Summary

Nuclear Small Modular Reactors (SMRs) are emerging as potential game-changers in the global energy landscape, offering a compact and flexible alternative to traditional large-scale nuclear power plants. These innovative reactors, designed to produce up to 400 megawatts of electricity, are garnering significant attention due to their enhanced safety features, lower investment costs, and ability to be deployed in various settings. With over 80 commercial SMR designs currently under development worldwide, the market is witnessing rapid innovation led by established nuclear companies and supported by government initiatives in countries like the United States, United Kingdom, China, and Russia.

The growing interest in SMRs is driven by global efforts to decarbonize energy systems while maintaining reliable baseload power. Their compact size allows for integration into existing grid infrastructure, and their potential applications extend beyond electricity generation to include industrial process heat, hydrogen production, and powering data centers amidst the artificial intelligence boom. As countries increasingly adopt safe and sustainable energy sources, analysts expect SMRs to be commercialized within the next five to ten years, with several first-of-a-kind projects set to demonstrate their viability on a commercial scale.

Despite their promise, the SMR market faces challenges, including first-of-a-kind costs, regulatory hurdles, and the need for public acceptance. However, ongoing technological advancements, efforts to streamline licensing processes, and international cooperation are paving the way for SMRs to play a significant role in the clean energy transition. The success of SMRs will depend on continued research and development, cost reductions through standardization, robust supply chain development, and effective public engagement. As the global energy landscape continues to evolve, SMRs are positioned to become an integral part of the diverse and sustainable energy mix of the future, offering a flexible and low-carbon solution to meet growing energy demands.

The Nuclear SMR Global Market 2025-2045 provides an in-depth analysis of the rapidly evolving Small Modular Reactor (SMR) industry. This report offers valuable insights into market trends, technological advancements, and growth opportunities in the global nuclear SMR market over the next two decades. This report examines various types of SMR technologies, including Light Water Reactors (LWRs), High-Temperature Gas-Cooled Reactors (HTGRs), Fast Neutron Reactors (FNRs), and Molten Salt Reactors (MSRs).

Key highlights of the report include:

• Market Overview and Forecasts: The report provides detailed market size estimates and projections from 2025 to 2045, segmented by reactor type, application, and geographical region. It offers a comprehensive analysis of market drivers, restraints, opportunities, and challenges shaping the industry's future.
• Technology Analysis: An in-depth examination of current and emerging SMR technologies, including Light Water Reactors (LWRs), High-Temperature Gas-Cooled Reactors (HTGRs), Fast Neutron Reactors (FNRs), Molten Salt Reactors (MSRs), and microreactors. The report evaluates the strengths, weaknesses, opportunities, and threats (SWOT) for each technology.
• Application Insights: The study explores various applications of SMR technology across multiple sectors, including:
  • Electricity Generation: Grid-connected power plants and load-following capabilities
  • Industrial Applications: Process heat for manufacturing, desalination, and hydrogen production
  • Remote and Off-Grid Power: Energy solutions for isolated communities and industrial sites
  • Marine Propulsion: Naval applications and potential for commercial shipping
• Competitive Landscape: A comprehensive analysis of key players in the SMR market, including their reactor designs, market strategies, and recent developments. The report profiles leading companies and emerging startups shaping the industry's future. Companies profiled include ARC Clean Technology, Blue Capsule, Blykalla, BWX Technologies, China National Nuclear Corporation (CNNC), Deep Fission, EDF, GE Hitachi Nuclear Energy, General Atomics, Hexana, Holtec International, Kärnfull Next, Korea Atomic Energy Research Institute (KAERI), Last Energy, Moltex Energy, Naarea, Nano Nuclear Energy, Newcleo, NuScale Power, Oklo, Rolls-Royce SMR, Rosatom, Seaborg Technologies, Steady Energy, Stellaria, Terrestrial Energy, TerraPower, The Nuclear Company, Thorizon, Ultra Safe Nuclear Corporation, Westinghouse Electric Company, and X-Energy.
• Future Outlook and Emerging Trends: Insights into technological advancements, potential disruptive technologies, and long-term market predictions extending to 2045 and beyond. The report identifies key growth areas and innovation hotspots in the SMR industry.
• Regional Analysis: A detailed examination of SMR market dynamics across North America, Europe, Asia-Pacific, and other regions, highlighting regional adoption trends and growth opportunities.
• Value Chain Analysis: An overview of the SMR industry value chain, from fuel suppliers to reactor manufacturers and end-users, providing a holistic view of the market ecosystem.
• Regulatory Landscape: An examination of relevant regulations and standards affecting the development and deployment of SMRs across different regions and applications.

