The Small Modular Reactor Market is projected to reach USD 11.3 billion by 2026. The small modular reactor market size will grow to USD 11.3 billion by 2026 (forecasted year) from USD 9.7 billion in 2021 (estimated year), at a CAGR of 3.2% during the forecast period.
The small modular reactor market has promising growth potential due to the low cost of SMRs due to modularization and factory construction. The global small modular reactor market is driven by the growing need for clean, reliable , and flexible power generation and helps in integration with variable renewable energy.
Some of the prominent key players are:General Electric-Hitachi Nuclear Energy (US),Moltex Energy (Canada),NuScale Power (US),Terrestrial Energy (Canada),Westinghouse Electric (US),
The light-water reactor segment is expected to dominate the small modular market, by reactor type, during the forecast period.
The light-water reactors use ordinary water as a coolant and are the most widely adopted type, as these have the lowest technological risks. Light-water reactor is the most commonly adopted SMR technology owing to the high degree of technological readiness and ease of licensing, as regulators and developers are familiar with this technology. These factors are expected to drive the market for this segment during the forecast period..
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The multi-module power plant segment is expected to be the fastest growing small modular reactor market, by deployment, during the forecast period.
The multi-module power plant segment, by deployment, of small modular reactor market is estimated to grow at the fastest rate during the forecast period. The growth of this segment is driven by the ease of financing additional units of SMRs, leading to the economies of series production. Additional modules can be added to the SMR plant, which helps in reducing upfront investments and capital risks, resulting in lower financial costs. In addition, multi-module power plants help avoid long outage periods through unit-by-unit maintenance and allow for staggered refueling.
Asia Pacific likely to emerge as the largest small modular reactor market
In this report, the small modular reactor market has been analyzed for four regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa. The growth of the Asia Pacific market is driven by the increasing investments for the deployment of SMRs in countries such as China and Japan. For instance, in China, various SMRs designs, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed for land and marine deployment. Furthermore, the rise in opportunities for deployment of SMRs in areas with isolated and small scale grid systems such as coastal, island, and offshore areas are expected to fuel growth of small modular reactor market in this region.