Small Modular Reactor Market Size, Share, Trends and Future Growth Predictions till 2030

According to a research report "Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Industrial), Coolant and Region - Global Forecast to 2030" published by MarketsandMarkets, the small modular reactor market size will grow to USD 7.0 billion by 2030 (forecasted year) from USD 5.7 billion in 2022 (estimated year), at a CAGR of 2.7% during the forecast period.

The small modular reactor market has promising growth potential due to the low cost of SMRs due to modularization and factory construction. The global small modular reactor market is driven by the growing need for clean, reliable, and flexible power generation and helps in integration with variable renewable energy.

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The light-water reactor segment is expected to dominate the small modular reactor market, by reactor type, during the forecast period.

The light-water reactor segment holds the largest share of the small modular reactor market. Light-water reactor segment is also expected to be the fastest growing and this dominance of the segment can be attributed to the is the most commonly adopted SMR technology owing to factors such as low technological risks and ease of licensing, as regulators and developers are familiar with this technology.

The land segment is expected to be the largest small modular reactor market, by location, during the forecast period.

The small modular reactor market, by location, is divided into land and marine, wherein the land segment accounts for a largest share. The potential for the underground deployment of land reactors, enhanced protection from natural hazards, improved seismic capability, and higher thermal efficiencies are a few of the major growth drivers for the land segment. These SMRs also have simpler licensing processes compared with marine SMRs.

The Asia Pacific likely to emerge as the fastest growing small modular reactor market

In this report, the small modular reactor market has been analyzed for four regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is a significant contributor to the small modular reactor market in the current scenario owing to a large number of SMR projects in China. For instance, various SMRs projects, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed, in China. Furthermore, The region has witnessed a rapid growth in electricity demand in recent years due to the growing population, increasing per capita income, and a growing number of petrochemical refineries, coupled with urbanization. These factors are further expected to boost the adoption rate of SMR technologies.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the small modular reactor market.

Some of the key players are GE Hitachi Nuclear Energy (US), Moltex Energy (Canada), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada) and Westinghouse Electric Corporation (US). The leading players are adopting various strategies to increase their share in the small modular reactor market.

Hydrogen Generation Market Soaring at 10.5% CAGR to Reach $263.5 Billion by 2027

Hydrogen Generation Market is projected to grow from USD 160 billion in 2022 to USD 263.5 billion by 2027, at a CAGR of 10.5%, according to a new report by MarketsandMarkets™. The factors driving the growth for Hydrogen Generation Market is increasing hydrogen demand in the petroleum refineries and for the application of transportation and electricity sectors.

Browse in-depth TOC on "Hydrogen Generation Market"

298 – Tables 
61 – Figures
280 – Pages

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Green Hydrogen is estimated to be the fastest growing in the source segment.

The Hydrogen Generation Market, by source, is segmented into Blue hydrogen, Gray hydrogen and Green hydrogen. Green hydrogen is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because it is considered as useful fuel and emits low-carbon while generation.

The petroleum refinery segment is expected to be the most significant Hydrogen Generation Market, by application.

The Hydrogen Generation Market, by application, is segmented into Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation. The petroleum refinery segment accounted for the largest share of 10.7% of the Hydrogen Generation Market in 2021. The rising applications of hydrogen in oil refineries to foster demand for hydrogen is expected to drive the petroleum refineries segment during the forecast period.

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Asia Pacific is expected to be fastest growing region the global Hydrogen Generation Market

The Asia Pacific is estimated to be the fastest market for the Hydrogen Generation Market, followed by North America. The North America is projected to be the second fastest-growing market during the forecast period. The oil refining and chemical industries and transportation and electricity sectors are experiencing significant demand for hydrogen in this region.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Hydrogen Generation Market. These players include Siemens (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (US).

