From the industry's perspective, small modular nuclear reactor technology is moving into the future at an unprecedented rate.

▲ Renderings of the Rolls-Royce Small Modular Nuclear Reactor Project.

Small modular reactors are regarded as a more flexible and lower-cost application of nuclear energy. As countries vigorously promote energy transformation, the development of small modular reactor projects has accelerated significantly. Whether it is the technology itself or the upstream and downstream industrial chains, the small modular nuclear reactor industry is accelerating. From the industry's perspective, small modular nuclear reactor technology is moving into the future at an unprecedented rate.

The scale of planned projects has soared

Recently, British project developer CVG and Polish industrial group Industria reached a new cooperation to accelerate the development of the Rolls-Royce small modular nuclear reactor project. The two sides also stated that they will explore the use of small modular nuclear power technology to produce hydrogen, hoping to achieve an annual output of 50,000 tons of hydrogen.

It is understood that in 2023, the UK will launch a round of small modular reactor project competition, proposing to select the best designed project and reach government-enterprise cooperation to promote the development of local small reactor technology. The goal is set to start the first small modular reactor operation before 2030. The small modular reactor project developed by Rolls-Royce is one of the main small reactor projects in the UK and was shortlisted in the British government's list of small reactor projects at the end of last year.

The British government said in a statement that compared with traditional nuclear power technology, small modular reactors are not only small in size, but also have shorter construction periods and lower construction costs, which is crucial to achieving the net-zero emission goal.

In addition to the UK, in the past few years, economies such as the United States, the European Union, Canada, and South Korea have also encouraged the application of small modular reactor technology. 美国《通胀削减法案》中明确提出为先进核电技术提供高达30%的税收抵免。今年2月，欧盟委员会也表示，欧盟2040年气候目标的实现离不开小型模块化核反应堆，并计划在2030年前部署第一座小型堆。

In order to promote technological maturity, countries are "gearing up" and new project plans are constantly emerging. According to the latest data released by market research firm Wood Mackenzie, as of the first quarter of this year, the total installed capacity of small modular reactor projects under planning or under construction around the world reached 22 GW, an increase of 65% from 2021. If all cash in, it is expected that US$176 billion will enter this field.

"Governments around the world are stepping up their efforts in various ways. The current development momentum of the small reactor industry comes not only from the cooperation of the public sector and private companies, but also from newcomers to the nuclear power field." said David Brown, director of energy transformation services at Wood Mackenzie.

Application scenarios continue to expand

"Small modular reactors have the advantages of standardized quality and economies of scale. Unlike traditional nuclear power plants, they are a technology based on industry standard components and capable of mass production." Marcus Erickson, senior consultant for nuclear technology at European energy developer Great Falls, pointed out,"On the premise of technological innovation, improved computer modeling and the development of modern building technology, small modular reactors represent a more simplified design, with less materials and a smaller footprint, which is not only easier to build, but also easier to operate and maintain."

Compared with traditional "Big Mac" nuclear power projects, small reactor technology obviously has more application space.

David Brown further pointed out:"Judging from the current development of small reactors in various countries, the technology market has expanded from public utilities to industrial and technological fields. Small modular reactor technology in these industries can provide all-weather carbon-free power, carbon-free heating and meet long-term market research institutions. The ability to increase power demand."

** The European Commission also emphasized in a statement that small modular reactor technology has innovative safety features and is imperative to combine it with industrial applications. At the same time, it can be better integrated with industries that are difficult to decarbonize, such as chemicals, transportation, steel, and district heating. Combined to further promote carbon reduction. **

** In fact, small modular reactor technology has been regarded as a "big battery" that can meet "large energy users" such as artificial intelligence and data centers. ** Chris Sharp, chief technology officer of American technology company Digital Realty, said that data centers consume huge amounts of electricity. Judging from the current situation, nuclear energy will be the key to achieving stable energy supply in the scientific and technological field, and small modular reactors can be built inside data projects., will become an effective solution.

Technology giant Microsoft is also making relevant arrangements. In September last year, Microsoft publicly released a recruitment information to find "nuclear energy technology experts" for "data centers where Microsoft Cloud and artificial intelligence are located" and use small modular reactors and micro reactors to power the data center.

opportunities and challenges coexist

Wood Mackenzie predicts that climate actions by countries around the world will bring new boost to the development of nuclear power. By 2050, global nuclear power installed capacity is expected to more than triple, and the installed capacity of small modular nuclear reactors will account for 30% of the total installed capacity of nuclear power.

Statistics from the International Atomic Energy Agency show that there are more than 80 small modular reactor designs and concepts around the world. Currently, Argentina, China and Russia already have four small modular reactors in the late stage of construction, and some emerging nuclear-using countries are also conducting research and development on small modular reactors.

Although all countries are targeting this emerging technology, what they have to face is that some countries still have realistic bottlenecks in small modular reactor technology. Taking the United States as an example, NuScale Power, a developer of small modular reactor projects, canceled plans for a small reactor project in the United States late last year due to "obvious cost overruns and construction delays." This project was originally the first small modular reactor project in the United States. It was originally planned to be officially launched for power generation in 2029. The cancellation of this project has also dealt a blow to the development of the small reactor industry in the United States.

Wood Mackenzie believes that the shortage of uranium as raw material may also be a major challenge. 2023年，受市场供不应求影响，全球铀价迎来近12年来高点，铀价格的快速攀升明显推高了铀燃料成本。在大卫·布朗看来，矿企产能下降、地缘政治危机等因素叠加全球核电装机容量加速增长，铀供应安全变得愈加重要，各国公共部门和私营公司应为保障铀供应链安全提供支持。

original title:Nuclear power small reactor technology application accelerates