Press release
Small Modular Reactor Market Will See Strong Expansion Through 2032 - General Electric Company, Fluor Corporation, X Energy LLC, etc.
The Small Modular Reactor (SMR) market is poised for exponential growth, driven by an escalating demand for flexible and scalable nuclear energy solutions worldwide. SMRs offer a paradigm shift in power generation, characterized by their compact design, enhanced safety features, and modularity, catering to diverse energy needs across regions. With rising concerns about climate change and the imperative to achieve carbon neutrality, SMRs emerge as a pivotal element in the global energy landscape. The global small modular reactor market size was valued at 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%.๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐: https://www.alliedmarketresearch.com/request-sample/14861
Primary differences in small modular reactors (SMRs) in comparison with larger nuclear power plants are their low power output (typically below 300 MWe per unit), modularity, and integrated design. Older generations of nuclear power plants are large in size and require huge amounts of capital and construction time. Locations far away from large power grid systems find it difficult to install nuclear reactors. Hence, setting up a nuclear reactor is not feasible in remote locations, thus paving for the development of smaller nuclear reactors. They have smaller footprints and as they are prefabricated in factories, constructing them take less time and cost. In addition, SMRs can be readily installed in brownfield sites in place of decommissioned coal-fired plants. Thus, retrofitting is possible in case of SMRs. Growing global demand for electricity, and flexibility of SMRs with respect to size and power output are some of the drivers responsible for global small modular reactor market growth.
With the rise in emphasis on achieving political and technological solutions to climate change, many experts in the global community are turning their focus to virtually emissions-free power produced by nuclear reactors. Therefore, continuous development of small modular reactors (SMRs) offers a potential opportunity to overcome many hindrances presented by larger nuclear power plants, including high costs, complex supply chains, large physical infrastructure, and unsuitability in harsh environments, such as the Arctic.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ'๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/14861
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
The Small Modular Reactor industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
๐๐จ๐ฆ๐ ๐จ๐ ๐ญ๐ก๐ ๐ฆ๐๐ฃ๐จ๐ซ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฆ๐๐ฅ๐ฅ ๐๐จ๐๐ฎ๐ฅ๐๐ซ ๐๐๐๐๐ญ๐จ๐ซ ๐๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐,
GENERAL ELECTRIC COMPANY
GENERAL ATOMICS
HOLTEC INTERNATIONAL
MITSUBISHI HEAVY INDUSTRIES LTD.
BROOKFIELD ASSET MANAGEMENT INC.
TERRESTRIAL ENERGY INC.
X ENERGY LLC
TERRAPOWER LLC
ROLLS-ROYCE PLC
FLUOR CORPORATION
On the other hand, negative sentiment around the safety of nuclear energy and more focus on wind and solar energy generation are key hindrances to the global small modular reactor market.
The global small modular reactor market is segmented into reactor type, location, application, and region. On the basis of reactor type, the market is segmented into heavy water reactor (HWR), light water reactor (LWR), fast neutron reactor (FNR), and Others. By application, it includes desalination, power generation, and process heat. On the basis of the application, the power generation segment accounted for the largest small modular reactor market share in 2020 and is projected to grow at the highest CAGR of 16.3% during the small modular reactor market forecast On the basis of region, the global market is segmented into North America, Europe, Asia-Pacific, and LAMEA. U.S. accounted for the largest share of the market in 2020 as well is the fastest growing region, owing to the presence of well-established SMR manufacturers such as NuScale Power and General Electric. It has various small modular reactor industries.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/14861
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ:
- The U.S. accounted for the largest share of the market in 2020 as well as the fastest-growing region, owing to the presence of well-established SMR manufacturers such as NuScale Power and General Electric.
- LAMEA is projected to grow at the fastest rate, owing to countries such as Brazil, Saudi Arabia, and South Africa shifting toward nuclear energy
- On the basis of reactor type, Heavy Water Reactor (HWR) accounted for the largest share in 2020, owing to low costs and efficiency.
- Fast Neutron Reactor is projected to be the fastest-growing segment, as it offers prospects of efficient use of uranium resources, and most generation IV reactor designs are based on FNRs.
- On the basis of application, the power generation segment accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 16.3%.
๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐๐ง๐๐ซ๐ ๐ฒ ๐๐ง๐ ๐๐จ๐ฐ๐๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
๐. ๐๐จ๐ฐ๐๐ซ ๐๐ฅ๐๐ง๐ญ ๐๐จ๐ข๐ฅ๐๐ซ ๐๐๐ซ๐ค๐๐ญ - https://www.prnewswire.com/news-releases/power-plant-boiler-market-to-reach-31-1-billion-globally-by-2031-at-5-1-cagr-allied-market-research-301780934.html
๐. ๐๐ข๐จ๐ฆ๐๐ฌ๐ฌ ๐๐จ๐ข๐ฅ๐๐ซ ๐๐๐ซ๐ค๐๐ญ - https://www.globenewswire.com/news-release/2023/08/21/2728811/0/en/Biomass-Boiler-Market-to-Reach-22-8-billion-Globally-by-2032-at-15-4-CAGR-Allied-Market-Research.html
๐. ๐๐ข๐ฅ ๐๐๐๐ข๐ง๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ - https://www.globenewswire.com/news-release/2021/08/02/2272852/0/en/Oil-Refining-Market-to-Garner-3-751-5-Billion-by-2030-Allied-Market-Research.html
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
๐๐จ๐ง๐ญ๐๐๐ญ:
David Correa
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๐๐๐๐๐ฌ๐ฌ ๐ญ๐ก๐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ @ https://www.alliedmarketresearch.com/small-modular-reactor-market-A14492
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