Small Modular Reactor Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Nuclear reactors with a power output of less than 300MWe are small modular reactors (SMRs). SMRs have many advantages over traditional bulk nuclear reactors, including their smaller size and faster construction times. High production rate can be achieved because an SMR is fully assembled in a factory using module fabrication. Small Modular Reactors are still in the early stages of development. Only NuScale's Power Module, GE-BWRX Hitachi's 300, and Terrestrial Energy's Integral Molten Salt Reactor are currently in the advanced regulatory phase. SMRs can be installed underground or as a floating nuclear power plants. Modular reactors are primarily used to generate electricity, but they are also used in the desalination of seawater and process heating. SMRs can be installed underground or as a floating nuclear power plants. Modular reactors are primarily used to generate electricity, but they are also used to desalinate seawater and process heating. SMR designs promise energy that is affordable, safe, viable and does not emit greenhouse gases.
MARKET SCOPE
The "Global Small Modular Reactor Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the small modular reactor market with detailed market segmentation by reactor type, application, and geography. The report provides key statistics on the market status of the leading small modular reactor market players and offers key trends and opportunities in the market. application
MARKET SEGMENTATION
- Based on reactor type, the market is segmented into Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), and others.
- Based on application, the market is segmented into desalination, power generation, and and process heat.
MARKET DYNAMICS
Drivers:
- The growing demand for electricity, as well as the flexibility of SMRs in terms of size and power output, are some of the factors driving the global small modular reactor market.
Restraints:
- The regulatory issues regarding deployment of SMRs may hinder the growth of the small modular reactor market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The small modular reactor market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the small modular reactor market in these regions.
IMPACT OF COVID-19 ON SMALL MODULAR REACTOR MARKET
The COVID-19 has slowed investments in small modular reactor technology and threatens to stifle the industry's progress toward commercialization. In the short term, the impact is most significant on the uranium supply side, as several mines and nuclear fuel cycle facilities have shut down due to health concerns. These reductions have taken place in many major uranium-mining countries, including Kazakhstan, Canada, and Namibia, which produce about two-thirds of the world's uranium. COVID-19 has also had an impact on reactor design and construction schedules. Small modular reactor design, licensing, and construction delays, combined with a drop in electricity demand, could negatively impact.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The small modular reactor market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the small modular reactor market in these regions.
IMPACT OF COVID-19 ON SMALL MODULAR REACTOR MARKET
The COVID-19 has slowed investments in small modular reactor technology and threatens to stifle the industry's progress toward commercialization. In the short term, the impact is most significant on the uranium supply side, as several mines and nuclear fuel cycle facilities have shut down due to health concerns. These reductions have taken place in many major uranium-mining countries, including Kazakhstan, Canada, and Namibia, which produce about two-thirds of the world's uranium. COVID-19 has also had an impact on reactor design and construction schedules. Small modular reactor design, licensing, and construction delays, combined with a drop in electricity demand, could negatively impact.
MARKET PLAYERS
The report covers key developments in the small modular reactor market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of the business and customer base of market players. The market players from the small modular reactor market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the small modular reactor market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ARC Clean Energy, Inc.
- Fluor Corporation
- General Atomics
- General Electric
- Holtec International
- NuScale Power, LLC.
- Rolls-Royce plc
- Terrestrial Energy Inc.
