Generation IV Reactors Market: Overview
Demand for energy has risen significantly across the globe in order to meet the needs of the ever-increasing population. Therefore, alternative energy sources need to be identified in order to meet the high demand for energy. Governments of various countries are undertaking modernization and development of nuclear power generation. Generation IV reactors are a set of nuclear reactors that are designed using the latest technologies. They are used in commercial applications. Generation IV reactors are being developed in order to produce energy which is safe, sustainable, and cost-efficient.
Generation IV Reactors Market: Key Trends
Electricity generation using generation IV reactors is one of the key inventions. It is considered to be safe, efficient, reliable and environmentally-friendly. Developed and developing countries are striving to develop new power generation, transmission, and distribution infrastructure. They are also revamping their existing power. Generation IV reactor is one of the viable sources of energy that is expected to be used as an alternative energy to fossil fuel. It provides major opportunities for energy generation. Companies in the generation IV reactors market are increasingly focusing on developing reactors with less detrimental impact on the environment. Challenges in upgrade is one of the major restraints of generation IV reactors. It is also a capital intensive process. New and environment-friendly technologies are emerging in order to save upon the production cost of generation IV reactors.
Generation IV Reactors Market: Key Segments
The global generation IV reactors market can be segmented based on types and region. Based on type, the generation IV reactors market can be bifurcated into thermal reactors and fast reactors. The thermal reactors segment can be sub-segmented into Very High Temperature Reactor (VHTR), Molten-salt Reactor (MSR), and Supercritical Water-cooled Reactor (SCWR). The fast reactors segment can be further divided into Gas-cooled Fast Reactors (GFR), Sodium-cooled Fast Reactors (SFR), and Lead-cooled Fast Reactors (LFR). SFRs are widely preferred reactors owing to their closed fuel cycle.
Generation IV Reactors Market: Regional Outlook
In terms of region, North America is one of the major developers of generator IV reactors. Countries in North America such as U.S. and Canada are investing significantly in generator IV reactors. The Generation IV International Forum (GIF) was initiated by the US Department of Energy in 2000 and formally chartered in mid-2001. It aims to promote collaborative research and development in generation IV reactors with manufacturers and research organizations across the globe. Countries in Europe such as Germany, Russia, and France are striving to develop and build generator IV reactors. The European Union has pledged to promote the development of generator IV reactors with an aim to provide alternative sources of energy for fossil fuels. Countries in Europe such as Germany, France, Sweden, Switzerland, and the U.K. are increasingly focusing on infrastructure investments for the development and improvement of nuclear energy projects. Extensive research is being carried out in the U.K. and Switzerland for the production of generator IV reactors. In 2006, the US Nuclear Regulatory Commission (NRC) and the French Nuclear Safety Authority (ASN) collaborated to develop innovative approaches to develop new generator IV reactor designs. The generator IV reactors market in Middle East & Africa is estimated to expand in the near future. Countries such as Saudi Arabia, Kuwait, Bahrain, and Qatar have invested significantly in generator IV reactors for the development of the energy sector. Countries in Latin America such as Brazil and Mexico are inventing newer technologies for electricity generation using generator IV reactors in order to meet the demand for energy among the ever-increasing population in the region.
Generation IV Reactors Market: Key Players
Key players operating in the global generation IV reactors market include Pulitzer, Terrestrial Energy, Lockheed Martin, X Energy, Wilmington, and TerraPower.
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