Small Modular Reactor (HWR, LWR, HTR, FNR, MSR) Market - Global Forecast to 2030: Desalination Presents Promising Applications for Enhancing Water Security and Sustainability

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Jul 14, 2023, 11:15 ET

DUBLIN, July 14, 2023 /PRNewswire/ -- The "Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Application (Power Generation, Desalination, Hydrogen Generation, Industrial), Deployment (Single, Multi), Connectivity, Location, Coolant, Power Rating & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global small modular reactor market is estimated to grow from USD 6.8 billion by 2030 from an estimated of USD 5.8 billion in 2023; it is expected to record a CAGR of 2.3%

Increased investment in industrial production is driving the demand of small modular reactor market. According to the International Energy Agency, nuclear energy accounted for 10% of the global electricity generation mix in 2021.

Asia Pacific, along with Europe and the Americas, provide lucrative opportunities for the deployment of SMRs owing to their small size, which enables siting feasibility in remote regions, isolated grids, islands, and small-scale grids. The governments of the US, the UK, and Canada have undertaken various policy initiatives to accelerate the development and commercialization of SMR technology.

101-200 MW: The second largest-growing segment of the Small modular reactor market

Based on by power rating of small modular reactor, the 101-200 MW segment is estimated to be the second largest-growing market from 2023 to 2028. The power rating of 101-200 MW holds a market share of 29.3% share of the small modular reactor market in 2022. In addition to power generation, small modular reactors (SMRs) in the range of 101 to 200 MW can indeed be actively used in the field of desalination.

Desalination is the process of converting seawater or brackish water into freshwater suitable for various purposes, including drinking water, agriculture, and industrial applications. SMRs can play a significant role in this domain by providing the necessary energy for desalination plants.

The excess heat generated by the reactor can be utilized in thermal desalination methods such as multi-effect distillation (MED) or multi-stage flash (MSF) distillation. In these processes, the heat is used to evaporate seawater, leaving behind salt and impurities, and then condensing the vapor to produce freshwater.

Molten Salt: The third largest-growing segment of the Small modular reactor market

Based on by coolant of small modular reactor, the Molten Salt segment is estimated to be the third largest-growing market from 2023 to 2028.

The salts concerned as primary coolants are mostly lithium-beryllium fluoride, and lithium fluoride. Molten Salt Reactors (MSRs) use molten fluoride salts as the primary coolant. Fluoride salts have very low vapor pressures even at high temperatures due to their good heat transfer properties.

They are not damaged by radiation, do not react violently with air or water, and are inert to some common structural metals. Using Molten salts as a coolant in the reactor will make them radioactive and can lead to the need for periodic maintenance. But the operational advantages of these salts are far more preferred than the disadvantages fueling the market for molten salts segment. MSRs have the flexibility to utilize various fuels, including uranium, plutonium, actinides derived from nuclear waste, and thorium.

The choice of fuel depends on whether the MSRs are operating as fast reactors or not. One notable advantage of MSRs is their ability to operate at high temperatures, making them suitable for generating hydrogen and providing heat for diverse industrial applications.

Desalination: The third-largest segment by application in Small modular reactor market

The desalination segment, by applications, is projected to hold the third-largest market size during the forecast period. SMRs can be used for nuclear desalination, where potable water is produced from seawater in a facility. Desalination using an SMR may involve the use of electrical or thermal energy.

The distillation process may require mainly heat, in addition to electricity for ancillary equipment, and the membrane process, which requires only electricity to provide pumping power. Desalination plants may also be designed to produce potable water or used as co-generation nuclear power plants to generate electricity.

Currently, the energy for desalination plants is mostly produced from fossil fuels, which causes several environmental concerns. Therefore, several countries are considering using SMRs for desalination. SMRs that generate low-temperature heat (280-325C) are a viable option to fulfill the increasing demand for potable water, especially in areas with acute water shortages in several arid and semi-arid zones.

Geographies such as Asia, the Middle East, and North Africa have immense potential for the deployment of SMRs for desalination. Harnessing the advantages of SMRs for desalination can enhance water security, promote sustainable development, and alleviate the strain on freshwater sources in a more environmentally friendly manner.

Americas: The third fastest and third largest-growing region in Small modular reactor market

Americas is estimated to hold the third largest and third fastest market share in the small modular reactor market. The scope of this regional market includes the US, Canada, and Argentina.

The region houses some of the major SMR developers such as NuScale Power, LLC. (US), GE Hitachi Nuclear Energy (US), Moltex Energy (Canada), and Terrestrial Energy Inc. (Canada), which has helped the Americas in developing multiple SMR projects that are expected to be commercialized in the near future. According to the BP Statistical Review of World Energy 2021, the electricity generated from nuclear power accounted for 18.5% of the total electricity generation in the region.

Premium Insights

Low Cost of SMR Due to Modularization and Factory Construction to Drive Market During 2023-2030
Small Modular Reactor Market in Asia-Pacific to Record Highest CAGR During Forecast Period
Water Segment to Account for Largest Market Share, by Coolant, in 2022
Light-Water Reactors Accounted for Largest Market Share in 2022
Off-Grid Segment Held Larger Market Share in 2022
Multi-Module Power Plant Secured Larger Market Share in 2022
Land Segment Dominated Market in 2022
Industrial Segment Led Market in 2022
201-300 Mw Segment Claimed Larger Market Share in 2022
Light-Water Reactors and China Dominated Market in Asia-Pacific in 2022

Market Dynamics

Drivers

Versatile Nature of Nuclear Power
Benefits of Modularization and Factory Construction

Restraints

Stringent Regulatory Policies and Standards
Negative Public Perception of Nuclear Power Technology

Opportunities

Progression into Sustainable Future with Net Zero Emission and Decarbonization of Energy Sector
Integration of SMRs with Renewable Energy Sources

Challenges

Lack of Standard Licensing Process
Trends/Disruptions Impacting Customer Business
Revenue Shift and New Revenue Pockets for Small Modular Reactor Market Players

Supply Chain Analysis

Component Manufacturers
Small Modular Reactor Manufacturers
Small Modular Reactor Support Service Providers/ Integrators
End-users

Company Profiles

Key Players

Westinghouse Electric Company LLC
Nuscale Power, LLC.
Terrestrial Energy Inc.
Moltex Energy
Ge Hitachi Nuclear Energy
X-Energy, LLC.
Holtec International
General Atomics
Arc Clean Energy, Inc.
Leadcold Reactors
Rolls-Royce plc
Ultra Safe Nuclear
Toshiba Energy Systems & Solutions Corporation
Tokamak Energy Ltd.
Snc-Lavalin Group

Other Players

Afrikantov Okb Mechanical Engineering
China National Nuclear Corporation
Framatome
U-Battery
Seaborg Technologies

For more information about this report visit https://www.researchandmarkets.com/r/p548ru

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