This report is an essential resource for:

• Nuclear technology developers and manufacturers
• Utility companies and power plant operators
• Government agencies and policymakers
• Industrial companies seeking clean energy solutions
• Investment firms and financial analysts
• Market researchers and consultants
• Environmental organizations and clean energy advocates

Key features of the report include:

• Over 100 tables and figures providing clear, data-driven insights
• Detailed company profiles of more than 30 key players in the SMR industry
• Comprehensive market size and forecast data segmented by technology, application, and region
• In-depth analysis of emerging technologies and their potential impact on the market
• Expert commentary on market trends, challenges, and opportunities

The global nuclear SMR market is poised for significant growth, with increasing demand for clean, reliable, and flexible energy sources across various industries. This report provides a thorough understanding of the current market landscape, emerging technologies, and future growth prospects, making it an invaluable tool for decision-makers looking to capitalize on opportunities in the SMR sector.

By leveraging extensive primary and secondary research, including interviews with industry experts and analysis of proprietary data, The Nuclear SMR Global Market 2025-2045 offers unparalleled insights into this dynamic and rapidly evolving industry. Whether you're a technology provider, utility company, investor, or policymaker, this report will equip you with the knowledge and understanding needed to navigate the exciting future of small modular reactor technologies.

ページTOPに戻る

Table of Contents

1 EXECUTIVE SUMMARY 15

• 1.1 Market Overview 15
  • 1.1.1 The nuclear industry 16
  • 1.1.2 Renewed interest in nuclear energy 17
  • 1.1.3 Nuclear energy costs 18
  • 1.1.4 SMR benefits 19
  • 1.1.5 Decarbonization 20
• 1.2 Market Forecast 21
• 1.3 Technological Trends 22
• 1.4 Regulatory Landscape 23

2 INTRODUCTION 25

• 2.1 Definition and Characteristics of SMRs 25
• 2.2 Established nuclear technologies 27
• 2.3 History and Evolution of SMR Technology 29
• 2.4 Advantages and Disadvantages of SMRs 32
• 2.5 Comparison with Traditional Nuclear Reactors 34
• 2.6 Current SMR reactor designs and projects 36
• 2.7 Types of SMRs 37
  • 2.7.1 Light Water Reactors (LWRs) 39
    • 2.7.1.1 Pressurized Water Reactors (PWRs) 40
      • 2.7.1.1.1 Overview 40
      • 2.7.1.1.2 Key features 42
      • 2.7.1.1.3 Examples 43
    • 2.7.1.2 Pressurized Heavy Water Reactors (PHWRs) 45
      • 2.7.1.2.1 Overview 45
      • 2.7.1.2.2 Key features 46
      • 2.7.1.2.3 Examples 47
    • 2.7.1.3 Boiling Water Reactors (BWRs) 48
      • 2.7.1.3.1 Overview 48
      • 2.7.1.3.2 Key features 49
      • 2.7.1.3.3 Examples 50
  • 2.7.2 High-Temperature Gas-Cooled Reactors (HTGRs) 51
    • 2.7.2.1 Overview 51
    • 2.7.2.2 Key features 51
    • 2.7.2.3 Examples 53
  • 2.7.3 Fast Neutron Reactors (FNRs) 55
    • 2.7.3.1 Overview 55
    • 2.7.3.2 Key features 55
    • 2.7.3.3 Examples 56
  • 2.7.4 Molten Salt Reactors (MSRs) 58
    • 2.7.4.1 Overview 58
    • 2.7.4.2 Key features 59
    • 2.7.4.3 Examples 60
  • 2.7.5 Microreactors 61
    • 2.7.5.1 Overview 61
    • 2.7.5.2 Key features 61
    • 2.7.5.3 Examples 62
  • 2.7.6 Heat Pipe Reactors 64
    • 2.7.6.1 Overview 64
    • 2.7.6.2 Key features 64
    • 2.7.6.3 Examples 65
  • 2.7.7 Liquid Metal Cooled Reactors 67
    • 2.7.7.1 Overview 67
    • 2.7.7.2 Key features 67
    • 2.7.7.3 Examples 67
  • 2.7.8 Supercritical Water-Cooled Reactors (SCWRs) 70
    • 2.7.8.1 Overview 70
    • 2.7.8.2 Key features 70
  • 2.7.9 Pebble Bed Reactors 73
    • 2.7.9.1 Overview 73
    • 2.7.9.2 Key features 74
• 2.8 Applications of SMRs 75
  • 2.8.1 Electricity Generation 79
  • 2.8.2 Process Heat for Industrial Applications 80
  • 2.8.3 Desalination 82
  • 2.8.4 Remote and Off-Grid Power 84
  • 2.8.5 Hydrogen and industrial gas production 86
  • 2.8.6 Space Applications 87
• 2.9 Market challenges 89
• 2.10 Safety of SMRs 90

