October 18, 2018
WELLESLEY, Mass., October 18, 2018–With the rise in global population, the demand for electricity is rapidly growing. To keep up with demand, natural resources used to create electricity are depleting, in addition to further straining the environment with high emissions of carbon and carbon dioxide. According to the BCC Research report Molten Salt Reactors: Opportunity and Global Markets, molten salt reactors offer a solution to this global issue.
Unlike conventional reactors, molten salt reactors use liquid fuel to generate electricity and they emit much less carbon emission as compared to conventional reactors. The process of transforming metallic ions into electricity has been the much-discussed topic among the scientists and governments for a century. After heavy research, the presence of thorium reserves, and investments from both public and private sectors, the molten salt reactor is now on the verge of commercialization.
In 2016, the market of Asia-Pacific was valued at nearly $3.3 billion followed by Europe with $2.5 billion, North America with $2.1 billion and RoW with 0.3 billion. During the forecast period from 2017 to 2022, North America, Europe, Asia-Pacific and RoW are expected to grow at a CAGR of 10.8%, 11.0%, 11.6% and 9.5% respectively.
In 2016, of all the molten salt reactor nuclear fuel types, thorium dominated the overall market with a share of 57%, followed by uranium with a share of approximately 30%.
Molten salt reactor has the potential for delivering safer nuclear fuel, thereby transforming the world energy production into a sustainable and cleaner method for the production of electricity at a competitive market price.
“The market for molten salt reactors is growing rapidly due to the rising energy-related problems,” notes lead researcher Sinah Gaurav. “The inherent safety of molten salt reactors to address wind and solar power issues shall drive the market of molten salt reactors until 2022. As per the findings, Asia-Pacific holds the largest market share in molten salt reactors due to increasing investments in nuclear power and improving research and development for cost-effective power sources. Moreover, molten salt reactors are going to bring a huge transition in the power and energy industry. Electricity production and consumption in major countries around the world are going to benefit hugely from the application of molten salt reactor technology in the coming years.”
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Molten Salt Reactors: Opportunity and Global Markets( AVM159A )
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