Molten Salt Reactor Market Insights By Size, Status And Forecast 2027
The molten salt reactor is one of the types of nuclear reactors. Molten salt reactors are a class of nuclear fission reactors. Molten salt reactors mainly use molten liquid fluoride salt at low pressure. Salt can be used as both a fuel and a coolant. Various types of molten salt reactors are used to meet the increasing demand for electricity. The best known type of molten salt reactor is the liquid fluoride thorium reactor (LFTR). In this type of molten salt reactor, thorium and uranium are dissolved in fluoride salt to generate electricity. Molten salt reactors do not pose a risk of explosion, while other nuclear reactors pose this risk. In an emergency, the presence of liquid allows salt to solidify quickly and reduce the risk of contamination of the open environment. Molten salt reactors offer exceptional benefits such as improved safety and highly efficient waste disposal.
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In 2016 the International Atomic Energy Agency (IAEA) developed a joint development platform for molten salt. These collaborative platforms have active programs to commercialize molten salt reactors. The platform is represented by around 17 member countries, including the USA, Canada, Russia, China, India, France, Denmark and Norway.
The increase in world population has boosted the global demand for electricity. The increase in demand for electricity due to the increasing use of electronic devices and equipment around the world is expected to fuel the molten salt reactor market during the forecast period. One of the main concerns of molten salt reactors is the production of highly radioactive material tritium, which is extremely mobile. These factors are expected to hamper the molten salt reactor market during the forecast period.
Molten Salt Reactor Market: Segmentation
In terms of nuclear fuel type, the global molten salt reactors market can be divided into thorium, uranium and plutonium. The thorium segment is expected to hold a dominant market share in the forecast period. The availability of thorium is higher than that of other types of nuclear fuel such as uranium. This should fuel the market for molten salt reactors in the next few years.
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Based on the end-use industry, the global Molten Salt Reactor Market can be divided into Electricity and Energy, Oil and Gas, Marine, and others. The Power & Energy segment is expected to have a significant market share in the forecast period. Molten salt reactors are often used to generate electricity and electricity. The global growth in demand for electricity and electricity is likely to fuel the demand for molten salt reactors in the next few years.
Molten Salt Reactor Market: Regional Outlook
Depending on the region, the global market for molten salt reactors can be divided into North America, Europe, the Asia-Pacific region, Latin America as well as the Middle East and Africa. In terms of consumption, the Asia-Pacific region is expected to have a significant share of the global molten salt reactor market over the forecast period. The market in the region is expected to grow faster than in other regions in the next few years. In 2017, China announced plans to develop more molten salt reactors by using molten salts as fuel. The Indian government is also working on its “three-stage nuclear power program”. It is expected that several molten salt reactors will be developed during the forecast period. The market in North America and Europe is expected to grow moderately. The market for molten salt reactors in Latin America as well as in the Middle East and Africa is expected to grow only slowly due to the lower demand for electricity compared to other regions.
Molten Salt Reactor Market: Key Players
Several companies operate in the global molten salt reactor market. Prominent companies are Moltex Energy Ltd., ThorCon USA, Inc., Terrestrial Energy Inc., TRANSATOMIC and Flibe Energy, Inc.