Global Small Modular Reactors Market Expected to Reach USD 325.2 Billion to USD 520.6 Billion in terms of Conservative Scenario and High Growth Scenario respectively by the end of year 2035

According to a recent market study published by Growth Market Reports (GMR), titled, “Small Modular Reactors Market by Type, by End-user, and by Region: Size, Share, Trends and Opportunity Analysis, 2019 and 2035″, the market was valued at USD 4.6 Billion in 2019 and is expected to grow at a healthy growth rate of over 30% by the year 2035. The Small Modular Reactors Market is anticipated to grow substantially during forecast period due to rise in demand for electricity worldwide with growing population. Moreover, the increased demand for sustainable energy and to lessen the carbon footprint, use of nuclear energy is rising. These factors are expected to drive the small modular reactors market during the forecast period.

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Small Modular Reactors has been fragmented based on type, end-user, and region. In terms of type, the market has been bifurcated into molten salt reactors (MSR), pressurized water reactor (PWR), sodium fast reactor (SFR), high temperature reactor (HTR), fast neutron reactor (FNR), and others. Based on the end-user, the market has been divided into, power and energy, oil and gas, shipping and others. By region Small Modular Reactors market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America region is further bifurcated into countries such as the U.S., and Canada. The Latin America region is further segmented into Mexico, Brazil, Chile, and Argentina. The Asia Pacific has been further segmented into, India, China, SEA, Australia, and Pakistan. The European region is further categorized into U.K., Russia, and rest of Europe. The MEA region is further divided into Tunisia, South Africa, M.E., and Near East.

The effect of COVID-19 pandemic situation has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide. Although the COVID-19 pandemic is diminishing production activities across energy and power, oil and gas industries worldwide. As production of energy and power, distillation of oils, and shipping did not stop completely in some cases, the market is expected to be least affected during this pandemic. The global supply chain has at the same time slowed down due to restrictions on national borders. Regarding the small modular reactors market the planned investment in these projects are witnessing mild shift due to adverse effect on economies create by this pandemic situation.

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As per GMR industry analyst Vidya Jadhav, “The rising focus towards sustainable energy generation alternatives to propel growth of small modular reactors market during forecast period. The strong pipeline of over 50 designs ready across worldwide locations is expected to drive the power generation through SMRs in near future. Moreover, the benefits of SMRs over Large reactors such as modular designs, flexibility in terms of operation and construction, lower cost and less timeline requirement for turning design into final working plant is anticipated to boost the demand small modular reactors around global locations.

Key Takeaways from the Study:

• APAC region is expected to grow during the forecast period due to an increase in demand for Small Modular Reactors accounting to rising demand for power and energy with the growing population in this region. Europe and North America region are expected to show a significant growth as US and Canada are investing more in sustainable energy sources.
• The pressurized water reactor segment held a dominant share of the small modular reactors market in 2019. The molten salt reactors segment is expected to expand at a rapid pace, following the pressurized water reactor and fast neutron reactor segment, with a significant growth during the forecast period.
• The power and energy segment accounted for a larger market share in 2019. The others and shipping segment is likely to grow significantly during the forecast period.

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Report Scope:

Target Audience:

• Supply-side: Small Modular Reactors manufacturers, raw material suppliers, primary respondents, and distributors,
• Demand Side: power and energy plants, oil and gas processing plants, shipping, water desalination, etc.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
• Associations and Industry Bodies: US Nuclear Regulatory Commission (NRC), UK Office for Nuclear Regulation(ONR), Association Vincotte Nuclear(AVN), Argentine Nuclear Regulatory Authority(ARN), Australian Safeguards and Non-Proliferation Office(ASNO), Brazilian Comissao Nacional de Energia Nuclear(CNEN), Bulgarian Nuclear Regulatory Agency(NRA), Canadian Nuclear Safety Commission(CNSC), International Atomic Energy Agency(IAEA), Nuclear Energy Agency(NEA).

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