A recent research report published by MarkNtel Advisors states that the Global Small Modular Reactor Market is set to experience around 14% CAGR during 2022-27. Increasing R&D activities associated with Small Modular Reactors (SMRs) to seek eco-friendly & sustainable alternatives for energy generation using renewable resources like wind, solar, etc., are driving the global market. It is principally to cater to the power requirements across different industrial verticals without massive carbon emission generation.
Besides, the compact size & electrical power generation of around 300MW with SMRs, coupled with the extensive power utilization across industrial & commercial sectors for diverse applications, is also anticipated to escalate their deployment in the coming years. In addition, the convenience of shorter manufacturing time for SMRs than traditional nuclear reactors and higher energy production rate due to its development in controlled factory environments shall further propel the Global Small Modular Reactor Market growth during 2022-27.
Moreover, the rapidly increasing population, growing energy consumption, and swift industrial developments, among others, coupled with the alarming environmental concerns and the critical need to reduce dependency on fossil fuels for energy generation, are other notable factors projected to promulgate the adoption of SMRs as a reliable alternative for clean energy across different industries through 2027, further states the research report, “Global Small Modular Reactors Market Analysis, 2022.”
With Flexible Sitting & Operations, Power Generation Application of SMRs Dominates the Global Market
Of all applications, power generation is anticipated to acquire the largest share in the Global Small Modular Reactors Market through 2027. The ability of SMRs to be integrated with renewable energies in order to offer flexible & baseload power, coupled with their siting & operating flexibility, are driving the demand for SMRs for the power generation application, especially at locations that lack the infrastructure to support large units.
Besides, with the growing establishment of industries owing to rapid industrialization, the energy consumption rates are rising rapidly and have significant dependencies on fossil fuels. Hence, to reduce this reliance, governments of different countries worldwide are encouraging the adoption of renewable alternatives like SMRs for power generation purposes and, in turn, augmenting the overall growth of the Global Small Modular Reactor Market.
With Massive Investments in SMR Developments, Asia-Pacific to Acquire a Notable Market Share
Asia-Pacific is anticipated to acquire a prominent share in the Small Modular Reactors Market during 2022-27. It owes primarily to substantial investments by countries like China, Japan, & India in developing a mechanism that suffices energy generation using renewable resources while eliminating the utilization of fossil fuels & facilitating decarbonization.
Besides, favorable government policies for the development & approval of SMRs for various applications, coupled with the increasing establishment of prominent SMR manufacturers across Asia-Pacific, are other crucial aspects stimulating the regional market growth. Moreover, these leading players being actively indulged in several R&D activities to expand their product portfolio of SMRs and develop new modules for power generation & other applications across different countries further project remunerative prospects for the Asia-Pacific Small Modular reactor Market through 2027.
The major companies in the Global Small Modular Reactors Market include Advanced Reactor Concepts, LLC, Bechtel Corporation, China National Nuclear Corporation (CNNC), General Atomics, General Electric Hitachi Nuclear Energy, Holtec International, Mitsubishi Heavy Industries Ltd., Nuclear Power Corporation of India Limited (NPCIL), Shanghai Nuclear Engineering Research and Design Institute Co., Ltd. (SNERDI), and Toshiba International Corporation.
Key Questions Answered in the Research Report: