore, the imperative to reduce carbon emissions and combat climate change positions SMRs as a crucial element in the clean energy transition. These reactors emit minimal greenhouse gases during operation, making them a low-carbon alternative to fossil fuels. The scalability of SMRs offers the flexibility to replace or complement coal-fired power plants, aligning with global efforts to meet emission reduction targets outlined in international agreements. The synergy between SMRs and renewable energy sources is becoming more apparent, as SMRs provide consistent power generation that can complement intermittent renewables, ensuring a stable energy mix.

The SMR market is characterized by continuous technological advancements and innovation. Research and development efforts are focused on enhancing reactor efficiency, safety features, and fuel utilization. Advanced reactor concepts such as molten salt reactors, high-temperature gas-cooled reactors, and fast neutron reactors are gaining traction for their potential to revolutionize the nuclear energy sector. These innovations have the potential to reshape the industry, address nuclear waste concerns, and further enhance the safety profile of SMRs.

However, the journey towards realizing the full potential of SMRs is not without its challenges. Cost competitiveness remains a primary concern, as initial capital costs can be relatively high despite the benefits of modular design. Developing a robust supply chain for SMR components and navigating complex regulatory and licensing processes also pose significant hurdles. Overcoming public perception and acceptance issues related to nuclear energy, addressing competition from renewable sources, and fostering international collaboration are integral to the growth trajectory of the SMR market.

In the context of global collaboration, countries are forming partnerships and joint ventures to accelerate SMR development and deployment. Shared expertise, cost-sharing, and harmonized regulatory frameworks are driving the advancement of standardized SMR designs. This collaborative spirit reflects the recognition that addressing energy and environmental challenges requires collective efforts and shared knowledge.

Key Market Drivers

Energy Security and Grid Resilience

One of the foremost drivers propelling the global Small Modular Reactor (SMR) market is the imperative to enhance energy security and grid resilience. SMRs offer a reliable and continuous source of baseload power, which is crucial for stabilizing energy supply during peak demand periods, extreme weather events, or disruptions in renewable energy generation. Unlike intermittent renewable sources, SMRs can provide consistent electricity output, ensuring grid stability and preventing blackouts.

Energy security has gained heightened importance as countries seek to reduce their reliance on fossil fuels, which are subject to price volatility and geopolitical uncertainties. SMRs, with their inherent safety features and modular design, can be strategically deployed in regions with limited energy infrastructure or vulnerable grids. This driver resonates with governments, utilities, and industries seeking to ensure a robust and resilient energy supply to support economic growth and development.

Carbon Emission Reduction and Sustainability

The global drive to reduce carbon emissions and combat climate change stands as a powerful driver for the adoption of Small Modular Reactors (SMRs). As nations commit to ambitious emission reduction targets outlined in international agreements, nuclear energy, including SMRs, emerges as a viable low-carbon alternative to fossil fuels. SMRs emit negligible greenhouse gases during operation, contributing to a more sustainable energy mix.

SMRs align with the growing emphasis on transitioning towards cleaner energy sources without compromising energy security. This driver has gained traction as countries seek to meet their climate goals while ensuring a stable and continuous power supply. The scalability and flexibility of SMRs make them suitable for replacing or complementing coal-fired power plants, thereby reducing emissions and advancing the shift towards a low-carbon energy future.

Flexible Deployment and Energy Access

The modular design and flexible deployment of SMRs serve as a compelling driver in the global market. Traditional large-scale nuclear reactors require substantial infrastructure and investment, making them less suitable for regions with smaller energy demands or limited grid connectivity. SMRs offer a versatile solution by allowing incremental capacity additions that can be tailored to meet specific energy requirements.

This driver is particularly relevant for remote or off-grid locations, industrial facilities, and emerging economies seeking to rapidly expand their energy infrastructure. SMRs enable energy access for communities that previously lacked reliable power sources, contributing to social and economic development. The flexibility to deploy SMRs in a variety of settings underscores their potential to address energy disparities and foster inclusive growth.

