India's Small Modular Reactors Market Set to Reach $20 Billion by 2030

India's small modular reactors (SMRs) industry is poised to unlock a potential $20 billion opportunity over the next decade. SMRs offer a viable solution for India's clean energy transition, addressing limitations of conventional nuclear plants and enabling faster, decentralized nuclear deployment. The market opportunity is driven by indigenous R&D, global OEM interest, and a push for industrial decarbonization.

India's energy future is set to be transformed by the integration of Small Modular Reactors (SMRs) by 2025. According to a recent report, SMRs present a $20 billion market opportunity, offering safe, modular, and flexible solutions that align with India's clean energy transition and decarbonization goals [1].

SMRs are poised to complement large reactors and intermittent renewables, serving both grid and off-grid applications. They offer passive safety features, modular construction, and greater siting flexibility, making them ideal for remote, island, and industrial regions where large reactors are unfeasible [1]. This capability addresses the limitations of conventional nuclear plants, reducing capital intensity, construction delays, and siting challenges while providing stable, low-carbon baseload power.

The Indian government has tentatively selected 10 old or decommissioned thermal power plant sites for potential conversion into nuclear power plants. This initiative is part of India's ambition to install up to 100 GW of nuclear capacity by 2047, with a mid-term objective of 22 GW by 2032 [2]. The selection process is expected to take time due to factors such as seismic stability and water availability.

Indian energy giants like NTPC, L&T, Adani, and Tata Power are eyeing entry into the civil nuclear sector. NTPC is already in talks with NuScale Power, Westinghouse Electric Company, and Holtec International for indigenous development of pressurised water reactors (PWRs), while L&T is exploring collaboration with Holtec for SMR technology [3]. The coming monsoon session of Parliament is likely to carry out amendments to the Atomic Energy Act, 1962, and the Civil Liability for Nuclear Damage Act, 2010, to facilitate private sector play in nuclear power generation.

The Nuclear Energy Mission, with an outlay of Rs 20,000 crore, aims to develop SMR technology with reduced gestation time, lower capital investment, and enhanced safety features. This mission is expected to play a transformative role in India's energy mix by enabling faster, decentralized nuclear deployment across industrial and remote regions [3].

In conclusion, India's SMRs industry is poised to unlock a significant market opportunity, driven by indigenous R&D, global OEM interest, and a push for industrial decarbonization. The integration of SMRs is crucial for India's clean energy transition, addressing the limitations of conventional nuclear plants and enabling faster, decentralized nuclear deployment.

References:
[1] https://finance.yahoo.com/news/india-small-modular-reactors-smrs-084500983.html
[2] https://www.enerdata.net/publications/daily-energy-news/india-considers-converting-10-retired-thermal-power-plants-nuclear.html
[3] https://www.financialexpress.com/business/industry-energy-majors-scurry-for-civil-nuclear-sector-play-3914355/