3 GLOBAL ENERGY LANDSCAPE AND THE ROLE OF SMRs 92

• 3.1 Current Global Energy Mix 92
• 3.2 Projected Energy Demand (2025-2045) 93
• 3.3 Climate Change Mitigation and the Paris Agreement 95
• 3.4 Nuclear Energy in the Context of Sustainable Development Goals 96
• 3.5 SMRs as a Solution for Clean Energy Transition 97

4 TECHNOLOGY OVERVIEW 98

• 4.1 Design Principles of SMRs 98
• 4.2 Key Components and Systems 99
• 4.3 Safety Features and Passive Safety Systems 101
• 4.4 Cycle and Waste Management 102
• 4.5 Advanced Manufacturing Techniques 103
• 4.6 Modularization and Factory Fabrication 105
• 4.7 Transportation and Site Assembly 106
• 4.8 Grid Integration and Load Following Capabilities 107
• 4.9 Emerging Technologies and Future Developments 108

5 REGULATORY FRAMEWORK AND LICENSING 110

• 5.1 International Atomic Energy Agency (IAEA) Guidelines 110
• 5.2 Nuclear Regulatory Commission (NRC) Approach to SMRs 111
• 5.3 European Nuclear Safety Regulators Group (ENSREG) Perspective 112
• 5.4 Regulatory Challenges and Harmonization Efforts 113
• 5.5 Licensing Processes for SMRs 114
• 5.6 Environmental Impact Assessment 115
• 5.7 Public Acceptance and Stakeholder Engagement 116

6 MARKET ANAYSIS 119

• 6.1 Global Market Size and Growth Projections (2025-2045) 120
• 6.2 Market Segmentation 122
  • 6.2.1 By Reactor Type 122
  • 6.2.2 By Application 124
  • 6.2.3 By Region 126
• 6.3 Market Drivers and Restraints 128
• 6.4 SWOT Analysis 129
• 6.5 Value Chain Analysis 130
• 6.6 Cost Analysis and Economic Viability 132
• 6.7 Financing Models and Investment Strategies 134
• 6.8 Regional Market Analysis 135
  • 6.8.1 North America 136
    • 6.8.1.1 United States 136
    • 6.8.1.2 Canada 137
  • 6.8.2 Europe 138
    • 6.8.2.1 United Kingdom 138
    • 6.8.2.2 France 139
    • 6.8.2.3 Russia 140
  • 6.8.3 Other European Countries 141
  • 6.8.4 Asia-Pacific 143
    • 6.8.4.1 China 144
    • 6.8.4.2 Japan 145
    • 6.8.4.3 South Korea 146
    • 6.8.4.4 India 147
    • 6.8.4.5 Other Asia-Pacific Countries 148
  • 6.8.5 Middle East and Africa 148
  • 6.8.6 Latin America 149

7 COMPETITIVE LANDSCAPE 150

• 7.1 Market players 150
• 7.2 Competitive Strategies 152
• 7.3 Recent market news 153
• 7.4 New Product Developments and Innovations 157
• 7.5 SMR private investment. 159

