Global Small Modular Reactor Market Is Predicted to Develop Owing to Growing Global Demand for Electricity: Ken Research

Small modular reactors (SMRs) are well-defined as nuclear reactors having a power output of less than 300MWe. A foremost advantage of SMRs are its small size and shorter construction times associated to traditional bulk nuclear reactors. As a SMR is fully built in a factory utilizing the module fabrication, high production rate can be accomplished. SMRs are still in the design phase. In fact, only three SMRs are presently in the advanced regulatory phase: NuScale’s Power Module, GE-Hitachi’s BWRX 300, and Terrestrial Energy’s Integral Molten Salt Reactor. SMRs can be made to function underground or as a floating nuclear power unit. Modular reactors are commonly used for electricity generation; however, it is also utilized in seawater desalination and procedure heating. SMR designs capacities an affordable, safe, viable, and non-greenhouse gas emitting energy.

According to the report analysis, ‘Small Modular Reactor Market: Current Analysis and Forecast (2021-2027)’ states that Small and Medium-sized or modular reactors are a good option to fulfil the requirement of flexible power generation for a broader range of users and applications. Small modular reactors which are deployable either as single or multi-module plant, propose the possibility to amalgamate the nuclear with alternative sources of energy comprising renewables. Many Member States are aiming on developing of small modular reactors which are well-defined as advanced reactors which introduce the electricity of up to 300 MW per module. These reactors have improved engineered features, are positioned either as a single or multi-module plant and are designed to be built in factories and shipped to conveniences for installation as the demand arises.

There are about 50 SMR designs and concepts around the globe. Most of them are in several developmental stages and some are claimed as being near-term deployable. Presently there are four SMRs in improved stages of construction in Argentina, Russia and China and countless existing and newcomer nuclear energy countries are conducting the SMR research and development. The IAEA is synchronizing the efforts of its Member States to develop SMRs of several types by taking a systematic method to the identification and development of key allowing technologies, with the goal to accomplish the competitiveness and dependable performance of such reactors. The Agency also assistances them address common infrastructure issues which could simplify the SMRs' deployment. Based on Reactor Type, the Small Modular Reactor Market is classified into Light-water Reactor, Heavy-water Reactor, High-temperature Reactor, Fast-neutron Reactor, Molten Salt Reactor. Light Water Reactors are sub classified into Pressurized-water Reactor and Boiling-water Reactor. Amongst Reactor Type, the Light-Water Reactor segment of the market was valued at USD XX billion in 2020 and is probable to reach USD XX billion by 2027 increasing at a CAGR of XX% from 2021-2027.

Americas, Europe, Asia Pacific, and Middle East & Africa are the foremost regions considered for the study of the small modular reactor market. Asia Pacific is predicted to be the largest market from 2021 to 2026, propelled by the growing investments for the deployment of SMRs in regions such as China and Japan. China plans to encourage the construction of Generation III coastal nuclear power plants and quicken the development of SMRs and offshore floating nuclear reactors. Furthermore, in Japan, the government has made countless policy reforms to quicken the decarbonization of the energy sector.

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Global Small Modular Reactor Market

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