Small Modular Reactor Market Size in 2023 To 2029 | Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), and.GE Hitachi Nuclear Energy (US)

The global small modular reactor (SMR) market is projected to experience growth, with an estimated increase from USD 5.8 billion in 2023 to USD 6.8 billion by 2030. This growth is expected to be driven by a Compound Annual Growth Rate (CAGR) of 2.3% during the forecast period. The demand for SMRs is being fueled by increased investment in industrial production. As per the International Energy Agency, nuclear energy contributed approximately 10% to the global electricity generation mix in 2021. The Asia Pacific region, along with Europe and the Americas, offers favorable opportunities for SMR deployment due to their compact size, which allows for feasible siting in remote areas, isolated grids, islands, and small-scale grids. Governments in the United States, the United Kingdom, and Canada have implemented various policy initiatives to accelerate the development and commercialization of SMR technology.

Download FREE Sample Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4836205

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

The segment of small modular reactors (SMRs) with a power rating of 101-200 MW is expected to be the second-largest growing market between 2023 and 2028. In 2022, this power rating category accounted for a market share of 29.3% in the small modular reactor market. Apart from power generation, SMRs in the 101-200 MW range have potential applications in the field of desalination. Desalination involves converting seawater or brackish water into freshwater suitable for various purposes, including drinking water, agriculture, and industrial use. SMRs can play a significant role in this field by providing the necessary energy for desalination plants. The excess heat generated by the reactor can be utilized in thermal desalination methods like multi-effect distillation (MED) or multi-stage flash (MSF) distillation. These processes involve using the heat to evaporate seawater, leaving behind salt and impurities, and then condensing the vapor to produce freshwater.

The Molten Salt segment is expected to be the third largest-growing market for small modular reactors (SMRs) between 2023 and 2028. Molten Salt Reactors (MSRs) utilize molten fluoride salts as the primary coolant. These salts, such as lithium-beryllium fluoride and lithium fluoride, have excellent heat transfer properties and very low vapor pressures even at high temperatures. They exhibit advantages such as radiation resistance, non-reactivity with air or water, and compatibility with common structural metals. While using molten salts as coolants can make them radioactive and necessitate periodic maintenance, the operational benefits outweigh the disadvantages, driving the market for molten salts. MSRs offer fuel flexibility, allowing the utilization of various fuels like uranium, plutonium, actinides from nuclear waste, and thorium, depending on the reactor's operation as a fast reactor or not. An important advantage of MSRs is their ability to operate at high temperatures, making them suitable for hydrogen generation and providing heat for diverse industrial applications.

Feel free to ask your queries at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=4836205

The Americas region is positioned as the third largest and third fastest-growing market in the small modular reactor (SMR) industry. This regional market includes the United States, Canada, and Argentina. Key SMR developers such as NuScale Power, LLC (US), GE Hitachi Nuclear Energy (US), Moltex Energy (Canada), and Terrestrial Energy Inc. (Canada) are based in the Americas, contributing to the development of multiple SMR projects that are expected to be commercialized soon. According to the BP Statistical Review of World Energy 2021, nuclear power accounted for 18.5% of total electricity generation in the Americas.

Governments in the region have made significant advancements in SMR development. For example, 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 under the US Industry Opportunities for Advanced Nuclear Technology Development initiative. The Department of Energy also established the Advanced Reactor Demonstration Program (ARDP) in May 2020, providing cost-sharing funds (initially USD 160 million) for the construction of two operational SMRs within seven years. Similarly, the Canadian government granted Terrestrial Energy Inc. (Canada) a USD 14.9 million investment from the Strategic Innovation Fund in October 2020 to accelerate the development of its Integral Molten Salt Reactor (IMSR).

About Us: ReportsnReports - Your Market Research Report Librarian

+ 1 347 333 3771
sales@reportsandreports.com

This release was published on openPR.