Visiongain has published a new report entitled the Small Modular Reactors 2022-2032. It includes profiles of Small Modular Reactors and Forecasts Market Segment by Deployment. (Single Module Plant. Multi-Module Plant) Market Segment by Design. (Integral Reactor Design. Twin Reactor Design. Other Reactor Design) Market Segment by Type. (Pressurized Water Reactor (PWR). Pressurized Heavy Water Reactor (PHWR). High-Temperature Reactor (HTR). Fast Neutron Reactor (FNR). Other SMR Type) Market Segment by Application. (Power Generation. Desalination. Process Heat. Other Industrial Uses) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global small modular reactors market was valued at US$9,725 million in 2021 and is projected to grow at a CAGR of 3.5% during the forecast period 2022-2032.
Licensing and Regulation for SMR
All NPPs are subject to stringent regulatory scrutiny, with the primary goal of ensuring that nuclear electricity is used safely and securely. The licencing procedure, which is a stage-gate procedure that occurs before and during the building of NPPs, is an important part of regulatory scrutiny. The regulatory body evaluates the reactor's (plant's) technical features, the operator's capabilities (e.g., people, processes, and financial capacities), the suitability of the nuclear site, and the relationships between these factors. The regulatory body is in charge of issuing licences for the development and operation of nuclear power plants. It has the power to compel a potential operator (i.e. a licencing applicant) to halt construction, submit more information and safety demonstrations, and re-design or rebuild a portion of the reactor. These motivating activities may have a significant negative impact on the building performance of nuclear power plants, which is vital to their economic competitiveness. Historically, each government devised its own licencing procedures, ostensibly with huge stick-built NPPs in mind. As a result, the licencing challenges associated with the deployment of SMRs are unique.
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How Has COVID-19 Had a Significant Negative Impact on the Small Modular Reactors Market?
Coronavirus disease 2019 (Covid-19) is an infectious illness caused by the coronavirus 2 which causes severe acute respiratory syndrome (SARS-CoV-2). As a result of the epidemic, governments all around the world have taken harsh measures that have impacted a large portion of society. It is critical to maintain dependable electrical supply and 'keep the lights on.' Nuclear power generates around 10% of the world's electricity and contributes to the generation of electricity in more than 30 nations. Nuclear workers have been highlighted as one of the key professionals who would be required to maintain critical infrastructure during the pandemic in several nations. Critical infrastructure status has also been extended to nuclear power plants, supply chains, fuel services, and outage support staff in the United States, for example. Nuclear power has two qualities that help to keep supply stable.
To begin with, fuel assemblies are typically utilised for three years in most reactors. As a result, there is more supply security than with fossil fuel facilities, which require a steady supply of coal or gas. Nuclear fuel is reloaded every 12-18 months, and operators have devised techniques to focus on refuelling during outages in order to limit the number of people needed. Second, nuclear reactors have large capacity factors, resulting in a more consistent and predictable supply than intermittent renewables like wind and solar. According to reports from operators and regulators received through the International Atomic Energy Agency's (IAEA) Covid-19 Operational Experience Network (OPEX) and International Reporting System for Operating Experience, no nuclear power reactor has been forced to shut down due to the effects of Covid-19 on the workforce or supply chains (IRS). Operators and regulators have continued to safeguard plant safety and security even though the pandemic has impacted them in numerous ways, including scheduled outages and maintenance plans, according to the IAEA.
How this Report Will Benefit you?
Visiongain’s 400+ page report provides 270 tables and 261 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global small modular reactors market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Small Modular Reactors. Get the financial analysis of the overall market and different segments including type, design, deployment and capture higher market share. We believe that high opportunity remains in this fast-growing small modular reactors market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Electricity Demand Is Increasing
The rise in electricity usage in both the residential and industrial sectors is encouraging governments to prioritise sustainable power generation over conventional power generation in order to lower their carbon impact. Furthermore, the growing electrification of linked devices, transportation, and other important services is driving up need for more power, which is driving up demand for tiny modular reactors, which emit less carbon.
Growing interest in creating renewable energy is expected to open up significant industry prospects. Furthermore, governments all over the world are aware of the deteriorating environmental balance and are taking great measures to save it, including the establishment of strict restrictions against hazardous emissions. New investors are flocking to compact modular reactors as a result of these rules. Aside from that, the capital required to build a small modular reactor facility is less than that required to build a traditional nuclear facility. Small modular reactors require less construction, lowering investment costs.
SMRs Provide a Lot of Options When it Comes to Where You Want to Put them
SMRs can power applications where large plants aren't required or where the infrastructure to operate a large unit isn't available. Smaller electrical markets, isolated places, smaller grids, places with limited water and acreage, and unusual industrial applications all fall into this category. SMRs are expected to be appealing solutions for replacing or repowering aging/retiring fossil plants, as well as providing a way to supplement existing industrial processes or power plants with a non-emitting energy source.
Where are the market opportunities?
Reduction in the Amount of Carbon Dioxide Released into the Atmosphere
SMRs have the ability to reduce greenhouse gas emissions significantly. They could provide an alternative baseload power source to allow for the retirement of older, smaller, and less efficient coal-fired power stations that would not otherwise be suitable for retrofitting with carbon capture and storage technology. They might be used in areas of the United States and the world where other carbon-free energy sources, such as solar and wind, are limited. There could be technical or commercial constraints, such as expected energy demand growth and transmission capacity, that would allow SMRs to be installed but not GW-scale LWRs. A crucial issue from the standpoint of on-shore production is that the manufacturing base required for SMRs can be established domestically.
Intensify the Use of Low-Carbon Technologies
In the coming years, the power sector in the United States will be defined by the need to increase the use of low-carbon and "clean" energy while ensuring that power is delivered reliably and at a reasonable cost. This is especially true when it comes to baseload power. The phrase "baseload" refers to the smallest quantity of electric power delivered or required at a constant rate for a set length of time. Power stations that can regularly supply the electrical power required to meet this minimum demand are known as baseload power sources.
Competitive Landscape
The major players operating in the small modular reactors market are Rolls-Royce Holdings PLC. Mitsubishi Heavy Industries, Ltd., BWX Technologies, Inc., Electricite de France, Exelon Corporation, Fluor Corporation, NAK Kazatomprom OA, Mitsubishi Electric Corporation, Siemens AG, SNC-Lavalin Group Inc., The Southern Company, Holtec International, Bechtel Corporation, General Atomics, GE Hitachi Nuclear Energy (GEH), China Huaneng Group Co., Ltd. Chugoku Electric Power Co Inc., China National Nuclear Power Co.,Ltd., China General Nuclear Group, China Shipbuilding Industry Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch
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Find more Visiongain research reports on Energy sector click on the following links:
- Nuclear Waste Management Market Report 2022-2032
- Chemical, Biological, Radiological & Nuclear (CBRN) Defence Market Report 2022-2032
- Nuclear Medicine Market Report 2021-2031
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