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Small modular reactors (SMRs) are a type of nuclear fission reactor which are smaller than conventional reactors, and can be manufactured at a plant and brought to a site to be assembled. SMRs can provide power to remote locations or act as a peaking power plant.
SMRs typically have a capacity of 300 MW or less, compared to the 3,000 MW plus reactors used in nuclear power plants. This allows them to be built in modules which can be transported by road or rail to the site. This also reduces the amount of on-site construction required, and the risk of construction delays and cost overruns.
Key Trends
There are several key trends in SMR technology:
1. Smaller size: SMRs are much smaller than traditional nuclear reactors, which makes them more flexible and easier to deploy.
2. Modular design: SMRs are designed in modular units that can be combined to create a larger reactor. This makes them easier to construct and allows for a more efficient use of resources.
3. Enhanced safety: SMRs have enhanced safety features that make them safer than traditional nuclear reactors.
4. Reduced cost: SMRs are less expensive to build and operate than traditional nuclear reactors.
Key Drivers
There are a number of key drivers of the SMR market, including the need for cleaner energy, the declining cost of nuclear power, and the growing demand for electricity in developing countries.
The need for cleaner energy is one of the most important drivers of the SMR market. Nuclear power is a carbon-free source of energy, and SMRs can be designed to have a very low environmental impact. This is a key advantage over traditional fossil fuels, which are a major source of greenhouse gas emissions.
The declining cost of nuclear power is another important driver of the SMR market. The cost of building and operating nuclear power plants has fallen significantly in recent years, making nuclear power more competitive with other forms of energy.
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Restraints & Challenges
One of the key challenges is the high cost of development and construction. SMRs are a new technology, and as such, they are more expensive to develop and build than traditional nuclear reactors. This cost barrier is one of the main reasons why there are only a handful of SMRs in operation around the world today.
Another challenge facing the SMR market is the lack of a standard design. There are a number of different companies developing SMRs, and each has their own unique design. This lack of standardization makes it difficult for utilities and regulators to compare and contrast different SMRs, and it also increases the risk of technical problems and delays during construction.
Market Segments
By Reactor Type
- Light-water Reactor
- Heavy-water Reactor
- High-temperature Reactor
- Fast-neutron Reactor
- Molten Salt Reactor
By Grid Connectivity
- On Grid
- Off Grid
By Deployment
- Single-module Power Plant
- Multi-module Power Plant
By Application
- Power Generation
- Process Heat
- Desalination
- Hydrogen Production
- Industrial
Key Players
- NuScale Power
- TerraPower
- Transatomic Power
- Oklo Inc.
- Advanced Reactor Concepts
- China National Nuclear Corporation
- Korea Hydro & Nuclear Power
- Rosatom
- Eskom
- Rolls-Royce
- Bechtel
- SNC-Lavalin
- AECOM
- CH2M
- Jacobs Engineering Group
- EnergySolutions
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