Small Modular Reactors (SMRs) are poised to reduce reliance on large nuclear grids, offering localized power solutions and supporting net zero goals.
Nuclear power generation is an intensive and high-input activity that incurs a substantial cost on large power-generation facilities. To this end, small modular reactors (SMRs) are relieving the pressure on large grid systems by producing localized power using simple and effective methods for nuclear power generation. The International Atomic Energy Agency (IAEA) is at the forefront of advancements in small modular reactors. During its 65th General Conference, IEAE unraveled its new platform to support the development of nuclear power using these modular reactors. Over the course of the next decade, development of SMRs is projected to be a resilient pursuit of the nuclear energy sector.
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Emerging Applications of SMRs to Bolster the Prospects of Market Growth
The economic benefits and feasibility of using SMRs shall serve as a prerequisite to unfettered growth within the market. The global transition to net zero carbon footprint is an important prerogative for the energy sector, and SMRs could play a vital role in achieving this feat. Emergence of new applications of SMRs in technology areas and non-electric domains shall result in the inflow of fresh market revenues. Moreover, development of improved standards for nuclear safety and security is also a resilient trend that shall power the growth of the market. The global energy industry is embracing new and efficient technologies with tremendous enthusiasm, thus, pushing SMR manufacturers to achieve the threshold of market sustenance.
Deployment of Competent Strategies for SMR Power Generation Shall Aid Market Expansion
Development of industrial codes for deployment and management of small modular reactors shall serve as a forerunner to increased demand. The potential of these reactors to fetch net positive returns on investment has added to their popularity. The need for developing an alternate pipeline for nuclear energy generation is bringing SMRs under the spotlight. These reactors could collectively achieve economies of scale in energy production, and suffice the electricity requirements of key sectors. The ease of managing smaller reactors as against large nuclear facilities is projected to allure investors towards this emerging technology. The IAEA earmarks the development of robust supply chains as the key success factor for this emerging technology.
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Russia Could Play a Massive Role in Supporting SMR Technology across Europe
The development of new SMR design has commenced across 17 countries. Amongst these, Russia is emerging as the apparent leader with the first of SMR units already in operation across the country. A total of 70 SMR designs are under development and review across the world. Europe is expected to emerge as a sound regional market for SMR development whilst North America heads to a lucrative start. Development of SMRs across China is creating a large playfield for aspiring companies who can capitalize on technical-know and state incentives. Therefore, Asia Pacific also endows palpable potential for growth across the global small modular reactor market.
Some of the most prominent names appearing across the global small modular reactor landscape are OKBM Afrikantov, NuScale, GE Hitachi Nuclear Energy, Holtec International, General Atomics, Terrestrial Energy, BWX Technologies Inc., Bechtel Corporation, and Synthos SA.
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The article discusses the role of Small Modular Reactors (SMRs) in reducing dependency on large nuclear grids and their market potential.
SMRs provide localized power, support net zero carbon goals, and offer economic benefits over large nuclear facilities.
Russia is leading with operational SMR units, while Europe and North America are emerging markets for SMR technology.
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