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
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
Abstract
South Korea small modular reactor market is projected to grow at a brisk CAGR during the forecast period, 2023-2027. The market growth can be attributed to the rising efforts by leading authorities to achieve carbon neutrality. Besides, increasing emphasis on clean energy production to replace fossil-fuel power plants and possibilities for synergetic hybrid energy systems are also leading to market growth. Moreover, the small modular reactor is cost-effective due to factory construction and modularization, which is anticipated to boost the market growth during the coming years.
The introduction of nuclear energy could facilitate the transition to a cleaner world and a more robust economy. Hence, the South Korean government prefers to invest in this technology. To produce steady energy results, nuclear energy can be easily combined with other non-conventional sources of energy, such as wind, solar, biomass, geothermal energy, and others. It is anticipated that the ability of nuclear energy to replace outdated fossil fuel-fired power plants and construct synergetic hybrid energy systems by combining both nuclear and renewable energy with flexible power generation will propel the transition to nuclear energy.
The government is exploring ideas for sustainable alternative energy sources to meet rising energy demands. The government has committed significant resources toward the creation of a compact modular reactor, including 326.3 billion won (USD281 million) for construction. By 2025, the Munmu Daewang Science Research Center in the city of Gyeongju is expected to create a tiny module reactor. There will be 16 research facilities at the center. To advance the research and development process and move toward next-generation nuclear power, concerned authorities and market participants are collaborating with state-affiliated research organizations and universities.
Due to their tiny size and ability to generate energy through nuclear fission, small modular reactors are predicted to experience a huge increase in demand over the next five years. They have more adaptable power generation alternatives, better safety features, and a lower carbon impact than the massive, conventional nuclear power plants. Rapid technological advancements and continuous R&D initiatives are anticipated to fuel market growth for small modular reactors in South Korea throughout the forecast period.
The South Korea small modular reactor market segmentation is based on the reactor type, deployment, connectivity, location, application, regional distribution, and company. Based on the reactor type, the market is fragmented into heavy water reactor, light water reactor, fast neutron reactor, and others. The light water reactor segment is anticipated to hold the largest share in the market during the forecast period as they possess the lowest technical risk compared to other counterparts. Besides, two of the major market players, Rolls Roye and NuScale are seeking government approval for commercialization of small modular reactor, which is expected to boost the segment growth.
Major 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, among others.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
•To analyze the historical growth in the market size of the South Korea small modular reactor market from 2017 to 2021.
•To estimate and forecast the market size of South Korea small modular reactor market from 2022 to 2027 and growth rate until 2027.
•To classify and forecast the South Korea small modular reactor market based on reactor type, deployment, connectivity, location, application, region, and company.
•To identify the dominant region or segment in the South Korea small modular reactor market.
•To identify drivers and challenges for the South Korea small modular reactor market.
•To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the South Korea small modular reactor market.
•To identify and analyze the profiles of leading players operating in the South Korea small modular reactor market.
•To identify key sustainable strategies adopted by market players in South Korea small modular reactor market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of the South Korea small modular reactor market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
•Market research and consulting firms
•Government bodies such as regulating authorities and policy makers
•Organizations, forums, and alliances
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as product manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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:
oHeavy Water Reactor
oLight Water Reactor
oFast Neutron Reactor
oOthers
•South Korea Small Modular Reactor Market, By Deployment:
oSingle
oMulti
•South Korea Small Modular Reactor Market, By Connectivity:
oGrid
oOff-grid
•South Korea Small Modular Reactor Market, By Location:
oLand
oMarine
•South Korea Small Modular Reactor Market, By Application:
oPower Generation
oDesalination
oProcess Heat
•South Korea Small Modular Reactor Market, By Region:
oCentral
oNorthern
oSouthern
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).
Content
Table of Contents
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
The introduction of nuclear energy could facilitate the transition to a cleaner world and a more robust economy. Hence, the South Korean government prefers to invest in this technology. To produce steady energy results, nuclear energy can be easily combined with other non-conventional sources of energy, such as wind, solar, biomass, geothermal energy, and others. It is anticipated that the ability of nuclear energy to replace outdated fossil fuel-fired power plants and construct synergetic hybrid energy systems by combining both nuclear and renewable energy with flexible power generation will propel the transition to nuclear energy.
The government is exploring ideas for sustainable alternative energy sources to meet rising energy demands. The government has committed significant resources toward the creation of a compact modular reactor, including 326.3 billion won (USD281 million) for construction. By 2025, the Munmu Daewang Science Research Center in the city of Gyeongju is expected to create a tiny module reactor. There will be 16 research facilities at the center. To advance the research and development process and move toward next-generation nuclear power, concerned authorities and market participants are collaborating with state-affiliated research organizations and universities.
Due to their tiny size and ability to generate energy through nuclear fission, small modular reactors are predicted to experience a huge increase in demand over the next five years. They have more adaptable power generation alternatives, better safety features, and a lower carbon impact than the massive, conventional nuclear power plants. Rapid technological advancements and continuous R&D initiatives are anticipated to fuel market growth for small modular reactors in South Korea throughout the forecast period.
The South Korea small modular reactor market segmentation is based on the reactor type, deployment, connectivity, location, application, regional distribution, and company. Based on the reactor type, the market is fragmented into heavy water reactor, light water reactor, fast neutron reactor, and others. The light water reactor segment is anticipated to hold the largest share in the market during the forecast period as they possess the lowest technical risk compared to other counterparts. Besides, two of the major market players, Rolls Roye and NuScale are seeking government approval for commercialization of small modular reactor, which is expected to boost the segment growth.
Major 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, among others.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
•To analyze the historical growth in the market size of the South Korea small modular reactor market from 2017 to 2021.
•To estimate and forecast the market size of South Korea small modular reactor market from 2022 to 2027 and growth rate until 2027.
•To classify and forecast the South Korea small modular reactor market based on reactor type, deployment, connectivity, location, application, region, and company.
•To identify the dominant region or segment in the South Korea small modular reactor market.
•To identify drivers and challenges for the South Korea small modular reactor market.
•To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the South Korea small modular reactor market.
•To identify and analyze the profiles of leading players operating in the South Korea small modular reactor market.
•To identify key sustainable strategies adopted by market players in South Korea small modular reactor market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of the South Korea small modular reactor market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
•Market research and consulting firms
•Government bodies such as regulating authorities and policy makers
•Organizations, forums, and alliances
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as product manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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:
oHeavy Water Reactor
oLight Water Reactor
oFast Neutron Reactor
oOthers
•South Korea Small Modular Reactor Market, By Deployment:
oSingle
oMulti
•South Korea Small Modular Reactor Market, By Connectivity:
oGrid
oOff-grid
•South Korea Small Modular Reactor Market, By Location:
oLand
oMarine
•South Korea Small Modular Reactor Market, By Application:
oPower Generation
oDesalination
oProcess Heat
•South Korea Small Modular Reactor Market, By Region:
oCentral
oNorthern
oSouthern
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).
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
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