8 SMR DEPOLYMENT SCENARIOS 161

• 8.1 First-of-a-Kind (FOAK) Projects 162
• 8.2 Nth-of-a-Kind (NOAK) Projections 163
• 8.3 Deployment Timelines and Milestones 164
• 8.4 Capacity Additions Forecast (2025-2045) 165
• 8.5 Market Penetration Analysis 167
• 8.6 Replacement of Aging Nuclear Fleet 169
• 8.7 Integration with Renewable Energy Systems 170

9 SUPPLY CHAIN ANALYSIS 172

• 9.1 Raw Materials and Component Suppliers 173
• 9.2 Manufacturing and Assembly 174
• 9.3 Transportation and Logistics 175
• 9.4 Installation and Commissioning 176
• 9.5 Operation and Maintenance 177
• 9.6 Decommissioning and Waste Management 178
• 9.7 Supply Chain Risks and Mitigation Strategies 179

10 ECONOMIC IMPACT ANALYSIS 180

• 10.1 Job Creation and Skill Development 180
• 10.2 Local and National Economic Benefits 181
• 10.3 Impact on Energy Prices 182
• 10.4 Comparison with Other Clean Energy Technologies 183

11 ENVIRONMENTAL AND SOCIAL IMPACT 186

• 11.1 Carbon Emissions Reduction Potential 186
• 11.2 Land Use and Siting Considerations 187
• 11.3 Water Usage and Thermal Pollution 188
• 11.4 Radioactive Waste Management 189
• 11.5 Public Health and Safety 191
• 11.6 Social Acceptance and Community Engagement 192

12 POLICY AND GOVERNMENT INITIATIVES 194

• 12.1 National Nuclear Energy Policies 195
• 12.2 SMR-Specific Support Programs 197
• 12.3 Research and Development Funding 198
• 12.4 International Cooperation and Technology Transfer 200
• 12.5 Export Control and Non-Proliferation Measures 202

13 CHALLENGES AND OPPORTUNITIES 204

• 13.1 Technical Challenges 204
  • 13.1.1 Design Certification and Licensing 205
  • 13.1.2 Fuel Development and Supply 206
  • 13.1.3 Component Manufacturing and Quality Assurance 206
  • 13.1.4 Grid Integration and Load Following 208
• 13.2 Economic Challenges 209
  • 13.2.1 Capital Costs and Financing 209
  • 13.2.2 Economies of Scale 210
  • 13.2.3 Market Competition from Other Energy Sources 212
• 13.3 Regulatory Challenges 213
  • 13.3.1 Harmonization of International Standards 213
  • 13.3.2 Site Licensing and Environmental Approvals 214
  • 13.3.3 Liability and Insurance Issues 215
• 13.4 Social and Political Challenges 216
  • 13.4.1 Public Perception and Acceptance 218
  • 13.4.2 Nuclear Proliferation Concerns 218
  • 13.4.3 Waste Management and Long-Term Storage 218
• 13.5 Opportunities 220
  • 13.5.1 Decarbonization of Energy Systems 220
  • 13.5.2 Energy Security and Independence 221
  • 13.5.3 Industrial Applications and Process Heat 221
  • 13.5.4 Remote and Off-Grid Power Solutions 222
  • 13.5.5 Nuclear-Renewable Hybrid Energy Systems 223

14 FUTURE OUTLOOK AND SCENARIOS 224

• 14.1 Technology Roadmap (2025-2045) 225
• 14.2 Market Evolution Scenarios 226
  • 14.2.1 Conservative Scenario 227
  • 14.2.2 Base Case Scenario 228
  • 14.2.3 Optimistic Scenario 229
• 14.3 Long-Term Market Projections (Beyond 2045) 230
• 14.4 Potential Disruptive Technologies 232
• 14.5 Global Energy Mix Scenarios with SMR Integration 233

15 CASE STUDIES 234

16 INVESTMENT ANALYSIS 239

• 16.1 Return on Investment (ROI) Projections 239
• 16.2 Risk Assessment and Mitigation Strategies 240
• 16.3 Comparative Analysis with Other Energy Investments 242
• 16.4 Public-Private Partnership Models 243

17 RECOMMENDATIONS 244

• 17.1 For Policymakers and Regulators 244
• 17.2 For Industry Stakeholders and Manufacturers 245
• 17.3 For Utility Companies and Energy Providers 246
• 17.4 For Investors and Financial Institutions 247
• 17.5 For Research and Academic Institutions 248

