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, due to its surging application in the industrial sector or remote areas with limited grid capacity.
North America Small Modular Reactor Market Dynamics:
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.
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Market Dimensions & Projections
· Pricing Evaluation
· Recent Strategic Moves by Companies
· Primary Stakeholders
· Import/Export Trend Analysis
· Competitive Landscape Assessment
· Emerging Opportunities
· Market Trends and Indicators
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North America Small Modular Reactor Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2022
-Historical Period: 2018 to 2021
-Forecast Period: 2023-28
- By Type
- Heavy Water Reactor (HWR)
- Light Water Reactor (LWR)
- Fast Neutron Reactor (FNR)
- Others (Molten Salt Reactor (MSR), High Temperature Reactors (HTR), etc.)
- By Applications
- Power Generation
- Process Heat
- Water Desalination
- Other (Hydrogen Production)
- By Country
- The US
- Canada
- Mexico
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including - 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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