Global Small Modular Reactor Market Size Estimated to Reach USD 13.0 Billion By 2030, Growing at 3.6% CAGR: Polaris Market Research
NEW YORK, Nov. 29, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Small Modular Reactor Market Share, Size, Trends, Industry Analysis Report, By Type (Thermal-neutron Reactors, Fast Reactors), By Technology (Cooling, Thermal, /Electrical Generation, Staffing, Load Following), By Deployment, By Application; By Region; Segment Forecast, 2022 - 2030" in its research database.
According to the latest research study, the global small modular reactor market size was valued at USD 9.54 billion in 2021 and is expected to reach USD 13.0 Billion by 2030, growing at a CAGR of 3.6% during the forecast period.
What is Small Modular Reactors? How Big is Small Modular Reactor Market Size?
Small modular reactors (SMRs) are nuclear reactors designed with module factory fabrication. SMRs have an electrical power capacity of up to 300 MWe. They can produce a large amount of low-carbon electricity. Small and modular design is a known benefit of SMR. Prefabricated units of SMRs can be constructed and transported, and installed on-site, making them cost-effective to fabricate compared to large power reactors.
SMRs also have fewer fuel requirements. Power plants built with SMRs may require refueling every 3 to 7 years, while conventional plants need frequent refueling between 1 and 2 years. The low fabrication cost of small modular reactors (SMRs) is one of the prominent factors driving the small modular reactor market size growth. Also, increasing preference for small and mid-sized reactors due to their power generation capacity is boosting the market growth.
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Key Highlights of the Report
Some of the Top Companies Are:
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Growth Driving Factors
The rising demand for advanced SMRs, favorable government guidelines, and initiatives related to decarbonization is fueling the industry growth. The demand for SMRs is growing due to their flexibility and compact size. Also, their power output capacity positively influences the small modular reactor market sales. Rapid technological and economic development of small modular reactors (SMRs) in solar power, biomass, and fossil energy with carbon capture is positively influencing the market growth.
Moreover, the growing deployment of SMRs across different power companies augments the industry's evolution. Increasing number of environmental initiatives associated with the development of SMRs is anticipated to flourish the small modular reactor market demand. For instance, in October 2019, IAEA conducted the International Conference on Climate Change and the Role of Nuclear Power, which unveiled that these reactors are more efficient in generating CO2-free electricity than fossil fuel-operated power plants.
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Based on deployment of small modular reactor market segmentation, the multi-mode plant segment accounts for the largest revenue share and is anticipated to show the fastest CAGR during the forecast period. The financing of additional units of SMR is easier in the multi-mode plant, which leads to a decrease in multiple productions. Also, this deployment type offers greater flexibility to grid operations, enables combination with renewables, and allows replacing existing nuclear power plants. Multi-mode configuration helps reduce investment and financial costs. Thus, many power companies are increasingly administrating multi-mode SMR, which is projected to accelerate segment growth.
Based on application, the power generation segment is expected to hold the highest revenue share in the small modular reactor market. This can be attributed to the growing implementation of the small modular device in power plants, as they have the ability to integrate with renewable energies to produce a baseload and flexible power. In addition, SMRs are gaining high demand due to their flexibility in terms of power generation capacity. SMRs can generate safe, clean, and affordable nuclear power, thereby fueling the segmental growth in the small modular reactor industry.
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Small Modular Reactor Market: Report Scope
In terms of geography, small modular reactor market in Asia Pacific recorded the highest revenue share in 2021 owing to the growing investments in the development of SRMs in the nations like China and India. Growing energy demand due to the rapid economic growth in these countries also fuels the market growth in the region. Energy producers are focusing on adopting advanced power solutions in order to fulfill the rising electricity demand. This is another factor anticipated to positively influence regional market demand.
Furthermore, North America is expected to show a considerable growth rate during the foreseen period. The demand for small modular reactors has been growing over the last few years because of the introduction of favorable energy regulations as well as technological developments. In addition, various government authorities and industries are expected to improve grid infrastructure in North American countries, which ultimately increases the implementation of SMR. Thus, the market is expected to rise in North America.
Browse the Detail Report "Small Modular Reactor Market Share, Size, Trends, Industry Analysis Report, By Type (Thermal-neutron Reactors, Fast Reactors), By Technology (Cooling, Thermal,/Electrical Generation, Staffing, Load Following), By Deployment, By Application; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/small-modular-reactor-market
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Polaris Market Research has segmented the small modular reactor market report on the basis of type, technology, deployment, application, and region:
By Type Outlook
By Technology Outlook
By Deployment Outlook
By Application Outlook
By Region Outlook
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research
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