Small Modular Reactors Market are driven by sustainability Goals
The small modular reactor (SMR) market has seen significant developments in recent years. SMRs are nuclear fission reactors that are smaller in size and power capacity as compared to traditional reactors. These reactors are usually placed underground and can range from 10MW of electricity to 300MW. SMRs provide compact, scalable, and factory-built or modularized nuclear power that reduces the capital investment compared to larger nuclear facilities and expands the range of application to smaller grids. They are easier to finance as they require smaller initial investments. SMRs can be used as dispatchable low-carbon energy, process heat for industrial applications, hydrogen production, and desalination. With an improved safety profile, SMRs could be deployed nearer to demand centers and in remote off-grid applications like islands and isolated communities.
Small modular reactor market is estimated to be valued at USD 5.89 Bn in 2024 and is expected to reach USD 7.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Key Takeaways
Key players operating in the small modular reactor market are Holtec International, General Atomics Corporation, Brookfield Asset Management, Terrestrial Energy Inc., Fluor Corporation, TerraPower, LLC., Moltex Energy, X Energy LLC, Rolls-Royce plc., ULTRA SAFE NUCLEAR, Westinghouse Electric Company LLC., Mitsubishi Heavy Industries Ltd., NuScale Power, LLC., and General Electric Company.
The growing Small Modular Reactor Market Demand for clean energy sources and decentralized power generation is driving the adoption of SMRs globally. Countries around the world are deploying SMRs as they provide low-carbon energy and energy security. SMRs help meet rising electricity needs while lowering emissions from the power sector. Nuclear power producing countries are expanding their SMR programs to new markets.
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