Technological Advancements and Innovation

Technological advancements and ongoing innovation are driving the evolution of the global Small Modular Reactor (SMR) market. The convergence of digitalization, advanced materials, and improved reactor designs is revolutionizing the nuclear energy sector. SMRs are benefiting from these advancements, leading to enhanced safety features, improved efficiency, and more streamlined construction processes.

Innovative concepts such as molten salt reactors, high-temperature gas-cooled reactors, and fast neutron reactors are gaining prominence within the SMR market. These advanced technologies offer the potential for increased fuel efficiency, reduced waste, and improved safety profiles. Research and development efforts are also focused on simplifying maintenance, optimizing fuel utilization, and incorporating passive safety systems to enhance the overall performance of SMRs.

Nuclear Innovation and Collaboration

Collaborative efforts and international partnerships are instrumental drivers in advancing the global Small Modular Reactor (SMR) market. The complexity of nuclear technology development, regulatory compliance, and safety assurance often necessitate shared expertise and resources. Countries are collaborating on joint research initiatives, knowledge-sharing platforms, and multinational projects to accelerate the deployment and commercialization of SMRs.

International collaboration fosters knowledge exchange, cost-sharing, and regulatory harmonization, facilitating the development of standardized designs and streamlined approval processes. This driver is crucial for expediting SMR projects, particularly in regions where nuclear expertise may be limited or regulatory frameworks are in early stages of development. Collaborative efforts enhance the global capabilities of SMR technology and promote its acceptance as a reliable and safe energy solution.


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Key Market Challenges

Cost Competitiveness and Economics

One of the most significant challenges facing the global Small Modular Reactor (SMR) market is achieving cost competitiveness and economic viability. While SMRs offer several advantages, including modular design, reduced construction timelines, and scalability, their initial capital costs can still be relatively high. The challenge lies in developing cost-effective manufacturing processes, standardized designs, and efficient construction methods to bring down the overall cost of SMR projects.

Economies of scale play a crucial role in cost reduction for traditional nuclear reactors, and replicating this advantage for smaller modular designs can be complex. Moreover, achieving a balance between safety enhancements, regulatory compliance, and cost efficiency poses an ongoing challenge. Addressing these challenges is essential to make SMRs financially viable and attractive to investors, governments, and energy utilities seeking sustainable energy solutions.

Regulatory and Licensing Complexities

Navigating regulatory and licensing processes is a complex challenge for the global SMR market. As a relatively new technology with unique design features and safety considerations, SMRs often require tailored regulatory frameworks that can vary between countries. Developing and gaining regulatory approval for new reactor designs, safety systems, and operational procedures can be time-consuming and resource-intensive.

The challenge is to establish streamlined and internationally harmonized regulatory pathways that maintain rigorous safety standards while enabling efficient approval processes for SMR projects. Additionally, the challenge of public acceptance and community engagement cannot be underestimated. Effective communication and transparent dialogue with local communities and stakeholders are crucial to building trust and addressing concerns related to safety, waste disposal, and environmental impact.

Supply Chain and Infrastructure Development

The development of a robust supply chain and infrastructure for SMR components presents a notable challenge for the market. Unlike traditional reactors, where large components can be manufactured on-site, SMRs rely on modular designs that require standardized components to be manufactured in centralized facilities and transported to the reactor site. Ensuring the availability of high-quality components, timely deliveries, and efficient logistics is critical to project success.

Establishing a supply chain for SMR components involves coordinating with multiple suppliers, manufacturers, and transportation networks. The challenge lies in developing a reliable and cost-effective supply chain that meets stringent quality standards and regulatory requirements. Building the necessary manufacturing and fabrication facilities for SMR components also requires significant upfront investment and strategic planning to avoid delays and disruptions in project timelines.

Public Perception and Acceptance

Public perception and acceptance of nuclear energy, including SMRs, remain a significant challenge for the industry. Despite advancements in safety features and regulatory oversight, concerns related to nuclear accidents, radioactive waste, and potential environmental impact continue to shape public opinion. Overcoming these perceptions and fostering a positive image of SMRs is essential for their widespread adoption.

