A comprehensive industry overview and market perspective are included in the latest study from MarkNtel Advisors titled North America Small Modular Reactor Market. The research provides a detailed overview of the current market state, including market trends and the most recent advancements made globally. In-depth analysis of market size, share, industry trends, forecast, and competitive environment is covered in the report that presents clear picture of the market with relevant statistical data.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
North America Small Modular Reactor Market Definition:
A small modular reactor is an advanced nuclear reactor used for generating electricity in a power plant with an energy capacity of around 300 MW(e). The small modular reactor utilizes the nuclear fission mechanism to generate heat to produce electricity. The power capacity of the small modular reactor is generally one-third of the conventional nuclear power reactors. But its inexpensive installation & maintenance and ability to produce a large amount of low-carbon electricity improve its applicability in power generation, water desalination hydrogen production and other sectors.
North America Small Modular Reactor Market Insights:
The North America Small Modular Reactor Market size is projected to grow at a CAGR of around 14% during the forecast period, i.e., 2023-28
North America Small Modular Reactor Market Driver:
Increasing Government Inclination Toward Production of Low-carbon Electricity – The rising global warming has been a matter of concern for all countries across the globe. The government of all North American countries has been focusing on several alternative ways to reduce the utilization of fossil fuel to generate electricity. The production of energy through nuclear power plants has been one of the leading sources for decrease in the consumption of fossil fuels but traditional nuclear reactor designed as large, single-unit installations requires immense capital and space.
Small modular reactor provides a way for these limitation in the traditional nuclear reactor as the SMR are built as smaller, self-contained units comprising less cost. Therefore, the growing need for the production of low-carbon electricity generation would augment the demand for installation of the SMR in the region, leading to the growth in the North America Small Modular Reactor Market in the upcoming period.
North America Small Modular Reactor Market Leading Key Players:
Terrestrial Energy Inc., Candu Energy Inc (SNCLavalin Group), Westinghouse Electric Company LLC, NuScale Power, Moltex Energy, GE Hitachi Nuclear Energy, X-energy, Holtec International, General Atomics, Ultra Safe Nuclear, ARC Nuclear Canada, Inc., Others
North America Small Modular Reactor Market Segmentation:
Based on Type
– Heavy Water Reactor (HWR)
– Light Water Reactor (LWR)
– Fast Neutron Reactor (FNR)
– Others (Molten Salt Reactor (MSR), High Temperature Reactors (HTR), etc.)
Based on Applications
– Power Generation
– Process Heat
– Water Desalination
– Other (Hydrogen Production)
North America Small Modular Reactor Market Geographical Analysis
– The US
Recent Development of North America Small Modular Reactor Market:
2023: Westinghouse Electric Company LLC announced the launch of AP300, a small version of its flagship AP1000 nuclear reactor. AP300 would generate about a third of the power as the flagship AP1000 reactor, enough to power about 300,000 homes.
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