Global Small Modular Reactor Market (2021 to 2026) - Decarbonization of Energy Sector to Meet Net Zero Goals Presents Opportunities
DUBLIN, Sept. 16, 2021 /PRNewswire/ -- The "Global Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Process Heat), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The small modular reactor market is projected to reach USD 11.3 billion by 2026 from an estimated USD 9.7 billion in 2021, at a CAGR of 3.2% during the forecast period.
The cost reduction due to modularization and factory production is expected to drive the small modular reactor market growth. Furthermore, the need for clean, stable and reliable nuclear energy for the supply of baseload power is driving the market.
However, stringent nuclear regulatory requirements for the deployment of SMRs is likely to hamper the growth of the small modular reactor market.
The off-grid segment, by connectivity, is expected to be the largest and the fastest growing market from 2021 to 2026
The off-grid SMR segment accounted for a larger market share in 2020. SMRs deployed for off-grid operations are not connected to a large-scale electricity grid. Most SMRs are designed for remote locations where it is not feasible to site larger nuclear power plants.
Off-grid SMRs located in remote communities, islands, and mining sites can be used for power generation and other non-electric applications.
Despite the high cost of electricity generation, deployment of SMRs is beneficial in remote regions, especially in Russia, owing to the higher cost of alternatives such as power grid extension and fossil fuel-fired generators.
The multi-module power plant, by deployment, is expected to be the fastest growing market from 2021 to 2026
The multi-module power plant segment is expected to be the fastest growing deployment segment during the forecast period, owing to the ease of financing additional modules. Multi-module SMR plants are easier to finance compared with large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time.
The ability to add modules incrementally in multi-module SMRs provides economies of series production. This, in turn, could permit investors and operators to adjust to the changes in demand for electricity and budgetary constraints to reduce financial risks. These factors are expected to drive the demand for SMRs for deployment in multi-module power plants.
The power generation segment, by application, is expected to be the largest market from 2021 to 2026
Power generation is expected to dominate the global small modular reactor market between 2021 and 2026 as the power generated by SMRs is expected to be economical compared with other low-carbon alternatives and help reduce carbon emissions and meet new energy demands.
SMRs provide a stable and reliable baseload power supply, which makes them suitable for replacing and optimizing the use of retiring coal and other fossil fuel-fired power plants and replacing aging infrastructure. SMRs also have load following capabilities and can be integrated with renewable energies to provide flexible power, as these reactors can vary their output to meet the fluctuations in power produced using renewable energy.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities In Small Modular Reactor Market
4.2 Small Modular Reactor Market, by Region
4.3 Small Modular Reactor Market In Asia Pacific, by Application and Country
4.4 Small Modular Reactor Market, by Reactor Type
4.5 Small Modular Reactor Market, by Connectivity
4.6 Small Modular Reactor Market, by Deployment
4.7 Small Modular Reactor Market, by Location
4.8 Small Modular Reactor Market, by Application
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Road To Recovery
5.4 COVID-19 Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Reliability and flexibility of nuclear power
5.5.1.2 Low cost of SMRs due to modularization and factory construction
5.5.2 Restraints
5.5.2.1 Nuclear regulatory requirements for deployment of SMRs
5.5.3 Opportunities
5.5.3.1 Decarbonization of energy sector to meet net zero goals
5.5.3.2 Facilitating access to nuclear energy across diverse applications
5.5.3.3 Integration of small modular reactors with renewable energy