- WESTINGHOUSE ELECTRIC
- X Energy, LLC
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Small Modular Reactor Market - By Reactor Type
1.3.2 Small Modular Reactor Market - By Application
1.3.3 Small Modular Reactor Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMALL MODULAR REACTOR MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. SMALL MODULAR REACTOR MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SMALL MODULAR REACTOR MARKET - GLOBAL MARKET ANALYSIS
6.1. SMALL MODULAR REACTOR - GLOBAL MARKET OVERVIEW
6.2. SMALL MODULAR REACTOR - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SMALL MODULAR REACTOR MARKET - REVENUE AND FORECASTS TO 2028 - REACTOR TYPE
7.1. OVERVIEW
7.2. REACTOR TYPE MARKET FORECASTS AND ANALYSIS
7.3. HEAVY WATER REACTOR (HWR)
7.3.1. Overview
7.3.2. Heavy Water Reactor (HWR) Market Forecast and Analysis
7.4. LIGHT WATER REACTOR (LWR)
7.4.1. Overview
7.4.2. Light Water Reactor (LWR) Market Forecast and Analysis
7.5. FAST NEUTRON REACTOR (FNR)
7.5.1. Overview
7.5.2. Fast Neutron Reactor (FNR) Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. SMALL MODULAR REACTOR MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. DESALINATION
8.3.1. Overview
8.3.2. Desalination Market Forecast and Analysis
8.4. POWER GENERATION
8.4.1. Overview
8.4.2. Power Generation Market Forecast and Analysis
8.5. PROCESS HEAT
8.5.1. Overview
8.5.2. Process Heat Market Forecast and Analysis
9. SMALL MODULAR REACTOR MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Small Modular Reactor Market Overview
9.1.2 North America Small Modular Reactor Market Forecasts and Analysis
9.1.3 North America Small Modular Reactor Market Forecasts and Analysis - By Reactor Type
9.1.4 North America Small Modular Reactor Market Forecasts and Analysis - By Application
9.1.5 North America Small Modular Reactor Market Forecasts and Analysis - By Countries
9.1.5.1 United States Small Modular Reactor Market
9.1.5.1.1 United States Small Modular Reactor Market by Reactor Type
9.1.5.1.2 United States Small Modular Reactor Market by Application
9.1.5.2 Canada Small Modular Reactor Market
9.1.5.2.1 Canada Small Modular Reactor Market by Reactor Type
9.1.5.2.2 Canada Small Modular Reactor Market by Application
9.1.5.3 Mexico Small Modular Reactor Market
9.1.5.3.1 Mexico Small Modular Reactor Market by Reactor Type
9.1.5.3.2 Mexico Small Modular Reactor Market by Application
9.2. EUROPE
9.2.1 Europe Small Modular Reactor Market Overview
9.2.2 Europe Small Modular Reactor Market Forecasts and Analysis
9.2.3 Europe Small Modular Reactor Market Forecasts and Analysis - By Reactor Type
9.2.4 Europe Small Modular Reactor Market Forecasts and Analysis - By Application
9.2.5 Europe Small Modular Reactor Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Small Modular Reactor Market
9.2.5.1.1 Germany Small Modular Reactor Market by Reactor Type
9.2.5.1.2 Germany Small Modular Reactor Market by Application
9.2.5.2 France Small Modular Reactor Market
9.2.5.2.1 France Small Modular Reactor Market by Reactor Type
9.2.5.2.2 France Small Modular Reactor Market by Application
9.2.5.3 Italy Small Modular Reactor Market
9.2.5.3.1 Italy Small Modular Reactor Market by Reactor Type
9.2.5.3.2 Italy Small Modular Reactor Market by Application
9.2.5.4 United Kingdom Small Modular Reactor Market
9.2.5.4.1 United Kingdom Small Modular Reactor Market by Reactor Type
9.2.5.4.2 United Kingdom Small Modular Reactor Market by Application
9.2.5.5 Russia Small Modular Reactor Market
9.2.5.5.1 Russia Small Modular Reactor Market by Reactor Type
9.2.5.5.2 Russia Small Modular Reactor Market by Application
9.2.5.6 Rest of Europe Small Modular Reactor Market
9.2.5.6.1 Rest of Europe Small Modular Reactor Market by Reactor Type
9.2.5.6.2 Rest of Europe Small Modular Reactor Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Small Modular Reactor Market Overview
9.3.2 Asia-Pacific Small Modular Reactor Market Forecasts and Analysis
9.3.3 Asia-Pacific Small Modular Reactor Market Forecasts and Analysis - By Reactor Type
9.3.4 Asia-Pacific Small Modular Reactor Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Small Modular Reactor Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Small Modular Reactor Market
9.3.5.1.1 Australia Small Modular Reactor Market by Reactor Type
