Small Modular Reactor Global Market Opportunities And Strategies To 2033

Description

Small modular reactors (SMRs) are a type of nuclear reactor designed to generate electric power on a smaller scale compared to traditional nuclear reactors. SMRs are typically defined by their modularity, which allows them to be constructed in factories and shipped to site for installation.

The small modular reactor market consists of sales, by entities (organizations, sole traders and partnerships), of small modular reactors that are used by utilities, government entities and industrial sectors that require reliable and scalable power solutions. SMRs are utilized in scenarios where large-scale nuclear plants are impractical due to financial, geographic or demand-related constraints.

The global small modular reactor market was valued at $31.26 million in 2020 which grew till 2023.

Rise In Energy Security Crisis

The rise in energy security crisis boosted the growth of the small modular reactor market during the historic period. The rise in energy security crises highlighted the need for stable, reliable power sources. SMRs offer a consistent alternative to fossil fuels, attracting investments and government support. Their reliability accelerates SMR development and deployment, enhancing energy security and reducing dependency on volatile energy sources. For example, in November 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the number of people living without electricity increased by nearly 20 million, reaching approximately 775 million. This marked the first global rise in the figure since the IEA (International Energy Agency) began tracking it two decades ago. Additionally, in October 2021, India recorded a power supply shortage of 1,201 million units, the highest in 5.5 years, due to a coal stock crunch at thermal plants. The shortage mainly affected Indian states such as Gujarat, Haryana, Jharkhand, Punjab and Rajasthan. Therefore, the rise in the energy security crisis supported the growth of the small modular reactor market.

Introduction Of Small Modular Reactors With Enhanced Performance And Safety

Major companies in the small modular reactor market are developing advanced SMRs to improve nuclear energy performance and safety. Small modular reactors (SMRs) are engineered with enhanced safety features, including passive cooling systems and robust containment measures, which mitigate the risks associated with traditional reactors. Their modular nature allows for flexible deployment, smaller land footprints and streamlined construction. For instance, in May 2023, Westinghouse Electric Corporation, a US-based power generation and nuclear power manufacturing company, introduced the AP300 small modular reactor, a compact version of its AP1000 model, aiming to deliver grid power within a decade. The AP300 utilizes the proven AP1000 technology, including major equipment, structural components and safety systems, while incorporating lessons from the global AP1000 fleet. This SMR is designed to be modular and ultra-compact, leveraging existing innovations and operational knowledge for enhanced efficiency and reliability.

The global small modular reactor market has limited players operating in the market. The top two competitors in the market made up 100.0% of the total market in 2023.

Small Modular Reactor Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global small modular reactor market as it emerges from the COVID-19 shut down.

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Where is the largest and fastest-growing market for small modular reactor? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The small modular reactor market global report from The Business Research Company answers all these questions and many more.

The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider small modular reactor market; and compares it with other markets.

The report covers the following chapters

Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by reactor type, by power rating, by deployment and by application.
Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the small modular reactor market.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by reactor type, by power rating, by deployment and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
Competitive Dashboard- Briefs on competitive dashboard of major players.
Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations- This section includes recommendations for small modular reactor providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.

Markets Covered:

1) By Reactor Type: Pressurized Water Reactor (PWR); Boiling Water Reactor (BWR); High-Temperature Gas-Cooled Reactor (HTGR); Other Reactor Types
2) By Power Rating: Up To 100 MW; 101 To 200 MW; 201 To 300 MW
3) By Application: Power Generation; Heating; Other Applications
4) By Deployment: Single Module Power Plant; Multi Module Power Plant
Companies Mentioned: China National Nuclear Corporation; Rosatom State Nuclear Energy Corporation (Rosatom)
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; small modular reactor indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Product Code: o&s1335

