BOSTON, April 23,
2024 /PRNewswire/ -- Nuclear SMRs (small modular
reactors) aim to take advantage of assembly line production to
reduce cost and construction time compared to the large reactors
that form the bulk of today's nuclear fleet. Their smaller size and
frequent use of advanced fourth generation reactor designs also
make them more flexible than today's reactors, opening uses beyond
supplying power to the grid directly.
IDTechEx's market report, 'Nuclear Small Modular Reactors (SMRs)
2023-2043', outlines the level of potential here, with twenty-year
forecasting outlining the expected rise of these powerful tools for
decarbonization. It identifies additional business models to grid
power supply as important motivators for uptake – in 2024, the
ongoing AI boom is intensifying demand here.
SMRs offer a solution to the data center energy
crisis
According to the International Energy Agency, annual energy
consumption from data centers could double between 2024 and 2026 to
exceed 1,000TWh. The widening rollout of advanced AI models is the
major reason for this astounding increase. SMRs typically have
electrical capacities of less than 300MW, closely matching the
demands of many data centers, and promise to provide reliable
baseload capacity without the need for energy storage. It is no
surprise that the data center and AI industries are showing
increasing interest in SMRs to provide on-site power.
OpenAI's Sam Altman has chaired
the board of SMR firm Oklo Energy since 2015 and the company says
it has signed letters of intent for powering data center locations
by the end of the decade. Last December, Microsoft hired the former
Director of Nuclear Strategy & Programs at SMR firm Ultra Safe
Nuclear Corporation as a director in its nuclear program, which may
have links to the massive AI acceleration centers it is expected to
construct for its partner, OpenAI. In March, Amazon Web Services
acquired a data center drawing 475MW of power from a co-located
large nuclear power plant in Pennsylvania, proving the utility of this
concept. The increased flexibility and lower predicted cost of SMRs
is only expected to increase viability here.
SMRs could power the hydrogen economy and decarbonize
critical industries
SMRs offer an excellent complement to renewable energy in the
production of green hydrogen that could reduce reliance on costly
energy storage systems. With an SMR supplying baseload capacity on
a local grid alongside variable renewables like solar and wind
energy, electricity overcapacity in the network at times of peak
production could be diverted to water electrolyzers located at the
SMR facility, producing carbon-free 'pink hydrogen'. Since SMRs
will be located next to abundant water supplies and have their own
water treatment facilities, this part of their infrastructure could
pull double duty, reducing overall capital costs. Rolls-Royce SMR
has suggested this form of hydrogen production could make up a
significant part of the business model for some of its sites.
There is also the potential to use Gen IV reactor design-based
SMRs to directly supply process heat to hard to decarbonize
industries without needing to go through the proxy of generating
electricity. Compared to most existing reactors, the higher
operating temperatures of Gen IV designs massively expands their
compatibility with industrial processes, even those as demanding as
steelmaking. The Japan Atomic Energy Agency recently outlined
its ongoing project to retrofit its existing demonstration HTGR
(High Temperature Gas-cooled Reactor) to steam reform methane for
hydrogen production to IDTechEx, demonstrating the potential
here.
Canadian startup Terrestrial Energy's SMR design uses a molten
salt reactor (MSRs), which allows it to supply process heat at
extremely high temperatures, even for a Gen IV reactor. These
reactors are aimed specifically at installation in industrial
zones, where they could co-generate heat and electricity. The
safety benefits of Gen IV designs make this co-location more
attractive: in the case of MSRs, core melts are effectively
impossible since the fuel is already molten in the coolant salt,
and low operating pressures reduce the risk of coolant leaks.
IDTechEx expects the installation rate of SMRs to grow
significantly from the end of the decade, contributing
significantly to solving the climate crisis. The flexibility of
these reactors beyond supplying electricity to the grid is a
significant reason that their expected impact is so broad.
Comprehensive insight
IDTechEx's report, 'Nuclear Small Modular Reactors (SMRs)
2023-2043', provides authoritative coverage of the SMR space. It
provides twenty-year market forecasts with regional and technology
breakdowns, benchmarking of SMR designs based on a comprehensive
survey of ongoing projects, application suitability analysis,
dissection of the industry landscape, and more, making it essential
reading for anyone wishing to understand this emerging source of
low carbon energy.
To find out more about this IDTechEx report, including
downloadable sample pages, please visit www.IDTechEx.com/SMRs.
For the full portfolio of market research from IDTechEx, please
see www.IDTechEx.com.
About IDTechEx
IDTechEx provides trusted independent research on emerging
technologies and their markets. Since 1999, we have been
helping our clients to understand new technologies, their supply
chains, market requirements, opportunities and forecasts. For more
information, contact research@IDTechEx.com or
visit www.IDTechEx.com.
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