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Modular Power Plants Market 2023 Analysis Key Trends, Growth Opportunities, Challenges, Key Players, End User Demand and Forecasts to 2032

03-14-2023 08:14 PM CET | Energy & Environment

Press release from: Analytics Market Research

Modular Power Plants  Market

Modular Power Plants Market

The global small modular reactor market was valued at $3.5 Billion in 2020, and is projected to reach $18.8 Billion by 2030, growing at a CAGR of 15.8%. Small modular reactors (SMRs) are defined as nuclear reactors having a power output of less than 300MWe.

SMRs have a number of advantages over conventional bulk nuclear reactors, including their smaller size and quicker building timelines. With module manufacturing, an SMR can be completely constructed in a factory, allowing for high production rates. SMR design is still in progress. In actuality, only three SMRs-the Integral Molten Salt Reactor from Terrestrial Energy, GE-BWRX Hitachi's 300, and NuScale's Power Module-are currently in the advanced regulatory phase. SMRs can be configured to run subterraneanly or as a floating nuclear power plant. Although they are also used for process heating and seawater desalination, modular reactors are predominantly employed for the production of electricity. A safe, viable, and non-greenhouse gas emitting energy is promised by SMR designs.

Global demand for electricity is rising, and SMRs' versatility in terms of size and power production is one of the factors contributing to this rise. The older generation of nuclear power facilities are massive in size and take a long time and a lot of money to build. It is challenging to deploy nuclear reactors in areas that are far from significant power grid networks. As a result, placing a nuclear reactor in remote areas is not practical, opening the way for the development of smaller nuclear reactors. As the global community places more emphasis on finding political and technological answers to the climate change problem, many experts are now paying closer attention to the nearly emissions-free power generated by nuclear reactors. Hence, small modular reactors' (SMRs) ongoing development presents a possible opportunity. to get past many of the challenges bigger nuclear power plants face, such as their high costs, complicated supply chains, substantial physical infrastructure, and unsuitability for severe regions.

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On the other hand, renewable energy sources like wind and solar power are receiving increased attention. Little and large-scale solar power plant installation has dramatically increased in nations like China and India. China, a significant nuclear power, is using more wind and solar energy. This preference for nuclear energy over solar and wind energy is mostly due to the latter's lower power output. Another factor is the safety solar and wind energy provide compared to nuclear power. Moreover, during the projected period, the small modular reactor industry would be severely hampered by negative attitudes toward nuclear power plants. Governments like Germany are less interested in nuclear power and more attention is being paid to on solar and wind energy. However, these limitations are expected to have less of an impact on the worldwide small modular market because of the relatively low cost and quick construction time. Therefore, SMR-based power plants will have a small environmental footprint when compared to wind or solar farms.

A significant possibility that could present profitable chances for the global small modular reactor market during the projected period is the drive to decarbonize the world's energy supply. The world is transitioning from a generation system based on fossil fuels to an energy system that is more net-zero emission, with nuclear energy playing a significant role. The modification will assist in reducing climate change and safeguarding the environment. A growing need for dependable and clean energy generation has stoked interest in the SMR technology across the globe. Additionally, increasing the contribution of nuclear energy to the generation of electricity through the use of modern reactors and thermal energy storage will aid in better emission control. For the global market, all of these aspects are anticipated to present new opportunities during the forecast period.

Market Segmentation

Global Modular Power Plants Market: Segmentations

Global Modular Power Plants Market: By Types
Natural Gas Modular Power Plants
Diesel Modular Power Plants
Biofuel Modular Power Plants

Global Modular Power Plants Market: By Applications
Oil & Gas
Utility
Heavy Industry
Others

Global Modular Power Plants Market: Major Players
Caterpillar Energy Solutions(MWM)
APR Energy
Valmet
Wärtsilä
Ascot Industrial S.r.l.
ABB
Aggreko
Bechtel Corporation
Siemens
GE Power
Atlas Copco
OnPower Grupos Geradores
WOIMA Corporation

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Global Modular Power Plants Market: By Regions
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

Objectives of the Study:

• To provide with an exhaustive analysis on the Modular Power Plants Market by Product, By Application, By End User and by Region.

• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

• To evaluate and forecast micro-markets and the overall market

• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

Access the Complete Report at: https://analyticsmarketresearch.com/reports/modular-power-plants-market/66610/

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Analytics Market Research
99 WALL STREET, #2124 NEW YORK, NY 10005
Phone: +1(650)-666-4592
Email: sales@analyticsmarketresearch.com

About Us

Analytics Market Research is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.

Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. Analytics Market Research is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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