18 COMPANY PROFILES 249 (32 company profiles)

19 APPENDICES 284

• 19.1 List of Abbreviations 284
• 19.2 Research Methodology 285
• 19.3 Glossary of Terms 286

20 REFERENCES 289

ページTOPに戻る

List of Tables/Graphs

List of Tables

• Table 1. Generations of nuclear technologies. 16
• Table 2. Technological trends in Nuclear Small Modular Reactors (SMR). 22
• Table 3. Regulatory landscape for Nuclear Small Modular Reactors (SMR). 23
• Table 4. Designs by generation. 27
• Table 5. Established nuclear technologies. 27
• Table 6. Advantages and Disadvantages of SMRs. 32
• Table 7. Comparison with Traditional Nuclear Reactors. 34
• Table 8. Comparison of SMR Types: LWRs, HTGRs, FNRs, and MSRs. 38
• Table 9. Applications of SMRs. 75
• Table 10. SMR Applications and Their Market Share, 2025-2045. 76
• Table 11. Global Energy Mix Projections, 2025-2045. 92
• Table 12. Key Components and Systems. 99
• Table 13. Key Safety Features of SMRs. 101
• Table 14. Advanced Manufacturing Techniques. 103
• Table 15. Emerging Technologies and Future Developments in SMRs. 108
• Table 16. Global SMR Market Size and Growth Rate, 2025-2045 120
• Table 17. SMR Market Size by Reactor Type, 2025-2045. 122
• Table 18. SMR Market Size by Application, 2025-2045. 124
• Table 19. SMR Market Size by Region, 2025-2045. 126
• Table 20. Cost Breakdown of SMR Construction and Operation. 132
• Table 21. Financing Models for SMR Projects. 134
• Table 22. Projected SMR Capacity Additions by Region, 2025-2045. 135
• Table 23. Main SMR market players. 150
• Table 24. Nuclear Small Modular Reactor (SMR) Market News 2022-2024. 153
• Table 25. SMR private investment. 159
• Table 26. Major SMR Projects and Their Status, 2025. 161
• Table 27. SMR Deployment Scenarios: FOAK vs. NOAK. 161
• Table 28. SMR Deployment Timeline, 2025-2045. 164
• Table 29. SMR Supply Chain Components and Key Players. 172
• Table 30. Job Creation in SMR Industry by Sector. 180
• Table 31. Comparison with Other Clean Energy Technologies. 183
• Table 32. Comparison of Carbon Emissions: SMRs vs. Other Energy Sources. 186
• Table 33. Land Use Comparison: SMRs vs. Traditional Nuclear Plants. 187
• Table 34. Water Usage Comparison: SMRs vs. Traditional Nuclear Plants. 188
• Table 35. Government Funding for SMR Research and Development by Country. 194
• Table 36. Government Initiatives Supporting SMR Development by Country. 194
• Table 37. National Nuclear Energy Policies. 195
• Table 38. SMR-Specific Support Programs. 197
• Table 39. R&D Funding Allocation for SMR Technologies. 198
• Table 40. International Cooperation Networks in SMR Development. 200
• Table 41. Export Control and Non-Proliferation Measures. 202
• Table 42. Technical Challenges in SMR Development and Deployment. 204
• Table 43. Economic Challenges in SMR Commercialization. 209
• Table 44. Market Competition: SMRs vs. Other Clean Energy Technologies. 212
• Table 45. Regulatory Challenges for SMR Adoption. 213
• Table 46. Regulatory Harmonization Efforts for SMRs Globally. 213
• Table 47. Liability and Insurance Models for SMR Operations. 215
• Table 48. Social and Political Challenges for SMR Implementation. 216
• Table 49. Non-Proliferation Measures for SMR Technology. 218
• Table 50. Waste Management Strategies for SMRs. 219
• Table 51. Decarbonization Potential of SMRs in Energy Systems. 220
• Table 52. SMR Applications in Industrial Process Heat. 221
• Table 53. Off-Grid and Remote Power Solutions Using SMRs. 222
• Table 54. SMR Market Evolution Scenarios, 2025-2045. 226
• Table 55. Long-Term Market Projections for SMRs (Beyond 2045). 230
• Table 56. Potential Disruptive Technologies in Nuclear Energy. 232
• Table 57. Global Energy Mix Scenarios with SMR Integration, 2045. 233
• Table 58. ROI Projections for SMR Investments, 2025-2045. 239
• Table 59. Comparative ROI: SMRs vs. Other Energy Investments. 239
• Table 60. Risk Assessment and Mitigation Strategies. 240
• Table 61. SMR Supply Chain Risk Mitigation Strategies. 241
• Table 62. Comparative Analysis with Other Energy Investments. 242
• Table 63. Public-Private Partnership Models for SMR Projects. 243
• Table 64. Stakeholder Engagement Model for SMR Projects. 245

