South Korea Small Modular Reactors Market Size Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 3.1% from 2023 to 2033.
• The South Korea Small Modular Reactors Market Size is Expected to Hold a Substantial Share by 2033.

The South Korea Small Modular Reactors Market Size is Expected to Hold a Substantial Share by 2033, at a CAGR of 3.1% during the forecast period 2023 to 2033.

Market Overview

Small modular reactors (SMRs) are nuclear fission reactors that generate nuclear energy. They are typically much smaller than conventional reactors, with an electrical power output of less than 300MW. Apart from their primary use in power generation, these reactors are also used in industrial applications such as water desalination and process heating. The small modular reactor industry is expected to grow rapidly in the coming years due to the units' low cost and short construction time. When compared to other renewable energy sources such as wind or solar, the energy generated by these SMRs occupies less space and has a lower carbon footprint. Although the concept of small modular reactors is still being researched and developed, it is expected to provide an opportunity for the leading players during the forecast period.      

Report Coverage

This research report categorizes the market for South Korea small modular reactors market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea small modular reactors market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea small modular reactors market.

Driving Factors

Conventional energy sources emit harmful greenhouse gases into the environment, causing pollution; as a result, the demand for clean energy sources that are dependable and can provide a consistent energy source is increasing. The South Korean government prefers to invest in nuclear power because it could pave the way for a stronger economy. Nuclear energy can be easily combined with other non-conventional energy sources, such as wind, solar, biomass, geothermal, and others, to produce consistent energy results. Small modular reactors are expected to be in high demand over the next five years due to their compact design, which allows them to generate energy through nuclear fission. They offer more flexible power generation options, as well as better safety features and a lower carbon footprint than traditional large nuclear power plants. The small modular reactor can be located in areas that are not appropriate for traditional large nuclear power plants.

Restraining Factors

Setting up a small modular reactor involves several steps, including design approval, construction, and operation. All of these steps require regulatory approval; however, the cost of licensing an SMR is comparable to that of large nuclear reactors. Furthermore, the design and construction of a small reactor are much simpler than a traditional nuclear reactor, but the costs for authorization are the same, making it expensive.

Market Segment

• In 2023, the light water reactor (LWR) segment accounted for the largest revenue share over the forecast period.

Based on the reactor type, the South Korea small modular reactors market is segmented into light water reactor (LWR), pressurized heavy water reactor (PHWR), high-temperature reactor (HTR), fast neutron reactor (FNR), and others. Among these, the light water reactor (LWR) segment has the largest revenue share over the forecast period. It is due to the technological or environmental risks associated with them, combined with their ability to serve as both reactor coolant and moderator. LWRs are the most common type of nuclear reactor, and they use normal water rather than heavy water.

• In 2023, the multi-module segment accounted for the largest revenue share over the forecast period.

Based on the deployment, the South Korea small modular reactors market is segmented into single-module and multi-module. Among these, the multi-module segment has the largest revenue share over the forecast period. It is the composition of these reactors, that allows each module to operate safely and independently while producing full potential. Furthermore, greater flexibility in grid operations and cost-effective replacement for existing nuclear and coal-fired power plants are boosting the deployment of SMRs in multi-module plant systems, generating lucrative opportunities for the leading players in the South Korean market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea small modular reactors market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts country revenue from 2022 to 2033. Spherical Insights has segmented the South Korea small modular reactors market based on the below-mentioned segments:

South Korea Small Modular Reactors Market, By Reactor Type

• Light Water Reactor (LWR)
• Pressurized Heavy Water Reactor (PHWR)
• High-Temperature Reactor (HTR)
• Fast Neutron Reactor (FNR)
• Others

South Korea Small Modular Reactors Market, By Deployment

• Single Module
• Multi-Module