Demand for electricity has been increasing exponentially across the globe since the last few decades.. According to the International Energy Outlook 2016, the net electricity generation stood at 21.6 trillion kWh across the globe in 2012 and is projected to reach 25.8 trillion kWh in 2020. It is further projected to reach 36.5 trillion kWh in 2040 due to the changes in power systems (from small and isolated to integrated national and international systems). Coal continues to be a widely used fuel for power generation; however, the nuclear power generation and renewable sources are cleaner forms of electricity generation and hence have anticipated the growth of global electricity generation.
Increase in environmental concerns about the emission of greenhouse gases is driving the demand for renewable energy sources such as hydropower, wind, solar power, tides, and geothermal heat for electricity generation. Nuclear power generation is considered the cleaner source of electricity after renewable sources. According to the International Energy Outlook 2016, the world electricity generation from nuclear power stood at 2.3 trillion kWh in 2012 and is estimated to reach 4.5 trillion kWh in 2040. Nuclear reactors provide a reliable, cost-effective, and low emission source of electricity generation. Large nuclear reactors are capable of catering to the demand for electricity; however, their production entails high capital and infrastructure costs. Micro-nuclear reactors are small and simpler units of nuclear reactors for electricity generation. These nuclear reactors are economical alternatives to the large nuclear reactors. Furthermore, they are increasingly used at remote locations. Economies of scale are significantly achieved by the manufacturers for continuous production and short construction period for micro-nuclear reactors. These factors are primarily driving the market for micro-nuclear reactors across the world. Rise in private investments and increase in government funded research and development projects are also anticipated to boost the global micro-nuclear reactors market.
Design, construction, and operation regulations are same as that for the large nuclear reactors which involves additional costs for compliance and restrain the growth of the market, especially in North America and Europe. Several companies are investing significantly in research and development of micro-nuclear reactors that comply with the regional and international licensing regulations. Nuclear power generation plants are sometimes built in the close vicinity of public settlements. This makes the public apprehensive about the ill-effects of nuclear waste, thereby hampering the market growth.
In terms of geography, the micro-nuclear reactors market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Rise in industrialization and rapid growth in economies in Asia Pacific are projected to drive the demand for micro-nuclear reactors. Increase in need to lower greenhouse gas emissions, shortage of coal supply, and less electricity distribution in remote regions are estimated to augment the market in Asia Pacific. North America and Europe account for large share of the global micro-nuclear reactors market, led by the presence of key chemical companies in these regions and increase in private investments and government funded nuclear projects.
Prominent companies operating in the micro-nuclear reactors market are Westinghouse Electric Company LLC, Toshiba Corporation, Hitachi-GE Nuclear Energy, Ltd., and NuScale Power, LLC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.