The Small Modular Nuclear Reactor Market is Valued at $4.5bn in 2019
Tuesday 12 February 2019, Amsterdam
The key player has launched a new energy report, now available on ASDReports, Small Modular Nuclear Reactor Market Report 2019-2029.
A typical nuclear power plant has an average life of 30-35 years and is licensed to operate up to 35 years. If licenses are not renewed, the nuclear plant will go through a decommissioning process which involves the disposal of radioactive wastes and dismantling of nuclear reactors. Nuclear power plant decommissioning has become a profitable business, and a majority of companies have started offering nuclear-decommissioning services. High capital costs associated with the development of traditional nuclear plants is a potential driver for small modular reactors.
Small modular nuclear reactors are one of the potential sources of CO2-free district heat production. In the last few years, small modular reactor (SMR) projects have been making substantial progress, with two reactors currently under construction: the CAREM-25 (a prototype) in Argentina and the KLT-40S in the Russian Federation. Interest in SMRs is being driven by a desire to reduce the total capital costs of nuclear power plants and to provide power to small grid systems, leading to more designs reaching advanced stages of development.
The report analyst commented "Small Modular Nuclear Reactor (SMR) market is expected to witness a high growth on owing to low investments costs when compared to traditional nuclear power plants. SMR’s are low-mid capital intensive nuclear power plants, and hence, numerous companies are offering equipment and solutions related to the development/deployment of SMR’s."
Leading companies featured in the report who are developing small modular nuclear reactors include: Bechtel Corporation, BWX Technologies Inc., General Atomics, General Electric Hitachi Nuclear Energy, Holtec International, Mitsubishi Heavy Industries, Ltd., Nuclear Power Corporation of India Limited (NPCIL), Rolls Royce Plc, Terrestrial Energy Inc., and Toshiba International Corporation.