List of Figures

• Figure 1. SMR Market Growth Trajectory, 2025-2045. 21
• Figure 2. Schematic of Small Modular Reactor (SMR) operation. 26
• Figure 3. Linglong One. 36
• Figure 4. CAREM reactor. 43
• Figure 5. Westinghouse Nuclear AP300™ Small Modular Reactor 44
• Figure 6. Advanced CANDU Reactor (ACR-300) schematic. 47
• Figure 7. GE Hitachi's BWRX-300. 50
• Figure 8. The nuclear island of HTR-PM Demo. 53
• Figure 9. U-Battery schematic. 53
• Figure 10. TerraPower's Natrium. 56
• Figure 11. Russian BREST-OD-300. 57
• Figure 12. Terrestrial Energy's IMSR. 60
• Figure 13. Moltex Energy's SSR. 60
• Figure 14. Westinghouse's eVinci . 62
• Figure 15. Ultra Safe Nuclear Corporation's MMR. 62
• Figure 16. Leadcold SEALER. 68
• Figure 17. GE Hitachi PRISM. 68
• Figure 18. SCWR schematic. 70
• Figure 19. SMR Applications and Their Market Share, 2025-2045. 77
• Figure 20. Projected Energy Demand (2025-2045). 94
• Figure 21. SMR Licensing Process Timeline. 114
• Figure 22. Global SMR Market Size and Growth Rate, 2025-2045. 121
• Figure 23. SMR Market Size by Reactor Type, 2025-2045. 122
• Figure 24. SMR Market Size by Application, 2025-2045. 124
• Figure 25. SMR Market Size by Region, 2025-2045. 126
• Figure 26. SWOT Analysis of the SMR Market. 129
• Figure 27. Nuclear SMR Value Chain. 130
• Figure 28. Global SMR Capacity Forecast, 2025-2045. 166
• Figure 29. SMR Market Penetration in Different Energy Sectors. 167
• Figure 30. Carbon Emissions Reduction Potential of SMRs, 2025-2045. 186
• Figure 31. SMR Fuel Cycle Diagram. 206
• Figure 32. Modular Construction Process for SMRs. 207
• Figure 33. Power plant with small modular reactors. 208
• Figure 34. Cost Reduction Curve for SMR Manufacturing. 209
• Figure 35. Economies of Scale in SMR Production. 210
• Figure 36. SMR Waste Management Lifecycle. 219
• Figure 37. Nuclear-Renewable Hybrid Energy System Configurations. 223
• Figure 38. Technical Readiness Levels of Different SMR Technologies. 224
• Figure 39. Technology Roadmap (2025-2045). 225
• Figure 40. NuScale Power VOYGR™ SMR Power Plant Design. 234
• Figure 41. Rolls-Royce UK SMR Program Timeline. 235
• Figure 42. China's HTR-PM Demonstration Project Layout. 235
• Figure 43. Russia's Floating Nuclear Power Plant Schematic. 236
• Figure 44. Canadian SMR Action Plan Implementation Roadmap. 236
• Figure 45. Risk Assessment Matrix for SMR Investments. 247
• Figure 46. ARC-100 sodium-cooled fast reactor. 249
• Figure 47. ACP100 SMR. 253
• Figure 48. Deep Fission pressurised water reactor schematic. 254
• Figure 49. NUWARD SMR design. 255
• Figure 50. A rendering image of NuScale Power's SMR plant. 269
• Figure 51. Oklo Aurora Powerhouse reactor. 271
• Figure 52. Multiple LDR-50 unit plant. 275