South Korea Small Modular Reactor Market to be dominated by Off-grid connectivity till 2027
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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