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Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Hydrogen Energy Storage Market by State (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial), Region - Global Forecast to 2027

Power-to-gas Market by technology (Electrolysis and Methanation), Capacity (Less than 100 kW, 100–999kW, 1000 kW and Above), End-User (Commercial, Utilities, and Industrial), and Region (North America, Europe, Asia Pacific) - Global Forecast to 2024

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Smart Port Market Huge Growth, Trends, Revenue And In-Depth Analysis 2027

 

According to a research report “Smart Port Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence), Elements (Terminal Automation, PCS, Smart Port Infrastructure), Throughput Capacity, Port Type – and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global smart port market size will grow to USD 5.7 billion by 2027 from USD 1.9 billion in 2022, at a CAGR of 24.3% during the forecast period. Growing maritime trade activities internationally across industries, Growing decarbonization of the maritime industry which increases the health benefit and reduce carbon emission globally, hence these are driving the demand for smart ports globally. As the real-time geospatial data improve a large number of port operations such as it improved the freight operations by increasing visibility and assisting shipping companies which will help to navigate the current supply chain and it helped to grow the smart port market. Moreover, the fourth industrial revolution, referred to as Industry 4.0 (4IR), is the cyber-physical transformation of manufacturing also creating demand for the smart port as the primary application of 4IR was for smart factories so it will help in increasing the demand for the smart port market. An example of 4IR technology used in the ports is Dongwon Global Terminal (DGT) which is selected for CyberLogitec’s terminal operating system (TOS) so it is used for fully automated Busan New Port terminal, with using current technology such as Big data and Internet of Things (IoT). As the government initiatives in the development of smart port infrastructure which is made to opportunities for growth of the smart port market. In the current scenario as new technology develops so it was helping to upgrade the existing port with a large amount of development in the new port. As per this opportunity, the European Union (EU) is involved to upgrade and developing new ports because of commodities that are imported and exported, and around exchange within the EU.

The smart port market includes prominent Tier I and Tier II manufacturers like IBM, ABB, General Electric, Accenture, and Siemens. These companies have their manufacturing facilities spread across Europe, North America, Asia Pacific, and other regions. Technology like the Internet of Things (IoT) which is involved machine learning, sensor, connectivity, process, and people. The software which has the Internet of Things (IoT) is the amongst the largest share of technology in the smart port industry. This technology is used to increase the efficiency of the smart port and the growth of these industries is expected to also lead to the growth of the smart port market.

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The port type segment is expected to dominate the smart port market, by seaport, during the forecast period.

There are two types of port types such as seaport and inland port. A seaport is a protected area on a sea location where ships stop to load and unload cargo. As the increasing seaborne trade activities help the growth of the smart port industry. According to UNCTADs Global Commerce Update, which was published in July 2022, the value of global trade grew to a record USD 7.7 trillion in Q1 2022, a rise of approximately USD 1 trillion from Q1 2021. Rising commodity prices, which represent an increase of about USD 250 million from Q4 2021, are the main factor driving the rise since trade volumes have climbed to a noticeably lesser level. The Seaport footprints will need to expand by up to 3,689 square kilometers (1,424 square miles) globally over the next three decades to account for both sea level rise and rising demand, according to a report released by Earths Future in 2020.

Smart Port Market

The throughput capacity segment is expected to be the largest and fastest growing market, of extensively busy ports, during the forecast period.

There are three types of throughput capacity segments such as extensively busy ports, moderately busy ports, and scarcely busy ports. As the extensively busy ports handle a capacity of more than 19 million TEU per year. There is some region in which there are some ports globally that come under extensively busy ports such are the region China, Singapore, & South Korea which are the major corridor for trade activities. These ports have the smart infrastructure and have made significant investments in port features such as terminal automation, cargo handling, port community systems, smart infrastructure, and safety and security.

The Asia Pacific likely to emerge as the largest smart port market

The Asia Pacific region accounted for the largest share of the smart port market in 2021. The region is experiencing rapid development fueled by the growth of major economies, such as China, Singapore, India, South Korea, Japan, Hong Kong, Indonesia, and Australia. It is a dominant region in the smart port industry. It is also considered a lucrative region for maritime trade. As the increase in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions globally. The growth of the smart port industry decreased as a result of the Covid-19 pandemic in 2020 which directly impacted this region, which declined by around 1.5% in 2020. The rise in the number of ships will contribute to the growth of propulsion systems and engines in the Asia Pacific region. As per the Journal of Commerce’s annual list of the top 50 container ports in the global in these Asia Pacific has been ranked the 9th out of the 10. Regarding port development, the ports in these regions have grown in tandem with the economic development of most countries which reflecting the region has the fastest economic growth. The Organization for Economic Cooperation and Development (OECD) projects that by 2050, the volume of maritime trade will have tripled, raising the demand for global freight. The Asia Pacific region has an increasing number of ports each year, and those that already exist are expanding. This is because the majority of cargo transit occurs via maritime routes. The program aims to boost the effectiveness of the regions current port facilities through automation, information technology, streamlining of work procedures, the use of new equipment, and employee training. It will help to grow in the smart port industry and drive forward.

