While the world is moving forward and demonstrating advancements across different sectors, energy utilization is escalating exponentially. In fact, we are coming closer to a time where every function is implemented by one or the other appliances, which requires energy to operate and make life convenient. As a result, the demand for power generation is escalating rapidly. However, exemplifying excessive utilization of non-renewable resources is posing environmental issues. Nonetheless, as mentioned above, advancements in each sector, today, renewable resources are also utilized as an excellent resource for power generation.
It is where the Small Modular Reactors (SMRS) are coming into the picture as a reliable option to meet the demands for flexible power generation in different applications. Besides, SMRs can be deployed in both single & multi-module plants and offer a combination of nuclear energy with alternative sources like renewables. On the other hand, the utilization of SMRs is not limited to just power generation but expands further into process heat, desalination, and other industrial uses. Considering the growing requirements for SMRs, a recent research report published by MarkNtel Advisors has cited that the Global Small Modular Reactors Market is set to register around 14% CAGR during 2022-27. The mounting popularity of SMRs globally is their deployment in smaller quantities of radioactive materials, which can be set up underground, making it safe, with lower potential risks and minimal need for security staff. So, Why Small Modular Reactors? The rapid expansion of industrialization and an exponential rise in population projecting urbanization are the prominent aspects upsurging the demand for SMRs in various applications across different corners of the world. As we have learned so far that SMRs are majorly used for power generation, yet there is still more to it, it is time we take a look into the extended applications & demand for these reactors in the blog ahead. With the growing need to use & produce clean energy while ensuring the elimination of dependency on fossil fuels, SMRs are viewed as an excellent alternative to traditional nuclear and atomic energy sources. In fact, these reactors are nuclear fission reactors that also produce nuclear energy. As these reactors are viewed as a source of clean energy production, their compact size is often underestimated. You might be surprised to know that Small Modular Reactors are capable of producing an electrical power output of up to 300MWe or thermal power output of less than 1000 MWth. On the other side, SMRs are actively gaining momentum across industries for several industrial applications like water desalination & process heating. These reactors bring out fruitful outcomes by offering a desalination plant a production capacity of 50 million gallons of drinking water per day. This is pretty much the capacity of the typically large municipal desalination plant-like supporting a population of 300,000 people. A Pool of Investments in Small Modular Reactors Globally Apart from their excellent utilization in industries, process, heat, and desalination, among others, SMRs’ easy deployment, compact size, safe operation, cheaper manufacturing costs, and minimal production time are other critical aspects attracting massive investments worldwide. Moreover, as the use of alternate sources for energy is becoming a necessity to address environmental degradation and bring sustainability, the governments of different countries worldwide are investing substantially in developing small modular reactors for flexible power generation. It, in turn, is also generating growth opportunities for the leading players in the industry to expand their development, production, and distribution capabilities and cater to the rising needs globally. As the world is taking steps to grow closer to bringing environmental sustainability, the deployment of alternative resources for power generation like SMRs is witnessing intense funding and encouragement for clean energy production. It, in turn, exemplifies remunerative prospects for the Global Small Modular Reactors Market in the coming years.
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