Nuclear power generation is an intensive and high-input activity that incurs a substantial cost on large power-generation facilities. To this end, small modular reactors (SMRs) are relieving the pressure on large grid systems by producing localized power using simple and effective methods for nuclear power generation. The International Atomic Energy Agency (IAEA) is at the forefront of advancements in small modular reactors. During its 65th General Conference, IEAE unraveled its new platform to support the development of nuclear power using these modular reactors. Over the course of the next decade, development of SMRs is projected to be a resilient pursuit of the nuclear energy sector.
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Emerging Applications of SMRs to Bolster the Prospects of Market Growth
The economic benefits and feasibility of using SMRs shall serve as a prerequisite to unfettered growth within the market. The global transition to net zero carbon footprint is an important prerogative for the energy sector, and SMRs could play a vital role in achieving this feat. Emergence of new applications of SMRs in technology areas and non-electric domains shall result in the inflow of fresh market revenues. Moreover, development of improved standards for nuclear safety and security is also a resilient trend that shall power the growth of the market. The global energy industry is embracing new and efficient technologies with tremendous enthusiasm, thus, pushing SMR manufacturers to achieve the threshold of market sustenance.
Deployment of Competent Strategies for SMR Power Generation Shall Aid Market Expansion
Development of industrial codes for deployment and management of small modular reactors shall serve as a forerunner to increased demand. The potential of these reactors to fetch net positive returns on investment has added to their popularity. The need for developing an alternate pipeline for nuclear energy generation is bringing SMRs under the spotlight. These reactors could collectively achieve economies of scale in energy production, and suffice the electricity requirements of key sectors. The ease of managing smaller reactors as against large nuclear facilities is projected to allure investors towards this emerging technology. The IAEA earmarks the development of robust supply chains as the key success factor for this emerging technology.
Russia Could Play a Massive Role in Supporting SMR Technology across Europe
The development of new SMR design has commenced across 17 countries. Amongst these, Russia is emerging as the apparent leader with the first of SMR units already in operation across the country. A total of 70 SMR designs are under development and review across the world. Europe is expected to emerge as a sound regional market for SMR development whilst North America heads to a lucrative start. Development of SMRs across China is creating a large playfield for aspiring companies who can capitalize on technical-know and state incentives. Therefore, Asia Pacific also endows palpable potential for growth across the global small modular reactor market.
Some of the most prominent names appearing across the global small modular reactor landscape are OKBM Afrikantov, NuScale, GE Hitachi Nuclear Energy, Holtec International, General Atomics, Terrestrial Energy, BWX Technologies Inc., Bechtel Corporation, and Synthos SA.
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The global Small Modular Reactor (SMR) Market is forecasted to be worth USD 10.42 Billion by 2027, according to a new report by Emergen Research.
The growing interest in a small modular reactor is fueled by the need to reduce the impact of capital cost and provide power separate from a large power grid.
There is a growing demand for smaller and simpler units for the generation of energy from nuclear power, which is driving the demand for small module reactors.The latest research report by Emergen Research, named ‘Global Small Modular Reactor Market - Forecast to 2027’, entails a comprehensive review of the global Small Modular Reactor market’s present and future trends.
The report gathers viable information on the most established industry players, sales and distribution channels, regional spectrum, estimated market share and size, and revenue estimations over the forecast timeframe.Get a sample of the report @ https://www.emergenresearch.com/request-sample/150Market Scope:One of the report’s central components is the broad Small Modular Reactor market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders.
The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period.
The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.Key Highlights From The ReportIn August 2020, the Bill Gates-backed nuclear innovation firm, TerraPower in partnership with GE Hitachi Nuclear Energy launched Natrium, a new small modular reactor system paired with a molten salt storage unit.