1 Executive Summary

1.1 Small Modular Reactor - Market Attractiveness And Macro economic Landscape

2 Table Of Contents

3 List Of Tables

4 List Of Figures

5 Report Structure

6 Market Characteristics

6.1 General Market Definition
6.2 Summary
6.3 Small Modular Reactor Market Definition And Segmentations
6.4 Market Segmentation By Reactor Type
- 6.4.1 Pressurized Water Reactor (PWR)
- 6.4.2 Boiling Water Reactor (BWR)
- 6.4.3 High-Temperature Gas-Cooled Reactor (HTGR)
- 6.4.4 Other Reactor Types
6.5 Market Segmentation By Power Rating
- 6.5.1 Up To 100 MW
- 6.5.2 101 To 200 MW
- 6.5.3 201 To 300 MW
6.6 Market Segmentation By Deployment
- 6.6.1 Single Module Power Plant
- 6.6.2 Multi Module Power Plant
6.7 Market Segmentation By Application
- 6.7.1 Power Generation
- 6.7.2 Heating
- 6.7.3 Other Applications

7 Major Market Trends

7.1 Introduction Of Small Modular Reactors With Enhanced Performance And Safety
7.2 Advancements In Small Modular Reactor Core Design And Manufacturing For Enhanced Efficiency
7.3 Strategic Partnerships And Collaborations Among Major Players
7.4 Integration Of Small Modular Reactors Into Hyperscale Data Centers And Sustainable Energy Projects

8 Small Modular Reactor Market - Macro Economic Scenario

8.1 COVID-19 Impact On The Small Modular Reactor Market
8.2 Impact Of The War In Ukraine On The Small Modular Reactor Market
8.3 Impact Of High Inflation On The Small Modular Reactor Market

9 Global Market Size And Growth

9.1 Market Size
9.2 Historic Market Growth, 2018 - 2023, Value ($ Million)
- 9.2.1 Market Drivers 2018 - 2023
- 9.2.2 Market Restraints 2018 - 2023
9.3 Forecast Market Growth, 2023 - 2028, 2033F Value ($ Million)
- 9.3.1 Market Drivers 2023 - 2028
- 9.3.2 Market Restraints 2023 - 2028

10 Global Small Modular Reactor Market Segmentation

10.1 Global Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
10.2 Global Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
10.3 Global Small Modular Reactor Market, Segmentation By Deployment, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
10.4 Global Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

11 Small Modular Reactor Market, Regional and Country Analysis

11.1 Global Small Modular Reactor Market, By Region, Historic and Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
11.2 Global Small Modular Reactor Market, By Country, Historic and Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

12 Asia-Pacific Market

12.1 Summary
- 12.1.1 Market Overview
- 12.1.2 Region Information
- 12.1.3 Market Information
- 12.1.4 Background Information
- 12.1.5 Government Initiatives
- 12.1.6 Regulations
- 12.1.7 Regulatory Bodies
- 12.1.8 Major Associations
- 12.1.9 Taxes Levied
- 12.1.10 Corporate Tax Structure
- 12.1.11 Investments
- 12.1.12 Major Companies
12.2 Asia-Pacific Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.3 Asia-Pacific Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.4 Asia-Pacific Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.5 Asia-Pacific Small Modular Reactor Market: Country Analysis
12.6 China Market
12.7 Summary
- 12.7.1 Market Overview
- 12.7.2 Country Information
- 12.7.3 Market Information
- 12.7.4 Background Information
- 12.7.5 Government Initiatives
- 12.7.6 Regulations
- 12.7.7 Regulatory Bodies
- 12.7.8 Major Associations
- 12.7.9 Taxes Levied
- 12.7.10 Corporate Tax Structure
- 12.7.11 Investments
- 12.7.12 Major Companies
12.8 China Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.9 China Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.10 China Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.11 India Market
12.12 Japan Market
12.13 Japan Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.14 Japan Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.15 Japan Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.16 Australia Market
12.17 Indonesia Market
12.18 Indonesia Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.19 Indonesia Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.20 Indonesia Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.21 South Korea Market
12.22 South Korea Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.23 South Korea Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
12.24 South Korea Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

