Small Modular Reactor Market Regional Analysis:
North American Market Insights
North America small modular reactor market is projected to be the largest with a share of about 33% by the end of 2035. The growth of the market can be attributed majorly to the rising initiative taken by the government to deploy small modular reactors. The Advanced SMR R&D program was launched in FY2019 and supports research, development, and deployment initiatives that aim to speed up the commercialization of SMR technology developed in the United States in local and international markets. In addition to this, in 2018, the Department of nuclear energy announced a multi-year cost-sharing funding opportunity (U.S. Industry Opportunities for Advanced Nuclear Technology Development, DE-FOA-0001817). This opportunity enables the potential to develop existing, new, and next-generation reactor designs, including SMR technology. Furthermore, in April 2023, the design for the United States' first small modular nuclear reactor has been approved by the Nuclear Regulatory Commission.
Europe Market Insights
The European small modular reactor market is predicted to be the second largest, registering a share of about 30% by the end of 2035. The growth of the market can be attributed majorly to the rising program launched for reducing carbon emissions in the region. The Europe government's commitment for developing big, small, and advanced nuclear projects was reaffirmed in the Ten Point Plan for a Green Industrial Revolution and the 2020 Energy White Paper. Moreover, the Ten Point Plan announced a USD 390 million Advanced Nuclear Fund to invest in the next generation of nuclear technologies. Up to USD 235.15 million will be spent on Small Modular Reactors (SMRs) to establish a domestic smaller-scale power plant technology design. Other than this, around USD 170 million is likely to be invested in the development and research program for completing the prototype of an Advanced Modular Reactor by the early 2030s.
APAC Market Insights
Asia Pacific region is poised to witness substantial growth through 2035. The growth of the market can be attributed majorly to the rising demand for energy. According to the Department of Atomic Energy, India, which accounts for 17% of the global population, has seen its primary energy consumption grow at a pace of 4% over the last decade, roughly equivalent to double the worldwide growth rate of 1.3%. Besides this, the Union Minister of India asked the private sector and startups to increase the research and development of market. This is likely to achieve the aim of the country to establish the SMR with an approximate capacity of 300 MW.
