Power Generation Fuels the Growth of the Small Modular Reactor Market

Small modular reactors are up-to-date nuclear reactors that possess a power capacity of up to 300 MW per unit, indicating one-third of the generating capacity of conventional nuclear power reactors. SMRs can make an extensive amount of low-carbon electricity. There are many benefits of SMRs. They have a smaller footprint; thus, they can be sited in locations not appropriate for bigger nuclear power plants. Readymade SMRs can be manufactured and shipped, and installed on-site, making them more inexpensive structures than more giant power reactors, which are usually custom-designed for a specific location and can sometimes lead to construction delays.

According to the research report, the global small modular reactor market was valued at USD 9.54 billion in 2021 and is expected to reach USD 13.0 Billion By 2030, to grow at a CAGR of 3.6% during the forecast period.

More than 70 commercial SMR designs are being developed globally and target several outputs and diverse applications like hybrid energy systems, electricity, water desalination, and steam for industrial applications. Albeit SMRs have lesser upfront capital costs per unit, their economic diligence is yet to be demonstrated in practice after their deployment.

The workable nature of nuclear energy could guarantee the transformation of a cleaner world and a more robust global economy. Lately, clean energy sources have witnessed speedy innovations and cost reductions. Wind power, solar photovoltaic, hydropower, dispatchable geothermal, biomass, fossil energy, and so on have experienced fast economic and technological advances.

The former generation of nuclear power plants is extensive in size and needs massive capital and construction time. Locations away from the comprehensive power grid systems have trouble installing atomic reactors. Therefore, setting up a nuclear reactor is not practical in remote areas, thus surfacing for the advancement of smaller atomic reactors.

Governments globally want to witness SMRs entirely deployed so that the reliance on fossil fuels will be lessened. The prevalent covid-19 has escalated the speed of market progression by concentrating more on nuclear energy technology which subsequently is anticipated to drive the growth of the small modular reactor market.

Recent developments

In July 2021, General Electric Hitachi Nuclear Energy and First Nations Power Authority (FNPA) collaborated on training and employment possibilities obtainable to qualified native people in Canada. These employees will be trained and certified to service boiling water reactor technology and acquire hands-on analytical experience in servicing boiling water reactors beforehand for minor modular reactor deployment progression in Ontario and Canada.

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Key players

Key players engaged in the small modular reactor industry include Brookfield, Fluor Corporation, General Atomics, General Electric, Holtec International, Mitsubishi Heavy Industries, Rolls Royce Plc, TerraPower LLC, Terrestrial Energy, and X Energy LLC. The vital strategic players such as Rolls Royce and General Electric adopted the agreement.