Small Modular Reactor Market

The small modular reactor market is projected to grow at a CAGR of 3.0% from USD 6.00 billion in 2024 to USD 7.14 billion by 2030. The growth is driven by the rapid decarbonization need, growing acceptance towards nuclear energy drives the small modular reactor market expansion. At COP28, more than twenty nations pledged to triple the nuclear power output by 2050, where advanced technologies like small modular reactors and microreactors positioned to be core to this global energy transition.

Some of the leading players, in possession of a wide regional presence, dominate the Small Modular Reactor market. Major players in the Small Modular Reactor market include The State Atomic Energy Corporation ROSATOM (Russia), China National Nuclear Corporation (China), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Westinghouse Electric Company LLC (US), GE Hitachi Nuclear Energy (US) among others. These players have structured their strategies upon acquisitions, expansions, and joint ventures. Among typically adopted strategies, partnership and collaboration are the most accepted strategies from 2020 to 2024.

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MITSUBISHI HEAVY INDUSTRIES, LTD. is one of the largest industrial firms specializing in various sectors such as machinery, power systems, infrastructure, energy, aviation, and defense. The company has four business segments: Energy Systems, Logistics, Thermal & Drive Systems, Plants & Infrastructure Systems, and Aircraft, Defense & Space. MITSUBISHI HEAVY INDUSTRIES, LTD. offers SMR products and services mainly through the segment Energy Systems. This segment offers systems for nuclear power generation (including light-water reactors, nuclear fuel cycle, advanced solutions), thermal power, wind power, aircraft engines, compressors, air quality control systems, and marine machinery.

The company operates around the globe and currently maintains operations all around, including Japan, the U.S., Asia, Europe, Central and South America, Africa, and the Middle East.

The State Atomic Energy Corporation ROSATOM is a diversified company involved in all stages of the nuclear production chain. The company includes nuclear energy, nuclear plants, nuclear reactors & services, nuclear power generation, uranium enrichment, innovation, nuclear fuel, nuclear equipment, nuclear engineering, electricity trading, nuclear decommissioning, radioactive waste management, and nuclear fuel cycle. Its business segments include uranium exploration and mining, nuclear fuel fabrication, nuclear power plant design and construction, power generation, and radioactive waste management.

Over 400 companies, research and development institutes, and a unique fleet of nuclear-powered icebreakers are included in the ranks of ROSATOM, the largest power generation company from Russia and global leader in the nuclear technology sector. The corporation is also involved in innovative projects, such as wind power and nuclear medicine, and conducts the leadership in the Provy (Breakthrough) Project to close the nuclear fuel cycle and enhance the production of clean energy.

The Westinghouse Electric Company LLC is among the largest service providers and product suppliers in the nuclear power industry, specializing in nuclear power, plant modifications, nuclear fuel, new plants, and the provision of outage services. Brookfield Business Partners acquired the company in 2018, reinforcing its position in the marketplace. Westinghouse Electric Company LLC provides a variety of products, solutions, and services, including mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. Moreover, it is engaged in remediation services for the decontamination and decommissioning of power plant sites and the provision of technologies, equipment, as well as engineering and design services for new power plants.

Furthermore, some small modular reactors include integral pressurized-water reactors and microreactors. The company pioneered the nuclear era when it built the first commercial pressurized water reactor in the world at Shippingport, Pennsylvania.

The company has a presence in North America, Europe, the Middle East, and Asia and operates in more than 19 countries across the globe. It has established about 42 corporate offices in North America and Europe and operates sales and service centers in Japan, China, South Korea, the UAE, and South Africa.

GE Hitachi Nuclear Energy is one of the largest providers of advanced reactors, fuel, and nuclear services, and is part of an alliance formed by GE and Hitachi to serve the global nuclear industry. As a leading supplier of advanced reactors, fuel, and nuclear services, GE-Hitachi plays an important role in both nuclear energy supply and provision. This helped both countries boost their role in the nuclear energy business, thus the alliance in Japan is Hitachi-General Electric Nuclear Energy. The firm provides design services of steam turbines for nuclear applications, new nuclear plant services, parts-new and refurbished, reactor core monitoring systems, outage management services, nuclear fuels, inspection services, reactor modifications, plant modernization services, and plant performance software.

Currently, the company is developing a natural circulation, water-cooled small modular reactor called, BWRX-300. It is a 10th generation boiling water reactor. This low-cost reactor requires less concrete and steel and serves both electricity as well as other industrial applications, such as hydrogen production and desalination. Up to 60% lower capital cost per megawatt than typical water-cooled small modular reactors; built in record 24-36 months, offering approximately 90% reduction in overall plant volume. The construction of BWRX-300 is scheduled for 2024-2025 in the United States and for 2027-2028 in Canada to begin commercial operation.The company is operational in North America, South America, Asia Pacific, Europe, Middle East, and Africa.

Related Reports:

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

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