Global Molten Salt Reactors market is projected to grow at a CAGR of 5.9% by 2032: Visiongain Reports Ltd
Visiongain Reports Ltd
7 min read
Visiongain Reports Ltd
Visiongain has published a new report entitled Molten Salt Reactors 2022-2032. It includes profiles of Molten Salt Reactors and Forecasts Market Segment by Class, (Molten Salt Fueled Reactors, Molten Salt Cooled Reactors) Market Segment by Fuel Type, (Uranium, Thorium, Plutonium) Market Segment by MSR System, (FHR (salt cooled HTR, 7LiF ‐BeF 2), MSBR (graphite moderated, Th ‐ U cycle, 7LiF ‐BeF 2 or 7LiF), MSFR (fast reactor, 7LiF), MCFR (fast reactor, Na37Cl), Other MSR System) Market Segment by End-User, (Oil & Gas Industry, Shipping Industry, Power & Energy Industry, Manufacturing Industry, Processing Industry, Other End-User) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country
The global molten salt reactors market was valued at US$10,350 million in 2021 and is projected to grow at a CAGR of 5.9% during the forecast period 2022-2032.
Compact Molten Salt Reactor Being Manufactured by Seaborg Technologies, a Danish corporation (CMSR)
The goal of Seaborg is to enable developing nations with rising energy markets that are unable to rely primarily on renewable energy by providing clean, affordable electricity aboard mass-produced, modular floating power barges. One CMSR can produce 100MWe or 250MWth of electricity, making the idea a compact modular reactor technology that enables quick deployment, cheaper capital costs, and more site options. The scalable power barge design allows for combinations with two to eight active CMSRs, with a maximum output of 800MWe or 2000MWth.
How has COVID-19 had a significant negative impact on the Molten Salt Reactors Market?
As a result of the COVID-19 pandemic, governments all around the world have taken harsh measures that have impacted a large portion of society. It is critical to maintain dependable electrical supplies and 'keep the lights on.' Nuclear power generates around 10% of the world's electricity and contributes to the generation of electricity in more than 30 countries. Nuclear workers have been highlighted as one of the key professionals who will be required to maintain critical infrastructure during the pandemic in several countries. Critical infrastructure status has also been extended to nuclear power plants, supply chains, fuel services, and outage support staff in the United States, for example.
How will this Report Benefit you?
Visiongain’s 381-page report provides 187 tables and 180 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global molten salt reactors market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Molten Salt Reactors. Get financial analysis of the overall market and different segments including class, MSR system, end-user, fuel type and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing molten salt reactors market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
MSR is Support for Solar and Wind Power Issues Around the World
The characteristics of molten salt reactors can aid in the freeloading of carbon dioxide in wind and solar power in such a scenario. When the discharge of xenon gas increases in traditional nuclear reactors utilized for wind and solar power, the nuclear processes generally slow down. As the xenon gas decays, it takes several days for the process to recommence. The excess xenon emitted by molten salt reactors is not a concern because of the off-gas system, which allows for quick xenon removal and no delay in scaling up and down the molten salt reactor.
MSR Can be a Sustainable Form of Energy
Although it has been determined that there is insufficient nuclear power, it has also been established that there is sufficient nuclear fuel to support humanity for millions of years. Nuclear waste, uranium, and plutonium reserves are used in molten salt reactors. A molten salt reactor called a liquid fluoride thorium reactor (LFTR) employs thorium as fuel, as do breeder reactors, which are molten salt reactors that use uranium -238 as fuel, which accounts for 93.3 percent of natural uranium. Conventional reactors, on the other hand, utilize uranium-235, which accounts for only 0.7 percent of natural uranium.
Where are the Market Opportunities?
Production of Energy, Mainly Electricity, will be Benefited with the More Use of the Molten Salt Reactor
With the advent of the molten salt reactor, which employs thorium, a radioactive metal for energy generation, traditional reactors that use solid fuels for energy production, mostly electricity, are expected to be phased out. Although a traditional power generation is less expensive to put up than molten salt reactors, the molten salt reactors will outperform them in terms of production capacity. Because the entire process is based on a nuclear reaction in a molten salt reactor, more neutrons will be released, implying that if the fuel is reprocessed, reactors could be fueled without having to mine any additional U-235 for higher reactivity; thus, when thorium absorbs a neutron and becomes Pa-233, the Protactinium can be removed from the core and will be allowed to decay to U-233 without any risk of causing parasitic neutron losses.
Thorium-Based Molten Salt Reactors Are Expected to Cost Less and to be a More Stable Source of Energy Generation
Molten salt reactors based on thorium are predicted to be less expensive and more reliable sources of energy generation. Electricity is generated in conventional power stations using solid fuels such as coal. Nuclear reactors, which use radioactive metals like uranium to create power, were invented as technology advanced. Uranium is a highly radioactive metal that can outperform coal-fired power plants in terms of output. Uranium, on the other hand, is a rare metal that isn't found everywhere. As a result, molten salt reactors, which utilise thorium, which is three times more abundant than uranium, are on the cusp of commercialization, with the goal of achieving long-term sustainability. One tonne of thorium is said to create the same amount of energy as 200 tonnes of uranium, or 3,500,000 tons of coal.
Competitive Landscape The major players operating in the molten salt reactors market are Copenhagen Atomics Company, Elysium Industries Ltd Company, Flibe Energy, Inc Company, Fluor Corporation Company, GE Hitachi Nuclear Energy Company, Holtec International (SMR LLC) Company, Kairos Power LLC Company, Lightbridge Corporation Company, Man Diesel & Turbo Se Company, Manganese X Energy Corporation Company, Mitsubishi Heavy Industries Limited Company, Moltex Energy Ltd. Company, Scatec SA Company, Seaborg Technologies Company, Steenkampskraal Thorium Ltd Company, TerraPower, LLC Company, Terrestrial Energy, Inc Company, The Southern Company, Thorium Power Canada Inc. Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
23 Feb, 2022;- Idaho National Laboratory, TerraPower and Southern Company To design, build, and run the Molten Chloride Reactor Experiment (MCRE), the first critical fast-spectrum salt reactor in the world.
19 April, 2022;- In order to enhance clean nuclear energy, SNC-Lavalin Group and Moltex Energy Canada have established a strategic agreement. As part of this cooperation, SNC-Lavalin will assist Moltex in developing and deploying its nuclear technologies, such as compact modular reactors (SMRs). To fulfil net zero obligations, Canada and the rest of the world will need to investigate all nuclear technology choices.
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About Visiongain
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
Contact: Dev Visavadia PR at Visiongain Reports Limited Tel: + 44 0207 336 6100 Email: dev.visavadia@visiongain.com
