Expert: Small Nuclear Reactor Revolution Has Already Begun
Technology Small modular reactors (SMRs) have improved significantly in the last year, and several nuclear energy companies (or rather start-ups) around the world are planning to launch small-scale nuclear projects to provide clean energy over the next five years, writes OilPrice energy markets expert Felicity Bradstock.
The SMR market is expected to grow from $6 billion in 2024 to $7,14 billion in 2030, growing at a CAGR of 3%. The Asia-Pacific and Americas markets are likely to be the main drivers of this growth.
In the US, a growing number of tech companies are investing in SMR technology in hopes of powering their high-energy data centres with clean energy. The sector hopes that SMR technology will be available to power multiple data centres by the 2030s as their energy needs increase in line with the deployment of artificial intelligence and other sophisticated technologies.
Growing demand for clean energy is prompting traditional nuclear power companies and various start-ups to invest heavily in the development of modular technology. Huge investments are boosting investment and project returns, which is why we can say that a revolution in the sector has begun. The acceleration of development of various projects for both the plant itself and the stations continues.
There are more than 90 separate modular power plant projects worldwide, most of which are supported by governments. Many of these projects are now in the final stages of development, but have not yet been tested for functionality.
Revolutionary changes in the industry are expected to result in the first modular power plants generating electricity within a few years, and they will become the industry standard by 2030, Western analysts suggest.
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