Educational campaigns, open dialogue, and transparent communication are key strategies to address these challenges. Demonstrating the safety benefits, the potential role of SMRs in reducing greenhouse gas emissions, and their contribution to energy security can help build public support. However, changing public perception requires concerted efforts from industry stakeholders, government agencies, and the broader scientific community.

Competition with Renewable Energy Sources

The global push towards renewable energy sources, such as solar, wind, and hydropower, poses a challenge to the adoption of SMRs. Renewable energy technologies have gained momentum due to their low environmental impact, scalability, and decreasing costs. As governments and industries prioritize clean energy solutions, SMRs must compete with these alternatives to secure their place in the energy transition.

The challenge lies in positioning SMRs as complementary rather than competitive to renewable energy sources. SMRs offer continuous, baseload power generation that can address the intermittency of renewables and provide reliable energy supply even in adverse weather conditions. Highlighting this synergy and emphasizing the role of SMRs in achieving energy security and grid stability can help overcome the challenge of competition with renewables.

Key Market Trends

Growing Interest in Clean Energy Solutions

The global energy landscape is undergoing a profound transformation driven by the imperative to reduce carbon emissions and mitigate climate change. In this context, Small Modular Reactors (SMRs) are emerging as a key player in the transition to cleaner energy sources. The trend towards decarbonization and sustainability is steering the focus towards nuclear power, particularly SMRs, which offer a carbon-neutral and reliable energy generation option.

SMRs are well-suited for providing continuous baseload power without greenhouse gas emissions, making them an attractive choice for countries seeking to diversify their energy mix and reduce reliance on fossil fuels. The technology's inherent safety features and reduced environmental impact position SMRs as a valuable tool in achieving global emissions reduction targets. This trend is underlined by the growing interest from governments, utilities, and industries worldwide to invest in and explore the potential of SMRs as a vital component of the clean energy transition.

Modular Design and Flexibility

The modular design of SMRs is a defining trend that sets them apart from traditional large-scale nuclear reactors. The modular approach involves manufacturing standardized reactor components in factories, which are then assembled on-site. This design not only improves construction efficiency but also allows for flexible deployment and scalability. This trend resonates strongly in regions with varying energy demands and grid requirements.

Modular SMRs enable incremental capacity additions, making them adaptable to changing energy needs without committing to a large, singular project. This flexibility enhances grid resilience by allowing operators to adjust power generation to match demand fluctuations, mitigating the risk of over-generation or under-supply. Moreover, modular design reduces construction timelines and costs, making SMRs a more feasible option for countries seeking to rapidly deploy nuclear energy infrastructure.

Innovation in Advanced Reactor Technologies

The SMR market is witnessing a surge in innovation and research into advanced reactor technologies. This trend is driven by the quest to enhance safety, improve efficiency, and maximize the utilization of nuclear fuel. Innovative concepts, such as molten salt reactors, high-temperature gas-cooled reactors, and fast neutron reactors, are gaining traction as potential solutions to address specific energy challenges.

Molten salt reactors, for instance, offer inherent safety features and the potential to reduce nuclear waste by using thorium fuel. High-temperature gas-cooled reactors are explored for their applications in hydrogen production and process heat generation. Fast neutron reactors hold promise in efficiently utilizing nuclear fuel and addressing long-term waste disposal concerns. As research and development efforts continue, these advanced reactor technologies have the potential to reshape the SMR landscape and drive its long-term viability.

Enhanced Safety Features and Regulatory Frameworks

Safety is paramount in nuclear energy, and this aspect is profoundly influencing the trends in the SMR market. SMRs are designed with enhanced safety features that leverage passive cooling systems, inherent shutdown mechanisms, and reduced consequences in the event of accidents. The compact size of SMRs also contributes to safer operations, as they produce less radioactive waste and require less space.

Furthermore, regulatory frameworks are evolving to accommodate the deployment of SMRs. Many countries are recognizing the unique characteristics of SMRs and adapting regulations to expedite approvals while maintaining rigorous safety standards. The trend is towards establishing a harmonized, risk-informed approach that fosters innovation and ensures public confidence in the safety of SMR technology.

