High-end investments by government and market players and growing electricity demand and are expected to drive the demand of the South Korea small modular reactor market in the forecast period, 2023-2027.
According to TechSci Research report, “South Korea Small Modular Reactor Market By Reactor Type (Heavy Water Reactor, Light Water Reactor, Fast Neutron Reactor, Others), By Deployment (Single, Multi), By Connectivity (Grid, Off-grid), By Location (Land, Marine), By Application (Power Generation, Desalination, Process Heat), By Region, Competition Forecast & Opportunities, 2027”, the South Korea commercial is expected to grow with a double-digit CAGR in the forecast period, 2023-2027.
A small modular reactor produces 5% lower electrical output than a conventional nuclear plant, and this reactor is submerged in a pool of water and, therefore, is considered safer than conventional reactors. They are considered cost-effective as the vital components can be made at the factory and assembled at the site. Small modular reactors can generate up to 300 MW(e) per unit and are considered a next-generation power source as they can produce a large amount of low carbon electricity even though their size is small. A small modular reactor is built in a factory using a module fabrication technique, due to which a high production rate can be achieved. Conventional nuclear plants are large in size and require longer construction time and higher capital. Locations far away from large grid systems find it difficult to install nuclear reactors. Setting up nuclear reactors is not possible in remote locations, which bolsters the possibility of a small modular reactor. Advantages offered by small module reactors and the difficulties in setting-up of large nuclear power plants are expected to accelerate the South Korea small modular reactor market growth in the forecast period.
However, negative perceptions regarding nuclear energy may restrain the South Korea small modular reactor market growth in the forecast period.
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South Korea small modular reactor market is segmented into reactor type, deployment, connectivity, location, application, regional distribution, and company.
Based on reactor type, the market is divided into heavy water reactor, light water reactor, fast neutron reactor, others. Light water reactor is expected to hold the largest market share in the forecast period as they possess the lowest technical risk as compared to their other counterparts. Light water reactor uses water as their coolant and can be easily developed as developers and regulators use this technology for a longer duration of time. Two of the major market players, Rolls-Royce and NuScale, are seeking government approval for the commercialization of small modular reactor, which is expected to act as a positive factor for the South Korea small modular reactor market.
Based on connectivity, the market is divided into grid and off-grid. Off-grid connectivity is anticipated to witness the fastest incremental growth in the forecast period as it can re-start even during emergency times and could withstand critical loads for extended periods. These run smoothly in extreme conditions such as during earthquakes, storms, or due to human error in which the transmission line goes out of service. Off-grid small modular reactors are preferred in locations where setting a large nuclear plant is not feasible. They provide a flexible and clean alternative to fossil fuel-fired power generation and other non-electric applications in isolated grid systems, mining sites, and remote communities.
Based on location, the market is bifurcated into land and marine. The land segment is expected to capture the largest market share in the next five years. They are preferred over others as they can be deployed from underground and are protected from natural hazards. Land-based small modular reactors have higher thermal efficiency and have improved seismic capability.
Based on application, the market is divided into power generation, desalination, and process heat. Power generation is projected to be the largest market in the next five years due to growing energy requirements and can be easily connected with renewable energy sources to provide flexible power. The small modular reactor is preferred over others as they offer high operating flexibility and ease of siting.
Major market players operating in the South Korea small modular reactor market are:
- NuScale Power, LLC
- Fluor Corporation
- Brookfield
- General Atomics
- Holtec International
- Mitsubishi Heavy Industries
- General Electric
- Rolls Royce Plc
- Terrestrial Energy
- TerraPower LLC
- X Energy LLC
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“The rise in efforts for carbon decarbonization and shift from conventional power sources to clean energy is expected to create lucrative growth opportunities for South Korea small modular reactor market in the forecast period. Surging demand for reliable and sustainable energy sources that could be easily integrated with non-conventional sources is making the leading authorities encourage the production of the small modular reactor in the country. Rise in the market players getting approvals and support from the government to set up power plants and rapid setting-up of plants and collaborations between market players and research intuitions to find innovative solutions is expected to propel the South Korea small modular reactor market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“South Korea Small Modular Reactor Market By Reactor Type (Heavy Water Reactor, Light Water Reactor, Fast Neutron Reactor, Others), By Deployment (Single, Multi), By Connectivity (Grid, Off-grid), By Location (Land, Marine), By Application (Power Generation, Desalination, Process Heat), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of South Korea small modular reactor market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of South Korea small modular reactor market.
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