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North America Small Modular Reactor Market Insights Report Overview
According to the latest market study by MarkNtel Advisors titled “North America Small Modular Reactor Market Size, Share, Trends, Growth, Opportunity Analysis 2023-2028” presents a thorough examination of market drivers, opportunities and challenges.
Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.
North America Small Modular Reactor Market Overview:
The North America Small Modular Reactor Market size is projected to grow at a CAGR of around 14% during the forecast period, i.e., 2023-28
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North America Small Modular Reactor Market Opportunity:
Conversion of Coal-based Power Plant to Nuclear Power Plant – Coal has been one of the leading sources of generating electricity in the North American region & has been a prime contributor to greenhouse gas emissions, particularly carbon dioxide (CO2). In order to limit the emission, the government is taking several initiatives to switch over to renewable sources, providing an opportunity to install a small modular reactor.
In 2022, the US Department of Energy announced to convert nearly 157 retired coal plants & 237 operating coal plant sites to nuclear power & help the country reach its net-zero emissions goals by 2050. It also announced that among the retired or active plant locations, 80% were suited to host advanced reactors smaller than the gigawatt scale. Thus, the conversion of coal-based power plants into small-sized nuclear power plants would provide an opportunity to expand the North America Small Modular Reactor Market in the coming years.
Competitor Insight: North America Small Modular Reactor Market
This report focuses on major market participants like:
- Terrestrial Energy Inc.
- Candu Energy Inc (SNCLavalin Group)
- Westinghouse Electric Company LLC
- NuScale Power
- Moltex Energy
- GE Hitachi Nuclear Energy
- X-energy
- Holtec International
- General Atomics
- Ultra Safe Nuclear
- ARC Nuclear Canada, Inc.
- Others
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Segmentation Summary: North America Small Modular Reactor Market
This segmentation analysis outlines prominent sections in the report’s table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the North America Small Modular Reactor Market, with notable highlighting on:
-By Application
- Power Generation
- Process Heat
- Water Desalination
- Other (Hydrogen Production)
During the forecast period, the demand for small modular reactors is estimated to grow considerably for power generation purposes due to increased demand for electricity among industries such as oil & gas, manufacturing, chemical, etc. The offshore location or faraway location of these industries from the main grid has let these industries avail from diesel generators. The decarbonization target set by the government of the US, Canada, and Mexico would stress these industries to avail power from renewable sources instead of diesel generators.
-By Type
- Heavy Water Reactor (HWR)
- Light Water Reactor (LWR)
- Fast Neutron Reactor (FNR)
- Others (Molten Salt Reactor (MSR), High Temperature Reactors (HTR), etc.)
North America Small Modular Reactor Market Geographical Reach:
-By Country
- The US
- Canada
- Mexico
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Key Questions Addressed:
- Factors Driving Market Growth: Understand the primary drivers propelling the North America Small Modular Reactor market forward.
- Access to Reliable Reports: Learn where to access dependable market reports for informed decision-making.
- Growth Projections: Gain insights into anticipated growth projections for the coming years.
- Geographical Hotspots: Identify geographical poised for significant market growth soon.
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