International Collaboration and Partnerships

The complexity of developing nuclear technology has led to increased international collaboration and partnerships in the SMR market. Countries are pooling resources, knowledge, and expertise to accelerate the development and deployment of SMRs. These collaborations encompass joint research efforts, knowledge-sharing platforms, and multinational projects aimed at advancing SMR technology.

International partnerships offer several benefits, including cost-sharing, knowledge exchange, and leveraging the strengths of different countries. They also facilitate regulatory harmonization and create a global framework for the safe and responsible deployment of SMRs. The trend towards international collaboration reflects the recognition that addressing the global energy and environmental challenges requires a collective effort and shared expertise.

Segmental Insights

Deployment Insights

Multi segment dominates in the global Small Modular Reactor market in 2022. The dominance of the Multi SMR strategy can be attributed to its inherent advantages in addressing diverse energy demands and bolstering grid resilience. Multi SMR installations involve the deployment of multiple modular reactors at a single site, operating collectively to generate electricity. This approach offers several benefits that resonate with the contemporary energy challenges faced by nations worldwide.

Firstly, Multi SMR configurations provide a scalable solution that aligns with varying energy requirements. As energy demand fluctuates due to seasonal, industrial, or residential factors, Multi SMR setups allow operators to adjust power generation by activating or deactivating individual units. This adaptability ensures efficient energy utilization, reducing the risk of over-generation or under-supply.

Moreover, Multi SMR installations contribute to grid stability by providing distributed and localized power sources. The modular nature of SMRs allows for incremental capacity additions, which can be strategically placed in regions with power deficits or insufficient grid connectivity. This feature enhances the grid's resilience against blackouts, grid failures, or sudden energy demand spikes, critical in maintaining a consistent power supply to critical infrastructures and communities.

Reactor Type Insights

Light water reactor segment dominates in the global Small Modular Reactor market in 2022. The prominence of light water reactors can be attributed to their well-established track record, proven technology, and widespread adoption. LWRs utilize ordinary water as both a coolant and a neutron moderator, simplifying the reactor's design and enhancing its safety features. Their operational familiarity and the existing infrastructure for conventional nuclear power plants provide a strategic advantage, making them a preferred choice for many countries venturing into SMR deployment.

Furthermore, LWRs boast a history of successful applications in both commercial and research settings. The technology has undergone continuous refinements over decades, resulting in enhanced safety features, efficient power generation, and standardized designs. These factors resonate with regulatory bodies and stakeholders, expediting the approval processes and reducing the time-to-market for LWR-based SMRs.

LWRs align well with the global focus on safety, as they are equipped with passive safety systems that enable them to shut down automatically during abnormal conditions, minimizing the risk of accidents. This aspect resonates strongly with safety-conscious nations and underscores the dominant role of LWRs in the SMR market.


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Regional Insights

Asia-Pacific dominates in the global Small Modular Reactor market in 2022 due to a confluence of factors that synergistically contribute to its leadership position. One of the primary drivers is the region's burgeoning energy demand, driven by rapid urbanization, industrialization, and economic growth. SMRs offer a compact and scalable solution that aligns well with the diverse energy needs of countries in Asia Pacific.

Additionally, many nations in the region are actively seeking to reduce their reliance on fossil fuels and curb greenhouse gas emissions. SMRs provide a viable alternative by offering a more sustainable and low-carbon energy source. The flexible design of SMRs makes them suitable for both large-scale electricity generation and smaller, localized applications, catering to the varying energy demands of Asia Pacific countries.

Moreover, the Asia Pacific region boasts strong governmental support for nuclear power initiatives, coupled with favorable regulatory frameworks and established nuclear expertise. These factors create an enabling environment for the development and deployment of SMRs. Collaborative efforts between governments, research institutions, and private enterprises have accelerated the growth of SMR projects in the region, cementing its dominance in the global market.

Recent Developments

  • In June 2023, NUWARD, EDF and Tractebel signed a Framework Cooperation Agreement to strengthen and extend their collaboration in the development of the NUWARD Small Modular Reactor (SMR) technology.
  • In March 2023, at the Indo-Pacific Chamber of Commerce and Industry Business Forum in Bali, the United States and Indonesia announced a strategic partnership to help Indonesia develop its nuclear clean energy program, supporting Indonesia’s interest in deploying small modular reactor (SMR) technology to meet its energy security and climate goals.

