The global small modular reactor market revenue was US$ 4.06 billion in 2021. The global small modular reactor market revenue is forecast to reach US$ 18.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 16% during the forecast period from 2022 to 2030.

A small modular reactor (SMR) is a nuclear reactor with a power capability of less than 300MWe. Compared to traditional bulk reactors, SMRs are smaller and take less time to build. Due to the fact that an SMR is constructed in a factory using modules, and can achieve a high production rate. SMRs are still under development. The only three SMRs currently in advanced regulatory phases are the Power Modules from NuScale, the BWRX 300 from GE-Hitachi, and the Integral Molten Salt Reactor from Terrestrial Energy. SMRs can operate underground or as floating nuclear power plants. In addition to electricity generation, modular reactors use to desalinate seawater and heat processes. It is a safe, viable, and non-greenhouse gas emitted energy that is affordable, safe, and environmentally friendly.

Factors Influencing Market Growth

Factors driving the global market include the growing demand for electricity and the flexibility in capacity and size of SMRs.
The use of an advanced reactor and energy storage will reduce emissions by increasing nuclear energy use. During the forecast period, all of these factors are forecast to present opportunities for the global market.
The deployment of small modular reactors faces stringent nuclear regulatory requirements, may negatively impact the global market's growth.
Due to cost reductions from modularization and factory production, the market for small modular reactors is forecast to expand rapidly. Moreover, the demand for clean, reliable, and stable nuclear energy is driving the market.
Impact Analysis of COVID-19

A pandemic has curtailed the development of small modular reactor technology and has begun to stall the expansion toward their commercialization. Initially, the impact is most apparent on the supply side for uranium, as several mines and nuclear facilities have suspended operations because of health concerns. There have been cutbacks in several major uranium mining countries, including Kazakhstan, Canada, and Namibia, which account for about two-thirds of world production. In addition, the pandemic has affected the design and construction schedules for reactors. Several conventional nuclear plants are currently experiencing extended outages caused by worker illness. With the delays in the design, licensing, and construction of small modular reactors and the decline in electricity demand, small modular reactor development suffered. Thus, all these factors had a negative impact on the global small modular reactor market.

Regional Insights

During the forecast period, Asia Pacific is forecast to be the largest market. It is due to the increased deployment of SMRs in countries such as China and Japan. In addition to constructing generation III coastal nuclear power plants, China intends to accelerate the development of SMRs and offshore floating nuclear reactors. Furthermore, Japan has implemented policy reforms aimed at decarbonizing its energy sector more quickly.

Leading Competitors

The leading prominent companies profiled in the global small modular reactor market are:

Brookfield, Fluor Corporation
General Atomics
General Electric
Holtec International
Mitsubishi Heavy Industries
Rolls Royce Plc
TerraPower LLC
Terrestrial Energy
X Energy LLC
Other Prominent Players
Scope of the Report

The global small modular reactor market segmentation focuses on Reactor Type, Application, and Region.

Segmentation based on Reactor Type

Heavy Water Reactor (HWR)
Light Water Reactor (LWR)
Pressurized-water Reactor
Boiling-water Reactor
High-Temperature Gas Reactor (HTR)
Fast Neutron Reactor (FNR)
Molten Salt Reactor (MSR)
Segmentation based on Application

Desalination
Power Generation
Process Heat
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America