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The smart port market is dominated by major players that have a wide regional presence. Some of the key players in the smart port market are IBM (US), ABB (Switzerland), General Electric (US), Accenture (Ireland), Siemens (Germany), Trelleborg (Sweden), Wipro (India), Port of Rotterdam (Netherlands), and Royal HaskoningDHV (Netherlands).

Combined Heat and Power Market to Penetrate Untapped Regions During 2021 – 2026

New Revenue Pockets:

The global Combined Heat and Power Market is expected to grow from an estimated USD 26.6 billion in 2021 to USD 35.2 billion by 2026, at a CAGR of 5.8% during the forecast period. Gas turbine, followed by reciprocating engine, is widely used in CHP.

Increased trend of distributed power generation is creating huge opportunity for gas turbine-based CHP market are expected to offer lucrative opportunities for the CHP market during the forecast period.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, Philippines, and Indonesia). The region is the most populated region in the world and is expected to become the largest CHP deploying region globally.

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The conventional method of producing usable heat and power separately has a typical combined efficiency of 45%, where CHP systems can operate at levels as high as 80%. CHP can be implemented for different types of prime movers, such as gas turbines, steam turbines, reciprocating engines, fuel cells, and microturbines. CHP is also called cogeneration, and it can be used in an individual facility/building or a district energy/utility resource. The technology is typically employed at facilities where there is a need for electricity and thermal energy. It provides benefits such as a reduction in dependency on grid support due to on-site electricity generation, enhanced reliability, reduced costs of energy and initial setup, increased resiliency against power disruption, and reduction in harmful emissions. Critical electrical and thermal loads can be handled by CHP systems during grid power outages. Micro turbines are a type of combustion turbine that produces both heat and electricity on a relatively small scale.

The CHP market, by capacity, into up to 10 MW, 10-150 MW, 151-300 MW, and above 300 MW. The CHP market, by prime mover, into gas turbine, steam turbine, reciprocating engines, fuel cell, microturbines and, and others (stirling engine and combined cycle power plants). The CHP market, by fuel, into coal, natural gas, biogas/biomass, nuclear, diesel, and others (biodiesel and geothermal). The CHP market, by end user, into utilities, residential, commercial, and industrial.

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The 10-150 MW segment is expected to hold the highest market share during the forecast period. This segment consists of larger CHP plants mainly with reciprocating engines such as gas and diesel engines as prime movers, particularly used by industrial, commercial, and utilities end users. The demand for diesel power engines in this segment comes from utility-scale diesel power plants, large industrial plants, captive generation, and independent power producers (IPPs).

The gas turbine market, by prime mover, is expected to hold the highest market share during the forecast period. The gas turbine segment accounted for the largest share of 32.9% in 2020. A gas turbine is a type of internal combustion (IC) engine where inlet air is compressed and sprayed with fuel. The mixture is thereafter ignited in a combustion chamber and allowed to flow at high temperature and pressure through the turbine. The gaseous mixture passes through the turbine nozzles, which further channelize the kinetic energy of the hot air flow onto the blades. The turbine blades, which are mounted on a rotor, rotate with the impact of the high-velocity air. The rotary motion is used to turn a shaft, which performs tasks such as driving an electric generator. Gas turbines are used for power generation and in the mechanical drives used by oil & gas and other industries.

The natural gas market, by fuel, is expected to hold the highest market share during the forecast period. The natural gas segment accounted for the largest market share of 53.4% in 2020. Natural gas is mostly used in gas engines for electricity generation, as it burns cleaner and has low carbon emissions compared with other types of fuels. It also emits low levels of nitrogen oxide, sulfur dioxide, and particulate matter. The consumption of natural gas has led to rising concerns over global warming.

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The industrial market, by end user, is expected to hold the highest market share during the forecast period. The sector is also the largest consumer of delivered energy; according to BP Energy Outlook, the sector consumes around 50% of the world’s total delivered energy every year. In industrial sectors such as chemicals, oil & gas, pharmaceuticals, and food & beverages, energy is used for a variety of applications, including steam and cogeneration, heating and air conditioning for buildings, and process heating. Countries such as China and India are going through rapid industrialization and have introduced several policies to support industrial growth, including initiatives to ensure adequate power supply.