Press Release

North America Small Modular Reactor Market to Flourish Due to the Increasing Production of Low-carbon Electricity

The North America Small Modular Reactor Market is projected to grow at a CAGR of around 14% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The increasing government inclination toward generating low-carbon emitting electricity due to the upsurge in greenhouse gasses has been one of the prime factors boosting the market growth. The countries of the North American region have set various targets of US-100% clean electricity by 2035 to achieve zero carbon electricity in the forthcoming years, which is expected to increase the deployment of small modular reactors.

The integration of the small modular reactor is also projected to grow in the future as an alternative to solar & wind energy due to the intermittency issues faced by these renewable sources. Solar & wind energy generally faces a challenge due to inconsistent weather conditions leading to minimum generation of electricity. This would provide a pathway for the rise in the installation of nuclear power plants in the region owing to its consistent working principle. Small modular reactors being cost-efficient, flexible, and safe than the traditional nuclear reactor would gain wider significance in the region, subsequently augmenting the market growth in the forecast period.

Additionally, the rising support by the government of the US, Canada, and Mexico for the development of small modular reactor sites & the growing focus to deploy SMR for electricity generation are the factors expected to impose an optimistic influence on market growth in the near future. Furthermore, the presence of an aging nuclear fleet in the regional country would also present a growth prospect for the adoption of small modular reactors in the coming years. The integration of SMRs would offer a potential replacement option due to its easier construction & upgrades, reducing costs, and minimizing downtime would enhance the market in the forthcoming years, reveals MarkNtel Advisors in their research report, "North America Small Modular Reactor Market Analysis, 2023."

Light Water Reactors is Expected to Hold a Significant Share in the Coming Years

Based on the type, the market is bifurcated into Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), and Others. Among them, the light-water reactors are forecasted to hold a notable share in the North America Small Modular Reactor Market, owing to the presence of less technological risk & favorable regulatory procedures compared to the other type of reactors.

It mostly uses uranium fuel of less than 5% U-235 & requires refueling after six years. This has been the most efficient reactor among all the small modular reactors, which would lead to its growing deployment in the forecast period. Moreover, the surging government certifications & investment in support of light water reactors are expected to boost the share of light water reactors during the forecast period.

The US Acquired a Considerable Share in the North America Region

The US is expected to acquire a remarkable share in the North America Small Modular Reactor Market due to the presence of a significant number of nuclear power plants in the country coupled with the surging investment to develop an experimental small modular reactor (SMR) plant.

Besides, the strategic alliance by the companies for the development of SMR & ongoing R&D in small modular reactor technology by the government organizations are further expected to have a positive impact on the market growth in the forecast period. For instance, in 2020, the US Department of Energy awarded USD1.35 billion to the Carbon Free Power Project (CFPP) to develop an experimental small modular reactor (SMR) plant.

The CFPP is a subsidiary of the Utah Associated Municipal Power Systems (UAMPS) & would work with private partner NuScale Power, LLC, to construct the plant at the Idaho National Laboratory beginning in 2025. Hence, similar research & development procedures would provide a pathway for the commercialization of all types of small modular reactors & increase their deployment in the future years.

Competitive Landscape

According to MarkNtel Advisors, the leading players in the North America Small Modular Reactor Market are; Terrestrial Energy Inc., Candu Energy Inc (SNCLavalin Group), Westinghouse Electric Company LLC, NuScale Power, Moltex Energy, GE Hitachi Nuclear Energy, X-energy, Holtec International, General Atomics, Ultra Safe Nuclear, ARC Nuclear Canada Inc., and Others.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across the country, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?