Browse in-depth TOC on "Small Modular Reactor Market"
150 - Tables
80 - Figures
250 – Pages
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Gases segment is expected to result in the segment occupying the second largest market share of the Small modular reactor
The gases segment accounted for a share of 22.6% of the small modular reactor market in 2022. The gas-cooled reactor uses helium as a coolant medium during the operation and can be easily pressurized and maintain a stable high temperature facilitating higher efficiency in the operations. Using gas as a medium in the reactor can stop the occurrence of corrosion on the surfaces of the reactor, which reduces the need for maintenance. These operational advantages are pushing the growth of the gases segment. Gas-cooled reactors use graphite as a neutron moderator and carbon dioxide gas as the coolant.
Europe likely to emerge as the second-largest region in Small modular reactor marketEurope accounted for a 30.3% share of the global small modular reactor market in 2022. The scope of the European small modular reactor market includes Russia, the UK, France, and the Rest of Europe. The Rest of Europe includes Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania. According to the BP Statistical Review of World Energy 2022, nuclear energy accounted for about 28.4% of the region’s electricity generation mix. The region accounted for 30.2% of the global nuclear power consumption.
Investments for the development of SMRs and the shift toward the use of clean energy to combat climate change are increasing the opportunities for the deployment of SMRs in this region. For instance, in November 2020, the government pledged USD 298 million to SMRs in 2021 as a part of the UK Research and Innovation (UKRI) through the Low-Cost Nuclear (LCN) program. In November 2019, UKRI provided an initial match funding of USD 23 million to the UK SMR consortium, led by Rolls-Royce, for the development of a conceptual SMR design. In June 2021, Rosatom (Russia) announced its plans to invest USD 7 billion in new nuclear technologies by 2030. The plan includes the development of four floating power units using RITM-200 reactors (55 MWe each) by the end of 2028 for the Baimskaya Mining and Refining Plant in Chukotka. It also aims to commission a land nuclear power plant that utilizes RITM-200 SMR technology by 2030 for the Kyuchusskoye gold deposit in Yakutia. Rosatom also has plans to launch pilot units, including SHELF and ELENA, in remote regions of the country. It intends on concluding the first export contract for its SMR power plants at the end of 2026. Factors such as the integration of SMRs with intermittent renewable energy and the decarbonization of the energy sector enhance the growth of the small modular reactor market in Europe.
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The overall key players are Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), GE Hitachi Nuclear Energy (US), X Energy, LLC. (US), X Energy, LLC. (US), General Atomics (US), ARC Clean Energy, Inc. (Canada), LeadCold Reactors (Sweden), Rolls-Royce (UK), Ultra Safe Nuclear (US), Toshiba Energy Systems & Solutions Corporation (Japan), Tokamak Energy Ltd. (UK), SNC-Lavalin Group (Canada), Afrikantov OKB Mechanical Engineering (Russia), China National Nuclear Corporation (China), Framatome (France), U-BATTERY (UK), and Seaborg Technologies (Denmark).
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