Key Market Players

  • NuScale Power
  • GE Hitachi Nuclear Energy
  • Rolls-Royce
  • Toshiba Energy Systems & Solutions
  • Westinghouse Electric
  • China National Nuclear Corporation
  • Korea Atomic Energy Research Institute
  • Terrestrial Energy
  • Hyperion Power Generation
  • Seaborg Technologies

By Reactor Type

By Deployment

By Connectivity

By Location

By Application

By Region
  • Heavy Water Reactor
  • Light Water Reactor
  • Fast Neutron Reactor
  • Others
  • Single
  • Multi
  • Grid
  • Off-grid
  • Land
  • Marine
  • Power Generation
  • Desalination
  • Process Heat
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific

Report Scope:

In this report, the Global Small Modular Reactor Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

            ·         Small Modular Reactor Market, By Reactor Type:

o   Heavy Water Reactor

o   Light Water Reactor

o   Fast Neutron Reactor

o   Others

            ·          Small Modular Reactor Market, By Deployment:

o   Single

o   Multi

            ·         Small Modular Reactor Market, By Connectivity:

o   Grid

o   Off-grid

            ·         Small Modular Reactor Market, By Location:

o   Land

o   Marine

            ·         Small Modular Reactor Market, By Application:

o   Power Generation

o   Desalination

o   Process Heat

            ·         Small Modular Reactor Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  France

§  United Kingdom

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Middle East & Africa

§  Saudi Arabia

§  UAE

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Small Modular Reactor Market.

Available Customizations:

Global Small Modular Reactor Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Small Modular Reactor Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.    Baseline Methodology

