South Korea small modular reactor market is anticipated to witness a growth of robust CAGR in the forecast period, 2023-2027. The rise in efforts by leading authorities to achieve carbon neutrality and growing emphasis on clean energy production are the primary factors driving the demand of South Korea small modular reactor market. Also, the small modular reactor is cost-effective due to factory construction and modularization, which is expected to increase the demand for small modular reactors through the next five years. 

Increasing Demand for Nuclear Energy Drives the Market Growth

Conventional sources of energy release harmful greenhouse gases into the environment that causes pollution, and therefore, the need for clean energy sources is rising, which are reliable and can provide a constant energy source. The South Korean government prefers to invest in nuclear power as the adoption of nuclear energy could enable the transition to a cleaner world and a more robust economy. Nuclear energy can easily be integrated with other non-conventional sources of energy, including wind energy, solar energy, biomass, geothermal energy, and others, to generate stable energy outcomes. The ability of nuclear energy to replace aging fossil fuel-fired power plants and create synergetic hybrid energy systems by using both renewable and nuclear power coupled with flexible power generation is expected to accelerate the growth of South Korea small modular reactor market through the forecast period.

Favorable Government Policies Supports the Market Growth

The government is looking for options for alternate energy sources that are sustainable in nature and can satiate the growing energy demands. The government has allocated huge funds for the development of a small modular reactor, including 326.3 billion won ($281 million) for construction purposes, and the complete project is anticipated to cost over $500 million. A small module reactor will be developed at Munmu Daewang Science Research Center in 2025, which is located in the city of Gyeongju. The research center will have 16 research facilities. Concerned authorities and the market players are partnering with state-affiliated research institutions and universities to advance the research and development process and move towards next-generation nuclear power. The rise in efforts and investments to develop small modular reactors owing to their flexibility and reliability is expected to create growth opportunities for the South Korea small modular reactor market in the next five years.

Advantages of Small Modular Reactor Boosts the Market Demand

The small modular reactor is expected to witness massive demand in the next five years for their compact design, due to which they are capable of procuring energy through the process of nuclear fission. They display flexible power generation options and have improved safety features and carbon footprint than the conventional large traditional nuclear power plants. The small modular reactor can be located in areas that are not suitable for traditional large nuclear power plants. They provide a safer alternative for nuclear energy sector expansion instead of investing in the construction of large nuclear plants. Rapid innovations and ongoing research and development activities are expected to propel the growth of the South Korea small modular reactor market in the forecast period.


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Market Segmentation

The 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. Based on deployment, the market is divided into single and multi. Based on connectivity, the market is divided into grid and off-grid. Based on location, the market is bifurcated into land and marine. Based on application, the market is divided into power generation, desalination, and process heat. The South Korea Small Modular Reactor market is studied in major regions namely Central, Northern, and Southern.

Market Players

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, are the major market players operating in the South Korea small modular reactor market.

Attribute

Details

Base Year

2021

Historic Data

2017 – 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

·         Reactor Type

·         Deployment

·         Connectivity

·         Location

·         Application

Regional scope

Central, Northern, Southern

Key companies profiled

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

Customization scope

10% free report customization with purchase. Addition or alteration to regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, South Korea small modular reactor market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         South Korea Small Modular Reactor Market, By Reactor Type:

    • Heavy Water Reactor
    • Light Water Reactor
    • Fast Neutron Reactor
    • Others
  • South Korea Small Modular Reactor Market, By Deployment:
    • Single
    • Multi
  • South Korea Small Modular Reactor Market, By Connectivity:
    • Grid
    • Off-grid
  • South Korea Small Modular Reactor Market, By Location:
    • Land
    • Marine
  • South Korea Small Modular Reactor Market, By Application:
    • Power Generation
    • Desalination
    • Process Heat
  • South Korea Small Modular Reactor Market, By Region:

o   Central

o   Northern

o   Southern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in South Korea small modular reactor market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

South Korea small modular reactor market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected] 

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on South Korea Small Modular Reactor Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Factors Considered while Selecting Supplier

5.3.  Customer Satisfaction Level

5.4.  Major Challenges Faced

6.    South Korea Small Modular Reactor Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Reactor Type (Heavy Water Reactor, Light Water Reactor, Fast Neutron Reactor, Others)

6.2.2.     By Deployment (Single, Multi)

6.2.3.     By Connectivity (Grid, Off-grid)

6.2.4.     By Location (Land, Marine)

6.2.5.     By Application (Power Generation, Desalination, Process Heat)

6.2.6.     By Region

6.2.7.     By Company

6.3.  Product Market Map

7.    South Korea Heavy Water Modular Reactor Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Deployment

7.2.2.     By Connectivity

7.2.3.     By Location

7.2.4.     By Application

7.2.5.     By Region

8.    South Korea Fast Neutron Water Modular Reactor Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Deployment

8.2.2.     By Connectivity

8.2.3.     By Location

8.2.4.     By Application

8.2.5.     By Region

9.    South Korea Light Water Modular Reactor Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Deployment

9.2.2.     By Connectivity

9.2.3.     By Location

9.2.4.     By Application

9.2.5.     By Region

10.  Market Dynamics

10.1.  Drivers

10.2.  Challenges

11.  Market Trends & Developments

12.  Policy & Regulator Landscape

13.  South Korea Economic Profile

14.  Company Profiles

14.1.  NuScale Power, LLC

14.2.  Fluor Corporation

14.3.  Brookfield

14.4.  General Atomics

14.5.  Holtec International

14.6.  Mitsubishi Heavy Industries

14.7.  General Electric

14.8.  Rolls Royce Plc

14.9.  Terrestrial Energy

14.10.            TerraPower LLC

14.11.            X Energy LLC.

15. Strategic Recommendations

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]