Gmi Research's blog : Small Modular Reactor Market Size, Share & Analysis 2028

Small Modular Reactor Market

The Small Modular Reactor Market is expected to reach USD 12,128 million by 2028, expanding at a CAGR of 3.6% over the forecast period (2021-2028).

The factors driving the growth of Small Modular Reactor Market includes Government regulations regarding decarbonization, rise in the number of nuclear power plants around the world and growing emphasis on utilizing renewable sources of energy. According to the report published by Bloomberg, the Global Green Energy Market was estimated around USD 900 billion in 2021 and is predicted to reach USD 1950 billion by the end of 2028, growing at a CAGR of 8.5 % over the forecast period (2022-2028), which will boost the market growth in the approaching years. As per the Small Modular Reactor Market Analysis, rising focus on developing carbon-free energy system, technological advancements in small modular reactors and raising awareness about the benefits of using small modular reactors, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further augmenting the Small Modular Reactor Market size.

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However, the growth of Small Modular Reactor Market is hindered due to strict regulations regarding the deployment of small modular reactors.

The prominent players operating in the Small Modular Reactor Market are Moltex Energy, X Energy, LLC., General Atomics, Westinghouse Electric Company LLC., NuScale Power, LLC., General Electric, Rolls-Royce plc, Toshiba Energy Systems & Solutions Corporation, Tokamak Energy Ltd and Terrestrial Energy Inc., among others.

Based on Reactor, the Light Water Reactor segment is predicted to expand at a significant CAGR during the forecast period

The neutron moderator helps in reducing the speed of fast-moving neutron less power, which emerged as the major factor responsible for the segment’s growth.

Based on Connectivity, the Off-Grid segment is anticipated to grow at a remarkable CAGR over the forecast period

The Off-Grid Small Modular reactors are increasingly deployed at mining sites, remote communities, and islands for power generation, which is propelling the segment’s growth.

Based on Region, the Asia-Pacific region is projected to capture a sizeable market share during the forecast period

Rise in the energy demands, increasing deployment of small modular reactors at offshore areas and islands, growing number of petrochemical refineries and rapid urbanization, are some of the important factors augmenting the market growth in Asia-Pacific.

Key Developments:

NuScale Power, LLC and Samsung C&T Corporation in 2021 entered partnership to support the deployment of small modular reactor
In 2021, Terrestrial Energy Inc. and Aecon Group Inc. signed an agreement to support to construction of Integral Molten Salt Reactor Generation IV advanced nuclear power plant.

Market Segmentation

Global Small Modular Reactor Market by Reactor

Heavy Water Reactor
Light Water Reactor
High Temperature Reactor
Fast Neutron Reactor
Molten Salt Reactor

Global Small Modular Reactor Market by Deployment

Single
Multiple

Global Small Modular Reactor Market by Connectivity

Grid Connected
Off-Grid

Global Small Modular Reactor Market by Location

Land
Marine

Global Small Modular Reactor Market by Region

Asia Pacific
- China
- Japan
- India
- Rest of APAC
North America
- United States of America
- Canada
Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE

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