Global Small Modular Reactor Industry Expected to Reach $ 11.3 Billion by 2026 – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD) – The “global market for small modular reactors by reactor (HWR, LWR, HTR, FNR, MSR), deployment (single, multi), connectivity (network, off-grid), location (land, marine), application (power Generation, Desalination, Process Heat) and Region – Forecast to 2026 report “has been added to ResearchAndMarkets.com offer.

The small modular reactor market is expected to reach $ 11.3 billion by 2026, up from an estimated $ 9.7 billion in 2021, at a CAGR of 3.2% during the forecast period.

The off-grid segment, by connectivity, is expected to be the largest and most dynamic market from 2021 to 2026

The off-grid SMR segment accounted for a larger market share in 2020. SMRs deployed for off-grid operations are not connected to a large-scale power grid. Most SMRs are designed for remote locations where it is not possible to locate larger nuclear power plants.

Off-grid SMRs located in remote communities, islands, and mine sites can be used for power generation and other non-power applications.

Despite the high cost of power generation, the deployment of SMRs is beneficial in remote areas, especially Russia, due to the higher cost of alternatives such as grid extension and fossil fuel generators.

Multimodule Power Plant, By Deployment, Expected To Be The Fastest Growing Market From 2021-2026

The multi-module power plant segment is expected to be the fastest growing deployment segment during the forecast period, due to the ease of financing additional modules. Multimodule SMR plants are easier to finance than large nuclear reactors because SMRs require lower initial investments for a unit, and additional capacity can be built over time.

The ability to add modules incrementally in multi-module SMRs allows savings in series production. This, in turn, could allow investors and operators to adapt to changes in electricity demand and budget constraints in order to reduce financial risks. These factors are expected to drive demand for SMR for deployment in multi-module power plants.

Power Generation Segment, By Application To Be The Largest Market From 2021-2026

Power generation is expected to dominate the global small modular reactor market between 2021 and 2026, as the energy generated by SMRs is expected to be economical compared to other low carbon alternatives and help reduce carbon emissions and meet new energy demands.

SMRs provide a stable and reliable baseline power supply, making them suitable for replacing and optimizing the use of coal and other fossil fuel power plants and replacing aging infrastructure. SMRs also have load following capabilities and can be integrated with renewables to provide flexible energy, as these reactors can vary their output to respond to fluctuations in power produced using renewables.

Market dynamics

Conductors

  • Reliability and flexibility of nuclear power

  • Low cost of SMRs due to modularization and factory construction

Constraints

  • Nuclear regulatory requirements for the deployment of SMR

Opportunities

  • Decarbonization of the energy sector to achieve net zero targets

  • Facilitate access to nuclear energy in various applications

  • Integration of small modular reactors with renewable energies

Challenges

  • Harmonize the different licensing approaches

  • Public attitude towards nuclear energy and the deployment of small modular reactors

  • Impact of COVID-19 on the development of small modular reactors

Companies mentioned

  • Afrikantov OKB Mechanical Engineering

  • Arc specific energy

  • National Nuclear Society of China (CNNC)

  • Framatome

  • General atomic

  • General Electric-Hitachi Nuclear Energy

  • Holtec International

  • Lead-cold reactors

  • Moltex energy

  • Nuscal Power

  • Oklo

  • Rolls Royce

  • SNC-Lavalin Group

  • Earth energy

  • Tokamak energy

  • Toshiba Energy Systems and Solutions

  • U-battery

  • Ultra safe nuclear

  • Westinghouse Electric

  • X-Energy

For more information on this report, visit https://www.researchandmarkets.com/r/6pwhzb


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