Small Modular Reactor Market

Small Modular Reactor Market - Westinghouse Electric (US) and NuScale Power, LLC. (US) are the Leading players

The small modular reactor market is estimated to be USD 5.8 billion in 2023 to USD 6.8 billion by 2030, at a CAGR of 2.3% during the forecast period. The factors that drive the market growth include versatile nature of nuclear power and modularization of SMRs. SMRs offer the potential for improved economics. Their smaller scale and standardized designs can lead to cost savings in manufacturing, construction, and maintenance. The modular nature of SMRs enables phased deployment, reducing upfront capital costs and allowing for incremental capacity expansion based on demand.

The small modular reactor market is dominated by a few globally established players such as Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), and GE Hitachi Nuclear Energy (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

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Westinghouse Electric (US) held the majority of the global small modular reactor market share in 2022. Westinghouse Electric is the original equipment manufacturer (OEM) and technology provider for ~50% of global commercial nuclear power plants and provides services to approximately two-thirds of the world’s operating fleet. It has a strong foothold in the North American market, with more than 20 regional offices in the US that provide a wide range of nuclear services, automation, fuel, and new plant engineering services. Westinghouse Electric provides nuclear technology to nuclear power plants across Europe in countries such as Belgium, Finland, France, Slovenia, Spain, Sweden, Switzerland, and the UK. The company has a presence in the UK, Sweden, and the US to manufacture and deliver various fuel solutions.

NuScale Power, LLC. (US) held the second-majority of the global small modular reactor market share in 2022. NuScale Power, LLC. has undertaken several projects for the development of small modular reactors in the US, Europe, South Africa, Asia, and Canada. This is evident from the agreements signed with Utah Associated Municipal Power Systems (UAMPS), Ontario Power Generation, Jordan Atomic Energy Commission, CEZ Group, and other parties for the development of SMRs across the world. Furthermore, Nuscale Power, LLC. leverages Fluor’s advanced integrated platforms and design software to develop the small modular reactor. It utilizes Fluor’s NEXT-GENERATION Project Execution Solutions and the Intergraph SmartPlant suite of tools to optimize project execution and design.

Another important player in small modular reactor market is Terrestrial Energy Inc. (Canada) which focuses on several deals such as agreement. For instance, in February 2022, Terrestrial Energy Inc. signed an agreement with the Australian Nuclear Science and Technology Organisation (ANSTO). Under this agreement, ANSTO will provide technical guidance to Terrestrial Energy Inc. for the conditioning of used reactor fuel from the Integral Molten Salt Reactor (IMSR) power plants in the United States, Canada, and the United Kingdom, and other global markets.

Moltex Energy (Canada) is considered to have the fourth largest share in the small modular reactor market. In March 2021, Moltex Energy is seeking financing from the Government of Canada's Strategic Innovation Fund (SIF) and the Atlantic Canada Opportunities Agency (ACOA) to move forward with its proposal to build and commercialise a molten salt reactor and spent fuel recycling facility. Moltex Energy plans to build the Stable Salt Reactor – Wasteburner (SSR-W) and WATSS facility at the Point Lepreau Generating Station site in Saint John, New Brunswick.

Another important player in small modular reactor market is GE Hitachi Nuclear Energy (US) which focuses on several deals such as collaboration. For instance, in July 2021, General Electric Hitachi Nuclear Energy and First Nations Power Authority (FNPA) entered into a collaboration on training and employment opportunities available to qualified indigenous people in Canada. These employees will be trained and certified to service boiling-water reactors and receive critical hands-on experience in servicing boiling-water reactors in advance of future small modular reactor deployment in Ontario and across Canada.

Related Reports:

Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Application (Power Generation, Desalination, Hydrogen Generation, Industrial), Deployment (Single, Multi), Connectivity, Location, Coolant, Power Rating & Region - Global Forecast to 2030

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Small Modular Reactor Market Size,  Share & Growth Report
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