Meticulous Research®—a leading global market research firm—has published a detailed report titled, ‘Small Modular Reactors Market by Type (Light-water Reactors, High-temperature Reactors), Coolant (Water, Liquid Lead), Deployment Mode, Fuel Type (Uranium), Application (Power Generation, Desalination) and Geography — Global Forecast to 2030.’

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This report reveals that the small modular reactors (SMRs) market is anticipated to reach $6.14 billion by 2030, with a CAGR of 2.4% during the forecast period. The market growth is driven by the expanding use of SMRs in power generation, increasing government initiatives toward decarbonization, and the rising demand for reliable and adaptable nuclear power. However, the market is challenged by stringent regulatory standards related to SMR deployment.

Furthermore, the focus on net zero emissions and decarbonization is expected to present new opportunities for market expansion. Nevertheless, the lack of a standardized licensing process remains a significant challenge for industry players. The prevailing trend is an increasing demand for clean and reliable energy sources.

The market is segmented by reactor type, coolant type, deployment mode, fuel type, application, and geography. This segmentation allows for a thorough analysis of industry competitors and market dynamics at regional and national levels. The report covers various reactor types, including light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors.

In terms of reactor types, light-water reactors are expected to dominate the market in 2024, with the largest market share. This segment’s dominance is due to its efficiency in generating energy from water and its dual role as a moderator and coolant. The light-water reactors segment is also projected to experience the highest CAGR during the forecast period.

For coolant types, water is anticipated to lead the market in 2024. The demand for water as a coolant is driven by its essential role in transferring heat from the reactor core to steam turbines and maintaining manageable pressures. The water segment is expected to have the highest CAGR during the forecast period.

Regarding deployment modes, land-based SMR deployments are forecasted to be the largest segment in 2024, attributed to their safety, security, and lower maintenance costs. However, marine-based deployments are expected to show the highest CAGR, driven by the need for cost-effective, carbon-free energy solutions and cleaner, more flexible energy options.

For fuel types, uranium is forecasted to lead the market in 2024. The demand for uranium is driven by its ability to provide large-scale low-carbon electricity and its use in nuclear fission. This segment is also projected to achieve the highest CAGR during the forecast period.

In the application segment, power generation is expected to capture the largest market share in 2024, driven by the need for substantial carbon-free electricity, low fuel costs, and improved efficiency. The power generation segment is also projected to grow at the highest CAGR during the forecast period.

Geographically, Asia-Pacific is predicted to hold the largest share of the small modular reactors market in 2024, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s significant market share is due to the presence of key SMR players, increasing deployments in coastal and offshore regions, and a growing demand for low-carbon, flexible power solutions. This region is also expected to achieve the highest CAGR during the forecast period.

Key Players:

The key players operating in the small modular reactors market include Brookfield Asset Management Inc. (Canada), Fluor Corporation (U.S.), General Electric Company (U.S.), Holtec International (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (U.K.), Terrestrial Energy Inc. (Canada), X Energy, LLC (U.S.), Westinghouse Electric Company LLC (U.S.), Kairos Power (U.S.), TerraPower, LLC (U.S.), Toshiba Energy Systems & Solutions Corporation (Japan), ARC Clean Technology, Inc. (Canada), and Leadcold (Sweden), and General Atomics (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/small-modular-reactors-market-5512

Key questions answered in the report-

  • Which are the high-growth market segments based on type, coolant type, deployment mode, fuel type, application, and geography?
  • What was the historical market for small modular reactors?
  • What are the market forecasts and estimates for the period 2024–2030?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the small modular reactors market?
  • Who are the major players, and what shares do they hold in the small modular reactors market?
  • How is the competitive landscape in the small modular reactors market?
  • What are the recent developments in the small modular reactors market?
  • What are the different strategies adopted by the major players in the small modular reactors market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the small modular reactors market, and how do they compete with the other players?

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