North America Small Modular Reactor Market Comprehensive Analysis and Forecast 2023 to 2028
North America Small Modular Reactor Market Overview: 2023-2028
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-2028
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, The North America Small Modular Reactor Market is going through significant growth due to multiple drivers like technological advancements and, of course, increasing healthcare needs. The increase in road accidents throughout the country creates a greater demand for X-rays.
Markntel Advisor’s North America Small Modular Reactor Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, North America Small Modular Reactor Market drivers, barriers, North America Small Modular Reactor Market Trends, and Key Players in North America Small Modular Reactor Market.
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North America Small Modular Reactor Market Dynamics: 2023-2028
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.
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North America Small Modular Reactor Market (2023-30): Segmentation Outlook
The market report has segmented the market into the following categories:
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.
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Top Companies Operating in the North America Small Modular Reactor Market:
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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