New York, July 10, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Small Modular Reactor Market by Reactor, Application, Deployment, Connectivity, Location, Coolant, Power Rating & Region – Global Forecast to 2030” – https://www.reportlinker.com/p06149530/?utm_source=GNW
Increased investment in industrial production is driving the demand of small modular reactor market. According to the International Energy Agency, nuclear energy accounted for ~10% of the global electricity generation mix in 2021. Asia Pacific, along with Europe and the Americas, provide lucrative opportunities for the deployment of SMRs owing to their small size, which enables siting feasibility in remote regions, isolated grids, islands, and small-scale grids. The governments of the US, the UK, and Canada have undertaken various policy initiatives to accelerate the development and commercialization of SMR technology.
101–200 MW: The second largest- growing segment of the Small modular reactor market
Based on by power rating of small modular reactor, the 101–200 MW segment is estimated to be the second largest-growing market from 2023 to 2028. The power rating of 101-200 MW holds a market share of 29.3% share of the small modular reactor market in 2022. In addition to power generation, small modular reactors (SMRs) in the range of 101 to 200 MW can indeed be actively used in the field of desalination. Desalination is the process of converting seawater or brackish water into freshwater suitable for various purposes, including drinking water, agriculture, and industrial applications. SMRs can play a significant role in this domain by providing the necessary energy for desalination plants. The excess heat generated by the reactor can be utilized in thermal desalination methods such as multi-effect distillation (MED) or multi-stage flash (MSF) distillation. In these processes, the heat is used to evaporate seawater, leaving behind salt and impurities, and then condensing the vapor to produce freshwater.Based on by coolant of small modular reactor, the Molten Salt segment is estimated to be the third largest-growing market from 2023 to 2028.The salts concerned as primary coolants are mostly lithium-beryllium fluoride, and lithium fluoride.The desalination segment, by applications, is projected to hold the third-largest market size during the forecast period.SMRs can be used for nuclear desalination, where potable water is produced from seawater in a facility.Americas is estimated to hold the third largest and third fastest market share in the small modular reactor market.The scope of this regional market includes the US, Canada, and Argentina.The governments in this region have made several advancements in the development of SMRs.For instance, the US Department of Energy selected 13 projects in April 2018 to receive USD 60 million in cost-shared R&D funding for advanced SMR technologies as a part of grants under the US Industry Opportunities for Advance Nuclear Technology Development initiative.In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
• By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
• By Region: Americas- 40%, Asia Pacific- 35%, Europe- 20%, and the Middle East & Africa- 5%Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 millionThe report defines, describes, and forecasts the global Small modular reactor market, by reactor, deployment, connectivity, location, coolant, application, power rating, and region.It also offers a detailed qualitative and quantitative analysis of the market.The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.• Analysis of key drivers (versatile nature of nuclear energy, Benefits of modularization and factory construction), restraints (Stringent regulatory policies and standards to deploy SMRs, Negative public perception of nuclear power technology), opportunities (Progression into sustainable future with net zero emission and decarbonization of energy sector, Integration of SMRs with renewable energy sources), and challenges (Lack of standard licensing process ) influencing the growth of the small modular reactor market.
• Product Development/ Innovation: The future of the small modular reactor market looks bright. Terrestrial Energy Inc. signed an agreement with the Australian Nuclear Science and Technology Organisation (ANSTO). Under this agreement, ANSTO will provide technical guidance to Terrestrial Energy Inc. for the conditioning of used reactor fuel from the Integral Molten Salt Reactor (IMSR) power plants in the United States, Canada, and the United Kingdom, and other global markets.
• Market Development: The versatile nature of nuclear energy could enable the transition to a cleaner world and a stronger global economy. In recent decades, clean energy sources have witnessed rapid innovations and cost reductions. Solar photovoltaic, wind power, hydropower, dispatchable geothermal (both deep and shallow), biomass, and concentrating solar power have experienced rapid technological and economic advances in the last decade. Nuclear energy has the potential to be coupled with several other energy sources in a synergistic fashion, which could result in integrated systems that are more than the sum of their parts.
• Market Diversification: Westinghouse Electric Company LLC offers small modular reactors such as integral pressurized-water reactors and microreactors. The company expects to have its integral pressurized-water reactors ready for deployment in the US by the end of 2022. It intends on building a demonstration unit of its microreactor design by 2022 and deploying it for commercial operation by 2025. It also focuses on investments and expansion as one of its key strategies to increase market presence.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), and.GE Hitachi Nuclear Energy (US), among others in the small modular reactor market
Read the full report: https://www.reportlinker.com/p06149530/?utm_source=GNWReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
(GlobeNewsWire)