Micro Nuclear Reactors Market Global Industry Analysis Forecast 2017 - 2025

With the United Nations setting up a climate change protocol, the question remains as to how one could continue to use electricity affordably while cutting down emissions. After several decades of building giant nuclear reactors, nuclear engineers are now thinking small, believing that a part of the energy crisis might be solved by factory-built micro nuclear reactors to avoid delays and cost overruns. These micro nukes are also easy to finance and have gained popular acceptance. In the near future, off-grid communities are predicted to be powered by this small reactor set inside a container and swapped every 20 years.

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Existing nuclear reactors release zero emissions; however, they run the risk of requiring billions of funding. Similarly, nuclear power has been facing tough competition in terms of electricity prices compared to natural gas, solar, and wind energy. All these pressing issues have provided a room for micro nuclear reactors to emerge in the market with the aim to capture the primary advantage of nuclear power which is the provision of continuous, low-carbon energy.

Micro nuclear reactors are a safer and cheaper alternative to nuclear power plants. They can be easily manufactured in a factory and hooked up on-site, which avoids potential upfront capital costs and time overruns that have plagued several nuclear plants. These reactors are theoretically safer, reducing containment vessels and other expensive protections.

Traditional nuclear reactors commonly produce Giga watts of carbon-free electricity. However, these micro reactors are designed to be a fraction of their size, calculated at 1 to 300 megawatts. Traditional nuclear plants use electrically operated pumps and motors to circulate the coolant and maintain a low temperature at the core of the nuclear reactor. Micro reactors do not utilize pumps or motors. Instead, they rely on passive means such as gravity and conduction ­­to cool the reactors. Their size also indicates that they are cheaper to produce, as opposed to the US$ 10 billion funding and up to a decade of planning required to secure permits and build a conventional nuclear reactor.

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Tennessee Valley Authority was the first enterprise to apply for a permit from the Nuclear Regulatory Commission to build a small reactor. The group wishes to replace its old coal-fired plants which won the approval from the US Department of Energy to analyze the environmental and safety impacts of the reactor. If it passes the test, the consortium plans to build a power plant with 12 reactors totaling 600 megawatts of capacity. Other companies are following suit. For instance, Utah Associated Municipal Power Systems plans to build a power plant about 100 miles southwest of Yellowstone National Park. The government of U.K. estimates that if talks between operators, developers, and the government go right, a massive operation could be launched by 2025. Russia, a country which has been dabbling in nuclear power for multiple decades, intends to build floating reactors using this technology. However, despite these upcoming developments, Europe is likely to still be second to America in terms of its adoption of this technology.

Extensive research and development is being undertaken in the field of advanced reactors to reprocess used fuel. Creating the right environment in order to increase investor confidence is also critical for this industry to expand by 2025.

Numerous startup companies are operating in this market such as TerraPower LLC, Transatomic Power Cooperation, Terrestrial Energy Inc, Oklo Inc, Generation mPower LLC, and Westinghouse Toshiba..

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