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IDTechEx Discusses the Role of Small Modular Reactors in Future Energy Systems
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IDTechEx Discusses the Role of Small Modular Reactors in Future Energy Systems
by Sophie Jenkins
London, UK (SPX) Apr 23, 2024

Small modular reactors (SMRs) are set to revolutionize the nuclear industry by leveraging assembly line production to minimize costs and shorten construction times compared to traditional large reactors. These reactors are not only smaller but often incorporate innovative fourth-generation technologies, enhancing their adaptability for various applications beyond mere grid power supply.

IDTechEx's latest market report, "Nuclear Small Modular Reactors (SMRs) 2023-2043", projects significant growth for these reactors, predicting a notable rise in their use as key tools for decarbonization. The report also highlights alternative business models to traditional grid power supply as major drivers for adoption, especially given the surge in demand fueled by the ongoing AI boom in 2024.

The International Energy Agency forecasts a potential doubling in energy use by data centers from 2024 to 2026, surpassing 1,000TWh due to the rapid expansion of advanced AI technologies. SMRs, with their typical electrical capacities under 300MW, are well-suited to meet the energy demands of data centers, providing dependable baseload power without the need for additional energy storage systems. This alignment has sparked increased interest from the data center and AI sectors in utilizing SMRs for dedicated on-site power.

Notably, OpenAI's Sam Altman has served as the board chair for SMR company Oklo Energy since 2015. The company has outlined commitments to power data center locations by the decade's end. Additionally, Microsoft recently appointed a former executive from Ultra Safe Nuclear Corporation to oversee its nuclear strategy, potentially linking to extensive AI acceleration centers planned with OpenAI. In a related development, Amazon Web Services acquired a data center in Pennsylvania, which draws 475MW from an adjacent large nuclear facility, demonstrating the practicality of this model. The projected cost-effectiveness and increased adaptability of SMRs are expected to further enhance their viability.

Moreover, SMRs are poised to play a crucial role in the hydrogen economy by complementing renewable energy sources in the production of green hydrogen. By providing a stable power base, SMRs can facilitate the use of excess electricity for water electrolysis at times of peak renewable production, thus producing environmentally friendly "pink hydrogen" at reduced costs. Companies like Rolls-Royce SMR have suggested that such hydrogen production could become a significant aspect of their business models.

Additionally, the advanced thermal characteristics of Gen IV SMRs make them suitable for supplying direct heat to industries that are challenging to decarbonize, such as steel production. The Japan Atomic Energy Agency is currently adapting a high-temperature gas-cooled reactor (HTGR) to produce hydrogen from methane, showcasing the broad applicability of these reactors.

Canadian startup Terrestrial Energy is developing a molten salt reactor (MSR) capable of providing high-temperature process heat suitable for industrial applications. The inherent safety features of MSRs, such as the impossibility of core melts and reduced leakage risks due to lower operating pressures, make these reactors particularly attractive for co-location with industrial facilities.

IDTechEx anticipates a significant increase in SMR installations starting at the end of this decade, marking a major step forward in addressing the climate crisis. The versatility of these reactors extends well beyond traditional electricity generation, underpinning their anticipated wide-reaching impact.

Research Report:"Nuclear Small Modular Reactors (SMRs) 2023-2043"

Related Links
IDTechEx
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com

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