Micro-nuclear Reactors Market: Need for Emission-Free and Affordable Renewable Energy Sources for Communities to Bolster Demand
ALBANY, New York, July 7, 2017 – The drive for the construction and deployment of micro-nuclear reactors stems from the need for servicing small electricity grids for remote communities. The intensifying demand for the adoption of affordable sources of renewable energy to power communities is a key factor boosting the growth of the micro-nuclear reactors market. A new report penned by Transparency Market Research (TMR), titled “Micro-nuclear Reactors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025”, offers an elaborate assessment of such trends and more influencing the growth of the market. The research offers in-depth insights into the key drivers and restraints, notable investment trends, regulatory landscape in major countries, recent technological advancements, lucrative growth avenues, and competitive dynamics in major regions.
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Spiraling investments from private players in several developed nations for research and development in nuclear power has provided a strong fillip to the market. The demand for clean and emission-free sources of energy to power commercial and residential establishments has generated substantial interest in nuclear power, apart from other renewable sources.
The drive to save massive upfront investment required for setting up conventional nuclear plants, whose deployment tend to ridden with huge regulatory cost, has offered a robust impetus to the market. In addition, the deployment of large nuclear reactors are usually associated with considerable technological risks and face stiff competition from declining natural gas prices and continued adoption of wind and solar power. This is a key factor propelling the demand for small nuclear reactors. The flexibility in designing micro-nuclear reactors as a standalone unit or modular component to fit a large complex power grid has catalyzed the market in recent years.
The relatively short period of construction and the abilities of manufacturers to achieve economies of scale with the production of micro-nuclear reactors in large numbers are crucial factors boosting the market. Furthermore, unlike traditional nuclear reactors, they do not need expensive cooling technologies, which is a key factor fuelling the micro-nuclear reactors market.
However, marked regulatory hurdles attributed to significant risks of radiations to surrounding communities, coupled with the delay in approval for the construction of these reactors in advanced nations, are key factors likely to impede the market to an extent. Be that as it may, investments in building micro-nuclear reactors are considered manageable and associated with promising returns. Furthermore, the ease of deploying micro-nuclear reactors in several brownfield sites bodes well for the market.
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Geographically, North America and Europe are prominent markets for micro-nuclear reactors. The impressive growth of these regional markets are driven by the large presence of chemical companies, surge in investments from private players, and a rising government funded nuclear power projects. Meanwhile, the Asia Pacific market for micro-nuclear reactors is expected to rise at a substantial pace over the forecast period. The significant demand for micro-nuclear reactors is driven by the imperative for reducing greenhouse emissions, limited coal availability, and the need to power remote communities in several developed and developing nations.
Prominent players vying for a significant share in the micro-nuclear reactors market include NuScale Power, LLC., Hitachi-GE Nuclear Energy, Ltd., Toshiba Corporation, and Westinghouse Electric Company LLC.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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