13 Western Europe Market

13.1.1 Market Overview
13.1.2 Region Information
13.1.3 Market Information
13.1.4 Background Information
13.1.5 Government Initiatives
13.1.6 Regulations
13.1.7 Regulatory Bodies
13.1.8 Major Associations
13.1.9 Taxes Levied
13.1.10 Corporate Tax Structure
13.1.11 Investments
13.1.12 Major Companies

13.2 Western Europe Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
13.3 Western Europe Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
13.4 Western Europe Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
13.5 Western Europe Small Modular Reactor Market: Country Analysis
13.6 UK Market
13.7 UK Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
13.8 UK Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
13.9 UK Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
13.10 Germany Market
13.11 France Market
13.12 Italy Market
13.13 Spain Market

14 Eastern Europe Market

14.1 Summary
- 14.1.1 Market Overview
- 14.1.2 Region Information
- 14.1.3 Market Information
- 14.1.4 Background Information
- 14.1.5 Government Initiatives
- 14.1.6 Regulations
- 14.1.7 Regulatory Bodies
- 14.1.8 Major Associations
- 14.1.9 Taxes Levied
- 14.1.10 Corporate Tax Structure
- 14.1.11 Investments
- 14.1.12 Major Companies
14.2 Eastern Europe Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
14.3 Eastern Europe Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
14.4 Eastern Europe Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
14.5 Eastern Europe Small Modular Reactor Market: Country Analysis
14.6 Russia Market
14.7 Russia Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
14.8 Russia Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
14.9 Russia Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

15 North America Market

15.1.1 Market Overview
15.1.2 Region Information
15.1.3 Market Information
15.1.4 Background Information
15.1.5 Government Initiatives
15.1.6 Regulations
15.1.7 Regulatory Bodies
15.1.8 Major Associations
15.1.9 Taxes Levied
15.1.10 Corporate Tax Structure
15.1.11 Investments
15.1.12 Major Companies

15.2 North America Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.3 North America Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.4 North America Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.5 North America Small Modular Reactor Market: Country Analysis
15.6 USA Market
- 15.6.1 Market Overview
- 15.6.2 Country Information
- 15.6.3 Market Information
- 15.6.4 Background Information
- 15.6.5 Government Initiatives
- 15.6.6 Regulations
- 15.6.7 Regulatory Bodies
- 15.6.8 Major Associations
- 15.6.9 Taxes Levied
- 15.6.10 Corporate Tax Structure
- 15.6.11 Investments
- 15.6.12 Major Companies
15.7 USA Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.8 USA Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.9 USA Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.10 Canada Market
15.11 Canada Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.12 Canada Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
15.13 Canada Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

16 South America Market

16.1.1 Market Overview
16.1.2 Region Information
16.1.3 Market Information
16.1.4 Background Information
16.1.5 Government Initiatives
16.1.6 Regulations
16.1.7 Regulatory Bodies
16.1.8 Major Associations
16.1.9 Taxes Levied
16.1.10 Corporate Tax Structure
16.1.11 Investments
16.1.12 Major Companies

16.2 South America Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
16.3 South America Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
16.4 South America Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
16.5 South America Small Modular Reactor Market: Country Analysis
16.6 Brazil Market

17 Middle East Market

17.1.1 Market Overview
17.1.2 Region Information
17.1.3 Market Information
17.1.4 Background Information
17.1.5 Government Initiatives
17.1.6 Regulations
17.1.7 Regulatory Bodies
17.1.8 Major Associations
17.1.9 Taxes Levied
17.1.10 Corporate Tax Structure
17.1.11 Investments
17.1.12 Major Companies

17.2 Middle East Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
17.3 Middle East Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
17.4 Middle East Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

18 Africa Market

18.1.1 Market Overview
18.1.2 Region Information
18.1.3 Market Information
18.1.4 Background Information
18.1.5 Government Initiatives
18.1.6 Regulations
18.1.7 Regulatory Bodies
18.1.8 Major Associations
18.1.9 Taxes Levied
18.1.10 Corporate Tax Structure
18.1.11 Investments
18.1.12 Major Companies