9.3.5.1.2 Australia Small Modular Reactor Market by Application
9.3.5.2 China Small Modular Reactor Market
9.3.5.2.1 China Small Modular Reactor Market by Reactor Type
9.3.5.2.2 China Small Modular Reactor Market by Application
9.3.5.3 India Small Modular Reactor Market
9.3.5.3.1 India Small Modular Reactor Market by Reactor Type
9.3.5.3.2 India Small Modular Reactor Market by Application
9.3.5.4 Japan Small Modular Reactor Market
9.3.5.4.1 Japan Small Modular Reactor Market by Reactor Type
9.3.5.4.2 Japan Small Modular Reactor Market by Application
9.3.5.5 South Korea Small Modular Reactor Market
9.3.5.5.1 South Korea Small Modular Reactor Market by Reactor Type
9.3.5.5.2 South Korea Small Modular Reactor Market by Application
9.3.5.6 Rest of Asia-Pacific Small Modular Reactor Market
9.3.5.6.1 Rest of Asia-Pacific Small Modular Reactor Market by Reactor Type
9.3.5.6.2 Rest of Asia-Pacific Small Modular Reactor Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Small Modular Reactor Market Overview
9.4.2 Middle East and Africa Small Modular Reactor Market Forecasts and Analysis
9.4.3 Middle East and Africa Small Modular Reactor Market Forecasts and Analysis - By Reactor Type
9.4.4 Middle East and Africa Small Modular Reactor Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Small Modular Reactor Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Small Modular Reactor Market
9.4.5.1.1 South Africa Small Modular Reactor Market by Reactor Type
9.4.5.1.2 South Africa Small Modular Reactor Market by Application
9.4.5.2 Saudi Arabia Small Modular Reactor Market
9.4.5.2.1 Saudi Arabia Small Modular Reactor Market by Reactor Type
9.4.5.2.2 Saudi Arabia Small Modular Reactor Market by Application
9.4.5.3 U.A.E Small Modular Reactor Market
9.4.5.3.1 U.A.E Small Modular Reactor Market by Reactor Type
9.4.5.3.2 U.A.E Small Modular Reactor Market by Application
9.4.5.4 Rest of Middle East and Africa Small Modular Reactor Market
9.4.5.4.1 Rest of Middle East and Africa Small Modular Reactor Market by Reactor Type
9.4.5.4.2 Rest of Middle East and Africa Small Modular Reactor Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Small Modular Reactor Market Overview
9.5.2 South and Central America Small Modular Reactor Market Forecasts and Analysis
9.5.3 South and Central America Small Modular Reactor Market Forecasts and Analysis - By Reactor Type
9.5.4 South and Central America Small Modular Reactor Market Forecasts and Analysis - By Application
9.5.5 South and Central America Small Modular Reactor Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Small Modular Reactor Market
9.5.5.1.1 Brazil Small Modular Reactor Market by Reactor Type
9.5.5.1.2 Brazil Small Modular Reactor Market by Application
9.5.5.2 Argentina Small Modular Reactor Market
9.5.5.2.1 Argentina Small Modular Reactor Market by Reactor Type
9.5.5.2.2 Argentina Small Modular Reactor Market by Application
9.5.5.3 Rest of South and Central America Small Modular Reactor Market
9.5.5.3.1 Rest of South and Central America Small Modular Reactor Market by Reactor Type
9.5.5.3.2 Rest of South and Central America Small Modular Reactor Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SMALL MODULAR REACTOR MARKET, KEY COMPANY PROFILES
11.1. ARC CLEAN ENERGY, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. FLUOR CORPORATION
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. GENERAL ATOMICS
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GENERAL ELECTRIC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HOLTEC INTERNATIONAL
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NUSCALE POWER, LLC.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ROLLS-ROYCE PLC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. TERRESTRIAL ENERGY INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. WESTINGHOUSE ELECTRIC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. X ENERGY, LLC
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.ARC Clean Energy, Inc.
2.Fluor Corporation
3.General Atomics
4.General Electric
5.Holtec International
6.NuScale Power, LLC.
7.Rolls-Royce plc
8.Terrestrial Energy Inc.
9.WESTINGHOUSE ELECTRIC
10.X Energy, LLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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