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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.
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 reactormarket, 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.
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 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"
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.
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).
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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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.
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.
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).