18.2 Africa Small Modular Reactor Market, Segmentation By Reactor Type, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
18.3 Africa Small Modular Reactor Market, Segmentation By Power Rating, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)
18.4 Africa Small Modular Reactor Market, Segmentation By Application, Historic And Forecast, 2018 - 2023, 2028F, 2033F, Value ($ Million)

19 Competitive Landscape And Company Profiles

19.1 Company Profiles
19.2 China National Nuclear Corporation (CNNC)
- 19.2.1 Company Overview
- 19.2.2 Products And Services
- 19.2.3 Financial Overview
19.3 Rosatom State Nuclear Energy Corporation (Rosatom) considered 2022 revenue
- 19.3.1 Company Overview
- 19.3.2 Products And Services
- 19.3.3 Business Strategy
- 19.3.4 Financial Overview

20 Other Major And Innovative Companies

20.1 Idaho National Laboratory
- 20.1.1 Company Overview
- 20.1.2 Products And Services
20.2 Westinghouse Electric Company LLC
- 20.2.1 Company Overview
- 20.2.2 Products And Services
20.3 NuScale Power Corporation
- 20.3.1 Company Overview
- 20.3.2 Products And Services
20.4 Holtec International
- 20.4.1 Company Overview
- 20.4.2 Products And Services
20.5 X-Energy LLC
- 20.5.1 Company Overview
- 20.5.2 Products And Services
20.6 TerraPower
- 20.6.1 Company Overview
- 20.6.2 Products And Services
20.7 General Electric-Hitachi Nuclear Energy
- 20.7.1 Company Overview
- 20.7.2 Products And Services
20.8 Ultra Safe Nuclear Corporation
- 20.8.1 Company Overview
- 20.8.2 Products And Services
20.9 IHI Corporation
- 20.9.1 Company Overview
- 20.9.2 Products And Services
20.10 Terrestrial Energy
- 20.10.1 Company Overview
- 20.10.2 Products And Services
20.11 Kairos Power
- 20.11.1 Company Overview
- 20.11.2 Products And Services
20.12 Canadian Nuclear Laboratories
- 20.12.1 Company Overview
- 20.12.2 Products And Services
20.13 Rolls-Royce Holdings plc
- 20.13.1 Company Overview
- 20.13.2 Products And Services
20.14 Moltex Energy
- 20.14.1 Company Overview
- 20.14.2 Products And Services
20.15 Seaborg Technologies
- 20.15.1 Company Overview
- 20.15.2 Products And Services
20.16 ThorCon
- 20.16.1 Company Overview
- 20.16.2 Products And Services
20.17 Tokamak Energy
- 20.17.1 Company Overview
- 20.17.2 Products And Services
20.18 Korea Atomic Energy Research Institute
- 20.18.1 Company Overview
- 20.18.2 Products And Services

21 Competitive Dashboard

22 Key Mergers And Acquisitions

22.1 Cameco And Brookfield Acquired Westinghouse Electric Company
22.2 Ares Management Acquired X Energy
22.3 Spring Valley Acquisition Acquired NuScale Power

23 Opportunities And Strategies

23.1 Global Small Modular Reactor Market In 2028 - Countries Offering Most New Opportunities
23.2 Global Small Modular Reactor Market In 2028 - Segments Offering Most New Opportunities
23.3 Global Small Modular Reactor Market In 2028 - Growth Strategies
- 23.3.1 Market Trend Based Strategies
- 23.3.2 Competitor Strategies

24 Small Modular Reactor Market, Conclusions And Recommendations

24.1 Conclusions
24.2 Recommendations
- 24.2.1 Product
- 24.2.2 Place
- 24.2.3 Price
- 24.2.4 Promotion
- 24.2.5 People

25 Appendix

25.1 Geographies Covered
25.2 Market Data Sources
25.3 Research Methodology
25.4 Currencies
25.5 The Business Research Company
25.6 Copyright and Disclaimer