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.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments covered
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·
Reactor Type
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Deployment
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Connectivity
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Location
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Application
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Regional scope
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Central, Northern, Southern
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Key companies profiled
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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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Customization scope
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10% free report customization with purchase. Addition or
alteration to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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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:
- South Korea Small Modular Reactor Market, By Connectivity:
- South Korea Small Modular Reactor Market, By Location:
- 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]