2.2.    Key Industry Partners

2.3.    Major Association and Secondary Sources

2.4.    Forecasting Methodology

2.5.    Data Triangulation & Validation

2.6.    Assumptions and Limitations

3.    Executive Summary

4.    Impact of COVID-19 on Global Small Modular Reactor Market

5.    Voice of Customer

6.    Global Small Modular Reactor Market Overview

7.    Global Small Modular Reactor Market Outlook

7.1.    Market Size & Forecast

7.1.1.    By Value

7.2.    Market Share & Forecast

7.2.1.  By Reactor Type (Heavy Water Reactor, Light Water Reactor, Fast Neutron Reactor, Others)

7.2.2.  By Deployment (Single, Multi)

7.2.3.  By Connectivity (Grid, Off-grid)

7.2.4.  By Location (Land, Marine)

7.2.5.  By Application (Power Generation, Desalination, Process Heat)

7.2.6.  By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2022)

7.4.    Market Map

8.    North America Small Modular Reactor Market Outlook

8.1.    Market Size & Forecast

8.1.1.    By Value

8.2.    Market Share & Forecast

8.2.1.    By Reactor Type

8.2.2.    By Deployment

8.2.3.    By Connectivity

8.2.4.    By Location

8.2.5.    By Application

8.2.6.    By Country

8.2.6.1.        United States Small Modular Reactor Market Outlook

8.2.6.1.1.        Market Size & Forecast

8.2.6.1.1.1.    By Value

8.2.6.1.2.        Market Share & Forecast

8.2.6.1.2.1.               By Reactor Type

8.2.6.1.2.2.               By Deployment

8.2.6.1.2.3.               By Connectivity

8.2.6.1.2.4.               By Location

8.2.6.1.2.5.               By Application

8.2.6.2.        Canada Small Modular Reactor Market Outlook

8.2.6.2.1.        Market Size & Forecast

8.2.6.2.1.1.    By Value

8.2.6.2.2.        Market Share & Forecast

8.2.6.2.2.1.               By Reactor Type

8.2.6.2.2.2.               By Deployment

8.2.6.2.2.3.               By Connectivity

8.2.6.2.2.4.               By Location

8.2.6.2.2.5.               By Application

8.2.6.3.        Mexico Small Modular Reactor Market Outlook

8.2.6.3.1.        Market Size & Forecast

8.2.6.3.1.1.    By Value

8.2.6.3.2.        Market Share & Forecast

8.2.6.3.2.1.               By Reactor Type

8.2.6.3.2.2.               By Deployment

8.2.6.3.2.3.               By Connectivity

8.2.6.3.2.4.               By Location

8.2.6.3.2.5.               By Application

9.    Europe Small Modular Reactor Market Outlook

9.1.    Market Size & Forecast

9.1.1.  By Value

9.2.    Market Share & Forecast

9.2.1.    By Reactor Type

9.2.2.    By Deployment

9.2.3.    By Connectivity

9.2.4.    By Location

9.2.5.    By Application

9.2.6.    By Country

9.2.6.1.        Germany Small Modular Reactor Market Outlook

9.2.6.1.1.        Market Size & Forecast

9.2.6.1.1.1.    By Value

9.2.6.1.2.        Market Share & Forecast

9.2.6.1.2.1.               By Reactor Type

9.2.6.1.2.2.               By Deployment

9.2.6.1.2.3.               By Connectivity

9.2.6.1.2.4.               By Location

9.2.6.1.2.5.               By Application

9.2.6.2.        France Small Modular Reactor Market Outlook

9.2.6.2.1.        Market Size & Forecast

9.2.6.2.1.1.    By Value

9.2.6.2.2.        Market Share & Forecast

9.2.6.2.2.1.               By Reactor Type

9.2.6.2.2.2.               By Deployment

9.2.6.2.2.3.               By Connectivity

9.2.6.2.2.4.               By Location

9.2.6.2.2.5.               By Application

9.2.6.3.        United Kingdom Small Modular Reactor Market Outlook

9.2.6.3.1.        Market Size & Forecast

9.2.6.3.1.1.    By Value

9.2.6.3.2.        Market Share & Forecast

9.2.6.3.2.1.               By Reactor Type

9.2.6.3.2.2.               By Deployment

9.2.6.3.2.3.               By Connectivity

9.2.6.3.2.4.               By Location

9.2.6.3.2.5.               By Application

9.2.6.4.        Italy Small Modular Reactor Market Outlook

9.2.6.4.1.        Market Size & Forecast

9.2.6.4.1.1.    By Value

9.2.6.4.2.        Market Share & Forecast

9.2.6.4.2.1.               By Reactor Type

9.2.6.4.2.2.               By Deployment

9.2.6.4.2.3.               By Connectivity

9.2.6.4.2.4.               By Location

9.2.6.4.2.5.               By Application

9.2.6.5.        Spain Small Modular Reactor Market Outlook

9.2.6.5.1.        Market Size & Forecast

9.2.6.5.1.1.    By Value

9.2.6.5.2.        Market Share & Forecast

9.2.6.5.2.1.               By Reactor Type

