February 3rd, 2022
Small Modular Reactor Market
The Small Modular Reactor Market is expected to expand at a growth rate of 15.8% over the forecast period of 2020-2030. This is because of the surging demand for electricity and the low cost of SMRs guided by the factory construction.
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Small Modular Reactor Market Dynamics
The growth in the global small modular reactor market is majorly attributed to the rigorous norms enforced by the government to encourage the development of carbon-free energy systems. Various inexhaustible, such as wind and solar are irregular sources of energy that rely on the weather condition and time of day. SMRs can be incorporated with renewable sources to improve the performance in a hybrid energy system. These features in SMRs play a vital role in the transition of the clean energy transition and help in addressing Sustainable Development Goals. For instance, Russia’s Akademik Lomonosov, the nation’s first floating nuclear power plant that initiated marine operation in 2020 and can produce energy from two 35 MWe SMRs. The increasing tendency to decrease the overall cost associated with the nuclear power plants and offer power to the small grid system has strengthened the small modular reactor market size. With the inflated cost of large reactors producing electricity through the steam cycle and the demand to cater the small electricity grids under 4 GWe, there is a need to establish smaller units. In 2021, Tennessee Valley Authority, in 2021, issued a notice of intent to compose a programmatic environmental impact statement on the prospective effects of the operation, construction, and decommissioning of latest nuclear reactor technology park at Clinch River.
However, rigorous nuclear norms regarding safety and security are same for SMR as other nuclear power plant. Different SMRs designs provide inventive features such as better passive safety systems and multi-modular deployment.
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