Small Modular Reactor Market

NuScale Power, LLC. (US) and Westinghouse Electric Corporation (US) are leading players in Small Modular Reactor Market

The small modular reactor market is expected to grow from an estimated in USD 5.7 billion in 2022 to USD 7.0 billion by 2030, at a CAGR of 2.7% from 2022–2030. Benefits of modularization and factory construction is the main driver for the small modular reactor market. Modularization enables the simplification of construction by dividing nuclear power plant structures, equipment, and/or components into modules that can be manufactured in a purpose-built factory, transported, and then assembled on-site. The various benefits of modularization of SMRs such as shortened construction schedules; reductions in construction cost; opportunity for production learning and repeatability; improved constructability, efficient quality control & assurance; and improved project cash flow are expected to offer lucrative opportunities for the small modular reactor market during the forecast period.

A few major players that have a wide regional presence dominate the small modular reactor market. The leading players in the small modular reactor market include NuScale Power, LLC. (US), Westinghouse Electric Corporation (US), GE Hitachi Nuclear Energy (US), Terrestial Energy Inc. (Canada), and Moltex Energy (Canada).

The major strategies adopted by these players include contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and investments were the two most commonly adopted strategy from 2017 to 2022.

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NuScale Power, LLC. is a nuclear technology company that designs and engineers nuclear steam supply systems and nuclear power plants. In 2011, Fluor (US) became a majority investor in NuScale Power, LLC. and a key strategic partner for the engineering, procurement, and construction services. A few of the key minority shareholders of the company are Oregon State University (US), ARES Holding (US), Enercon Services (Germany), Ultra Electronics (UK), Doosan Heavy Industries and Construction (South Korea), and Sargent & Lundy (US). The company specializes in the R&D of small, modular, scalable light-water reactors. NuScale Power’s small modular reactor received Standard Design Approval from the US Nuclear Regulatory Commission (NRC) in August 2020. NuScale Power, LLC. will site a NuScale 12-module reference plant in Idaho, which is expected to become fully operational by 2027 as a part of the Carbon-free Power Project initiated by Utah Associated Municipal Power Systems. NuScale Power, LLC. has corporate offices in Oregon, North Carolina, Maryland, and Washington in the US and London, UK. The company has undertaken SMR projects in Canada, the US, Europe, South Africa, and Asia.

Westinghouse Electric Company LLC is one of the leading service providers and product suppliers for the nuclear power industry. The company was acquired by Brookfield Business Partners in August 2018. Its products, solutions, and services include mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. Westinghouse Electric Company LLC also offers services related to the decontamination, decommissioning, and remediation of power plant sites as well as technologies, equipment, and engineering and design services for new power plants. Westinghouse Electric Company LLC offers small modular reactors such as integral pressurized-water reactors and microreactors. The company expects to have its integral pressurized-water reactors ready for deployment in the US by the end of 2022. It intends on building a demonstration unit of its microreactor design by 2022 and deploying it for commercial operation by 2025. Westinghouse Electric Company LLC’s key markets are North America, Europe, the Middle East, and Asia. The company has operations in more than 19 countries across the world. It has established approximately 42 corporate offices in North America and Europe and operates sales and service centers in Japan, China, South Korea, the UAE, and South Africa.

Related Reports:

Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Industrial), Coolant and Region - Global Forecast to 2030

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Small Modular Reactor Market Size,  Share & Growth Report
Report Code
EP 7975
RI Published ON
8/4/2022
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