Small Modular Reactors (SMRs) Market Is Anticipated To Reach USD 8975 Million By 2029, Witnessing A CAGR of 13.82% | Valuates Reports
BANGALORE, India, Aug. 4, 2023 /PRNewswire/ -- The global Small Modular Reactors (SMRs) Market is segmented by Type -Thermal-neutron Reactors, Fast-neutron Reactors, by Application - Large Vessels, Industrial, Commercial, Others. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Energy & Utilities Category.
The global Small Modular Reactors (SMRs) Market was valued at USD 3616 million in 2022 and is anticipated to reach USD 8975 million by 2029, witnessing a CAGR of 13.82% during the forecast period 2023-2029.
Major Factors Driving The Growth Of Small Modular Reactors (Smrs) Market
The Small Modular Reactors Market is being favorably impacted by the cheap cost of Small Modular Reactors, which may be attributed to modularization and factory building, as well as the increased interest in small and mid-sized reactors because of their capacity to satisfy the need for power production.
Additionally, the government regulations and decarbonization-related measures, together with the expanding market demand for improved SMRs, are all contributing to the small modular reactor market's favorable growth prospects.
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TRENDS INFLUENCING THE GROWTH OF SMALL MODULAR REACTORS (SMRS) MARKET
Small modular reactors (SMRs) promise more affordable nuclear energy, providing grid base load that is carbon-free and opening up new applications for nuclear reactors. Nuclear power is now cost-competitive with renewables in many applications because of nuclear reactors that are smaller than traditional big nuclear reactors. This reduces capital costs and shifts a substantial portion of construction to factory assembly lines. SMRs provide a fresh weapon in the struggle for decarbonization and energy security by using tried-and-true methods. This factor is expected to drive the growth of the Small Modular Reactors Market
To fulfill the rising global energy demand, there is a growing need for safe and dependable energy sources. SMRs provide a workable answer since they may be set up in a variety of settings, including distant or underdeveloped areas. SMR market development is fueled by the decentralized nature of SMRs, which increases energy accessibility and resiliency. The expansion of the SMR market is significantly influenced by nuclear power generation. SMRs include benefits including better efficiency, adjustable power output, and improved safety measures. They may be used for a variety of purposes, such as power production, desalination facilities, and industrial operations, which help the nuclear power industry grow. This factor is expected to drive the growth of the Small Modular Reactors Market
SMRs are regarded as low-carbon energy sources since they don't emit a lot of greenhouse gasses when they create power. SMRs provide a viable and ecologically benign option for power generation, attracting investments and fostering industry expansion as the world places more and more emphasis on cutting carbon emissions and addressing climate change. Compared to conventional large-scale nuclear reactors, the modular architecture of SMRs enables standard manufacturing and quicker deployment. SMRs can be produced in factories and brought to the building site, shortening the process and saving money. Because SMRs are scalable, incremental capacity increases based on demand are possible, allowing them to meet a range of energy demands and fostering market expansion. This factor is expected to drive the growth of the Small Modular Reactors Market. This factor is expected to drive the growth of the Small Modular Reactors Market
In order to fulfill the rising demand for energy while simultaneously decarbonizing the electricity industry, renewable energy sources like wind and solar photovoltaics are essential. Scaling up the deployment of renewable energy technologies will help achieve this objective. However, the operation of the electrical grid is often impacted by the rising proportion of renewable energy. Solar photovoltaic arrays provide varying amounts of energy according to the season, latitude, and weather. Weather patterns, both seasonal and daily, have an impact on wind energy as well.
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SMALL MODULAR REACTORS (SMRS) MARKET SHARE ANALYSIS
North America is expected to increase at a significant rate during the projection period. The need for compact modular reactors has significantly increased in the area in recent years as a result of energy laws and technological advancements. It is frequently anticipated that many government agencies and businesses would upgrade the grid infrastructure in North American nations, which has prompted an increase in the usage of SMR, which lowers greenhouse gas emissions and fosters energy security.
Market By Region
● North America
● Europe
● Asia-Pacific
● Latin America
● Middle East & Africa
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Key players
Toshiba, OKBM Afrikantov, OKB Gidropress, Atomenergoprom, CNEA & INVAP, Seaborg Technologies, IPPE & Teplo Elektroprojekt Design, Kurchatov Institute, Areva TA (DCNS group), International Thorium Molten Salt Forum (ITMSF), Gen4 Energy, Terrestrial Energy, Westinghouse-led, JAERI, NuScale Power LLC, Eskom, KAERI, Holtec International, Moltex Energy, GE Hitachi Nuclear Energy, Intellectual Ventures, U-Battery consortium, Atomstroyexport, Westinghouse Electric Company, X-energy.
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