5.5.4 Challenges
5.5.4.1 Harmonizing different licensing approaches
5.5.4.2 Public attitude towards nuclear power and deployment of small modular reactors
5.5.4.3 Impact of COVID-19 on development of small modular reactors
5.6 Trends/Disruptions Impacting Customer'S Business
5.6.1 Revenue Shift and New Revenue Pockets for Small Modular Reactor Manufacturers
5.7 Market Map
5.8 Supply Chain Analysis
5.8.1 Component Manufacturers
5.8.2 Small Modular Reactor Manufacturers
5.8.3 Small Modular Reactor Support Services Providers/ Integrators
5.8.4 End Users
5.9 Design Phases for Small Modular Reactors
5.10 Technology Analysis
5.11 Small Modular Reactors Market: Codes and Regulations
5.12 Innovations and Patent Registrations
5.13 Porter's Five forces Analysis
6 Small Modular Reactor Market, by Reactor Type
6.1 Introduction
6.2 Light-Water Reactor
6.2.1 High Degree of Technological Readiness of Light-Water Small Modular Reactors Is Expected To Boost Growth
6.2.2 Pressurized-Water Reactor
6.2.3 Boiling-Water Reactor
6.3 Heavy-Water Reactor
6.3.1 Use of Natural Uranium and Low Enriched Uranium Fuel In Heavy-Water Reactors To Support Growth
6.4 High-Temperature Reactor
6.4.1 Potential of Serving Varied High-Temperature Industrial Applications To Enhance Demand for High-Temperature Reactors
6.5 Fast-Neutron Reactor
6.5.1 Reduction In Nuclear Waste Production To Boost Demand for Fast-Neutron Reactors
6.6 Molten Salt Reactor
6.6.1 Potential Deployment In Countries With Large Amounts of Spent Nuclear Fuel To Increase Demand for Molten Salt Reactors
7 Small Modular Reactor Market, by Connectivity
7.1 Introduction
7.2 Off-Grid
7.2.1 Requirement of Clean, Flexible, and Reliable Power Generation and Diverse Applications of Small Modular Reactors Are Expected To Drive off-Grid Segment
7.3 Grid-Connected
7.3.1 Integration of Renewables Is Expected To Enhance Growth of Grid-Connected Segment
8 Small Modular Reactor Market, by Deployment
8.1 Introduction
8.2 Multi-Module Power Plant
8.2.1 Ease of Financing Additional Units of Multi Multi-Module Power Plants Is Expected To Drive Growth
8.3 Single-Module Power Plant
8.3.1 Siting Flexibility of Single-Module Power Plants Is Expected To Boost Demand for This Segment
9 Small Modular Reactor Market, by Location
9.1 Introduction
9.2 Land
9.2.1 Higher thermal Efficiency and Ease of Licensing Are Expected To Drive Land Segment
9.3 Marine
9.3.1 Deployment In Islands, Remote, and Coastal Regions Is Expected To Boost Market Growth
10 Small Modular Reactor Market, by Application
10.1 Introduction
10.2 Power Generation
10.2.1 Ease of Siting and Operating Flexibility Drives Demand for Small Modular Reactors In Power Generation Application
10.3 Desalination
10.3.1 Increasing Demand for Potable Water In Arid and Semi-Arid Zones Drives Growth of This Segment
10.4 Process Heat
10.4.1 Increased thermal Efficiencies of Co-Generation Drive Growth of This Segment
10.5 Industrial
10.5.1 Anticipated Deployment of SMRs In Diverse Industrial Applications Would Drive Growth of This Segment
10.6 Hydrogen Production
10.6.1 Ability To Maximize Load Factors and Increase Efficiency of Power Plants Enhance Growth of Hydrogen Production Segment
11 Geographic Analysis
12 Competitive Landscape
12.1 Key Players Strategies/Right To Win
12.2 Top Five Players In Small Modular Reactor Market
12.3 Market Evaluation Framework
12.4 Company Evaluation Quadrant
12.4.1 Star
12.4.2 Pervasive
12.4.3 Emerging Leader
12.4.4 Participant
12.5 Competitive Scenario
13 Company Profiles
13.1 Key Players
13.1.1 Westinghouse Electric
13.1.2 Nuscale Power
13.1.3 Terrestrial Energy
13.1.4 Moltex Energy
13.1.5 General Electric-Hitachi Nuclear Energy
13.1.6 X-Energy
13.1.7 Holtec International
13.1.8 General Atomics
13.1.9 Arc Clean Energy
13.1.10 Leadcold Reactors
13.1.11 Rolls-Royce
13.1.12 Ultra Safe Nuclear
13.1.13 Toshiba Energy Systems & Solutions
13.1.14 Tokamak Energy
13.1.15 SNC-Lavalin Group
13.2 Other Players
13.2.1 Afrikantov OKB Mechanical Engineering
13.2.2 China National Nuclear Corporation (CNNC)
13.2.3 Framatome
13.2.4 U-Battery
13.2.5 Oklo
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/8b8vvi
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