9.2.6.5.2.2.               By Deployment

9.2.6.5.2.3.               By Connectivity

9.2.6.5.2.4.               By Location

9.2.6.5.2.5.               By Application

10. South America Small Modular Reactor Market Outlook

10.1. Market Size & Forecast

10.1.1.    By Value

10.2. Market Share & Forecast

10.2.1. By Reactor Type

10.2.2. By Deployment

10.2.3. By Connectivity

10.2.4. By Location

10.2.5. By Application

10.2.6. By Country

10.2.6.1.     Brazil Small Modular Reactor Market Outlook

10.2.6.1.1.   Market Size & Forecast

10.2.6.1.1.1.             By Value

10.2.6.1.2.   Market Share & Forecast

10.2.6.1.2.1.            By Reactor Type

10.2.6.1.2.2.            By Deployment

10.2.6.1.2.3.            By Connectivity

10.2.6.1.2.4.            By Location

10.2.6.1.2.5.            By Application

10.2.6.2.     Colombia Small Modular Reactor Market Outlook

10.2.6.2.1.   Market Size & Forecast

10.2.6.2.1.1.             By Value

10.2.6.2.2.   Market Share & Forecast

10.2.6.2.2.1.            By Reactor Type

10.2.6.2.2.2.            By Deployment

10.2.6.2.2.3.            By Connectivity

10.2.6.2.2.4.            By Location

10.2.6.2.2.5.            By Application

10.2.6.3.     Argentina Small Modular Reactor Market Outlook

10.2.6.3.1.   Market Size & Forecast

10.2.6.3.1.1.             By Value

10.2.6.3.2.   Market Share & Forecast

10.2.6.3.2.1.            By Reactor Type

10.2.6.3.2.2.            By Deployment

10.2.6.3.2.3.            By Connectivity

10.2.6.3.2.4.            By Location

10.2.6.3.2.5.            By Application

11. Middle East & Africa Small Modular Reactor Market Outlook

11.1. Market Size & Forecast

11.1.1.    By Value

11.2. Market Share & Forecast

11.2.1. By Reactor Type

11.2.2. By Deployment

11.2.3. By Connectivity

11.2.4. By Location

11.2.5. By Application

11.2.6. By Country

11.2.6.1.     Saudi Arabia Small Modular Reactor Market Outlook

11.2.6.1.1.   Market Size & Forecast

11.2.6.1.1.1.             By Value

11.2.6.1.2.   Market Share & Forecast

11.2.6.1.2.1.            By Reactor Type

11.2.6.1.2.2.            By Deployment

11.2.6.1.2.3.            By Connectivity

11.2.6.1.2.4.            By Location

11.2.6.1.2.5.            By Application

11.2.6.2.     UAE Small Modular Reactor Market Outlook

11.2.6.2.1.   Market Size & Forecast

11.2.6.2.1.1.             By Value

11.2.6.2.2.   Market Share & Forecast

11.2.6.2.2.1.            By Reactor Type

11.2.6.2.2.2.            By Deployment

11.2.6.2.2.3.            By Connectivity

11.2.6.2.2.4.            By Location

11.2.6.2.2.5.            By Application

11.2.6.3.     South Africa Small Modular Reactor Market Outlook

11.2.6.3.1.   Market Size & Forecast

11.2.6.3.1.1.             By Value

11.2.6.3.2.   Market Share & Forecast

11.2.6.3.2.1.            By Reactor Type

11.2.6.3.2.2.            By Deployment

11.2.6.3.2.3.            By Connectivity

11.2.6.3.2.4.            By Location

11.2.6.3.2.5.            By Application

12. Asia Pacific Small Modular Reactor Market Outlook

12.1. Market Size & Forecast

12.1.1.    By Value

12.2. Market Size & Forecast

12.2.1. By Reactor Type

12.2.2. By Deployment

12.2.3. By Connectivity

12.2.4. By Location

12.2.5. By Application

12.2.6. By Country

12.2.6.1.     China Small Modular Reactor Market Outlook

12.2.6.1.1.   Market Size & Forecast

12.2.6.1.1.1.             By Value

12.2.6.1.2.   Market Share & Forecast

12.2.6.1.2.1.            By Reactor Type

12.2.6.1.2.2.            By Deployment

12.2.6.1.2.3.            By Connectivity

12.2.6.1.2.4.            By Location

12.2.6.1.2.5.            By Application

12.2.6.2.     India Small Modular Reactor Market Outlook

12.2.6.2.1.   Market Size & Forecast

12.2.6.2.1.1.             By Value

12.2.6.2.2.   Market Share & Forecast

12.2.6.2.2.1.            By Reactor Type

12.2.6.2.2.2.            By Deployment

12.2.6.2.2.3.            By Connectivity

12.2.6.2.2.4.            By Location

12.2.6.2.2.5.            By Application

12.2.6.3.     Japan Small Modular Reactor Market Outlook

12.2.6.3.1.   Market Size & Forecast

12.2.6.3.1.1.             By Value

12.2.6.3.2.   Market Share & Forecast

12.2.6.3.2.1.            By Reactor Type

12.2.6.3.2.2.            By Deployment

12.2.6.3.2.3.            By Connectivity

12.2.6.3.2.4.            By Location

12.2.6.3.2.5.            By Application

