The Global Market of Microreactors report centers on the potential of microreactors and the future international microreactor market, evaluating their potential deployment and unique capabilities in certain international markets in the period between 2030 and 2050. The report observes that the coming years will see a growing demand for nuclear microreactors in key markets around the world.
The study utilized various techniques to analyze rising market trends and rank markets in more than 60 nations, including newcomer countries and current users of nuclear energy in order to obtain various potential demands.
Microreactors are sometimes called nuclear batteries and are a subgroup of modular reactors with a capacity that ranges between 1 to 20 MWe. They include heat pipe reactors, molten salt reactors and light-water reactors.
The study included research conducted between 2019 and 2021, which focused on the possible applications for microreactors in the United States, Alaska and Puerto Rico’s federal facilities. These studies also included research conducted by Nuclear Alternative Project, a Puerto-Rican-led nonprofit organization that looked into the viability of the use of microreactors and small modular reactors in the provision of power to island territories such as Puerto Rico.
Research by scientists from the University of Wisconsin-Madison that defined the possible role of microreactors at government installations was also included, as well as research by the University of Alaska Anchorage that identified the economic development potential, applications and markets for nuclear-powered microreactors in the Arctic and Alaska plus its export potential for remote locations across the globe.
The report notes that the preliminary deployment of microreactors could help expand nuclear energy’s contribution in Western Europe and North America by the year 2030, adding that these areas would otherwise demonstrate minimal future growth with regard to nuclear energy. Deployments in the mid-term, which would begin by 2035, would see an expansion in Asia and Eastern Europe. Energy infrastructures are currently being developed in these regions.
In the long term, deployment in the period between 2040 and 2050 would be in big cities and urban markets that are vulnerable to climate change and lack access to energy. The report adds that to capture new market shares for microreactors, a balance between public acceptance, costs, technology performance and market demands must be achieved and some challenges defeated.
The report also notes that microreactors will not be in competition with centralized energy sources, even after they achieve deep penetration in key markets. Finally, the report highlights that some questions about microreactors, such as their transportation and fuel, as well as their physical and cyber risks, will have to be answered. Technical exchanges and collaborations, which include efforts by U.S. federal programs and efforts by Canadian and U.S. regulators, are focused on these priorities.
This bullish outlook for nuclear microreactors bodes well for uranium mining companies such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) since these companies will have a much bigger market to serve in the coming decades.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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