Small Modular Reactors Market are driven by
sustainability Goals

The small modular reactor (SMR) market has seen significant
developments in recent years. SMRs are nuclear fission reactors that are
smaller in size and power capacity as compared to traditional reactors. These
reactors are usually placed underground and can range from 10MW of electricity
to 300MW. SMRs provide compact, scalable, and factory-built or modularized
nuclear power that reduces the capital investment compared to larger nuclear
facilities and expands the range of application to smaller grids. They are
easier to finance as they require smaller initial investments. SMRs can be used
as dispatchable low-carbon energy, process heat for industrial applications,
hydrogen production, and desalination. With an improved safety profile, SMRs
could be deployed nearer to demand centers and in remote off-grid applications
like islands and isolated communities.

Small modular reactor market is estimated to be valued at USD
5.89 Bn in 2024 and is expected to reach USD 7.34 Bn by 2031,
exhibiting a compound annual growth rate (CAGR) of 3.2% from 2024 to
2031.

Key Takeaways



Key players operating in the small modular reactor market are Holtec
International, General Atomics Corporation, Brookfield Asset Management,
Terrestrial Energy Inc., Fluor Corporation, TerraPower, LLC., Moltex Energy, X
Energy LLC, Rolls-Royce plc., ULTRA SAFE NUCLEAR, Westinghouse Electric Company
LLC., Mitsubishi Heavy Industries Ltd., NuScale Power, LLC., and General
Electric Company.

The growing Small
Modular Reactor Market Demand for clean energy sources and
decentralized power generation is driving the adoption of SMRs globally.
Countries around the world are deploying SMRs as they provide low-carbon energy
and energy security. SMRs help meet rising electricity needs while lowering
emissions from the power sector. Nuclear power producing countries are
expanding their SMR programs to new markets.

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