12.2.6.4.     South Korea Small Modular Reactor Market Outlook

12.2.6.4.1.   Market Size & Forecast

12.2.6.4.1.1.  By Value

12.2.6.4.2.   Market Share & Forecast

12.2.6.4.2.1.            By Reactor Type

12.2.6.4.2.2.            By Deployment

12.2.6.4.2.3.            By Connectivity

12.2.6.4.2.4.            By Location

12.2.6.4.2.5.            By Application

12.2.6.5.     Australia Small Modular Reactor Market Outlook

12.2.6.5.1.   Market Size & Forecast

12.2.6.5.1.1.             By Value

12.2.6.5.2.   Market Share & Forecast

12.2.6.5.2.1.            By Reactor Type

12.2.6.5.2.2.            By Deployment

12.2.6.5.2.3.            By Connectivity

12.2.6.5.2.4.            By Location

12.2.6.5.2.5.            By Application

13. Market Dynamics

13.1.   Drivers

13.2.   Challenges

14. Market Trends and Developments

15. Company Profiles

15.1.   NuScale Power

15.1.1.        Business Overview

15.1.2.        Key Revenue and Financials  

15.1.3.        Recent Developments

15.1.4.        Key Personnel

15.1.5.        Key Product/Services Offered

15.2.   GE Hitachi Nuclear Energy

15.2.1.        Business Overview

15.2.2.        Key Revenue and Financials  

15.2.3.        Recent Developments

15.2.4.        Key Personnel

15.2.5.        Key Product/Services Offered

15.3.   Rolls-Royce

15.3.1.        Business Overview

15.3.2.        Key Revenue and Financials  

15.3.3.        Recent Developments

15.3.4.        Key Personnel

15.3.5.        Key Product/Services Offered

15.4.   Toshiba Energy Systems & Solutions

15.4.1.        Business Overview

15.4.2.        Key Revenue and Financials  

15.4.3.        Recent Developments

15.4.4.        Key Personnel

15.4.5.        Key Product/Services Offered

15.5.   Westinghouse Electric

15.5.1.        Business Overview

15.5.2.        Key Revenue and Financials  

15.5.3.        Recent Developments

15.5.4.        Key Personnel

15.5.5.        Key Product/Services Offered

15.6.   China National Nuclear Corporation

15.6.1.        Business Overview

15.6.2.        Key Revenue and Financials  

15.6.3.        Recent Developments

15.6.4.        Key Personnel

15.6.5.        Key Product/Services Offered

15.7.   Korea Atomic Energy Research Institute

15.7.1.        Business Overview

15.7.2.        Key Revenue and Financials  

15.7.3.        Recent Developments

15.7.4.        Key Personnel

15.7.5.        Key Product/Services Offered

15.8.   Terrestrial Energy

15.8.1.        Business Overview

15.8.2.        Key Revenue and Financials  

15.8.3.        Recent Developments

15.8.4.        Key Personnel

15.8.5.        Key Product/Services Offered

15.9.   Hyperion Power Generation

15.9.1.        Business Overview

15.9.2.        Key Revenue and Financials  

15.9.3.        Recent Developments

15.9.4.        Key Personnel

15.9.5.        Key Product/Services Offered

15.10.Seaborg Technologies

15.10.1.     Business Overview

15.10.2.     Key Revenue and Financials  

15.10.3.     Recent Developments

15.10.4.     Key Personnel

15.10.5.     Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the global Small Modular Reactor market was USD 4.26 Billion in 2022.

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Light water reactors were the dominant segment in the global Small Modular Reactor market in 2022 by reactor type.

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The challenges in the global Small Modular Reactor market include cost competitiveness and economics, regulatory and licensing complexities, supply chain and infrastructure development, public perception and acceptance, etc.

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The major drivers for the global Small Modular Reactor market include energy security and grid resilience, carbon emission reduction and sustainability, flexible deployment and energy access, technological advancements and innovation, etc.

Related Reports

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Parvati Sharma

Account Manager BD
Press Release

Small Modular Reactor Market Expands with Light Water Reactor Segment at a robust CAGR

Nov, 2023

The increasing global Small Modular Reactor market is driven energy security and grid resilience, carbon emission reduction and sustainability during the forecast period 2024-2028.

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