(MENAFN- GlobeNewsWire - Nasdaq) The small modular reactor market size was valued at USD 5.5 Billion in 2022 and is expected to reach a market size of USD 7.5 Billion by 2032 at a CAGR of 3.4%.
Fort Collins, Colorado, April 26, 2024 (GLOBE NEWSWIRE) --
Small modular reactors offer great benefits, which in turn drive the industry growth.
Small modular reactors offer cost-saving benefits due to their compact design, which provides greater potential than traditional nuclear power plants. Their smaller size enables increased standardization in manufacturing and simplified assembly processes. Additionally, many small modular reactors incorporate advanced safety features, enhancing overall safety and reducing the risk of accidents.
In addressing environmental concerns, small modular reactors boast a smaller footprint than their traditional counterparts, requiring less uranium fuel and emitting lower rates of emissions. Furthermore, their deployment requires relatively less land, leading to shorter installation times. These advantages are anticipated to drive significant adoption of small modular reactors, fueling a notable upward trend in the market. The outlook for small modular reactors remains positive, with high adoption rates and popularity contributing to favorable market opportunities. Their ability to provide consistent power supply, particularly in regions where traditional energy sources may become insufficient, further solidifies their demand in the years ahead.
Numerous countries invest in small modular reactor technologies, fostering international collaboration and partnerships. This shared interest among nations is expected to create mutually beneficial growth opportunities for small modular reactors, effectively addressing global energy challenges.
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Segmentation Overview:
The small modular reactor market has been segmented into reactor type, application, and region.
Heavy water reactors are extensively used in large-scale industries
By type, the industry is divided into heavy water reactor, light water reactor, and fast neutron reactor. Heavy water reactors are prominently used in the large-scale manufacturing industries. In addition, significant investments by key players are a major growth highlight.
Power generation is the fast-growing segment and is projected to witness significant growth.
By application, the industry is divided into desalination, process heat, and power generation. Power generation is the leading segment and is projected to retain a prominent position in the coming years attributed to their use in the large-scale industries.
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Small Modular Reactor Market Report Highlights:
The small modular reactor market growth is anticipated at a CAGR of 3.4% by 2032.
High investment by key players and collaboration between them drive the industry growth in the long term.
North America is the leading market for small modular reactors and continues to grow in the forecast period.
Some prominent players in the small modular reactor market report include Brookfield, Fluor Corporation, General Atomics, General Electric, Holtec International, Mitsubishi Heavy Industries, Rolls Royce Plc, TerraPower LLC, Terrestrial Energy, and X Energy LLC.
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