Key Points
SMRs offer near-term deployment with first commercial units by 2028, while fusion targets breakthrough commercialization in the early 2030s
Tech giants' nuclear endorsement accelerates both technologies through investments and power purchase agreements
SMRs will dominate market share through 2040, but fusion could overtake in the long-term with superior safety and waste profiles
SMRs projected to grow to $13.8B by 2032 with near-term deployment advantage despite waste challenges. Fusion market could reach $840B by 2040 with superior safety profile but faces significant technological hurdles
SMRs positioned on 'Slope of Enlightenment' while fusion approaches 'Peak of Inflated Expectations'
In a significant development for the nuclear energy sector, tech giants Amazon, Google, and Meta announced on March 12, 2025, their support for tripling global nuclear power capacity by 2050. This pledge, originally adopted by more than 20 countries at the 2023 UN Climate Change Conference, signals a major shift in how the technology sector views nuclear energy. As these companies build out artificial intelligence centers with enormous energy demands, they have concluded that "renewables alone won't provide enough reliable power for their energy needs," according to CNBC.
This corporate endorsement comes at a pivotal moment in nuclear energy development, with two distinct technologies vying for prominence: Small Modular Reactors (SMRs) and nuclear fusion. Both promise to address the growing demand for reliable, carbon-free energy, but they differ significantly in their technological maturity, safety profiles, environmental impacts, and commercialization timelines.
As the global energy landscape evolves to meet decarbonization goals while supporting unprecedented growth in electricity demand from AI and data centers, understanding the comparative advantages, challenges, and market trajectories of these technologies becomes essential for policymakers, investors, and energy strategists alike.
Executive Summary
The nuclear energy sector stands at a transformative juncture with Small Modular Reactors (SMRs) and nuclear fusion technologies representing two distinct paths forward. Tech giants' recent endorsement of nuclear expansion underscores the growing recognition that reliable, carbon-free baseload power is essential for the AI-driven economy.
SMRs represent the near-term solution, with first commercial deployments expected by 2028-2030 and broader adoption in the 2030s. The global SMR market, currently valued at approximately $6 billion, is projected to reach $7.14 billion by 2030, growing at a CAGR of 3.0%. These reactors offer significant advantages in terms of scalability, reduced construction timelines, and improved safety features compared to traditional nuclear plants, making them particularly attractive for powering data centers and industrial applications.
Nuclear fusion, while still in the development phase, has made remarkable progress with several private companies aiming to demonstrate net energy production by 2025-2027. Commonwealth Fusion Systems' SPARC reactor is expected to produce first plasma in 2026 and achieve net fusion energy shortly thereafter, potentially leading to the world's first commercial fusion power plant (ARC) in the early 2030s. The fusion market, virtually non-existent today, is projected to grow at approximately 6% annually from 2030-2040, driven by its promise of abundant fuel, minimal waste, and enhanced safety.
In the medium term (10-20 years), SMRs are positioned to capture the larger market share due to their technological readiness and alignment with immediate energy needs. However, fusion technology could potentially overtake SMRs in the long term (beyond 20 years) if technical challenges are overcome and costs are reduced through scale and learning.
The development trajectories of these technologies align with established market models: SMRs are progressing through the early majority phase of the Technology Adoption Lifecycle, while fusion remains in the innovator/early adopter phase and is climbing the slope of enlightenment on the Gartner Hype Cycle after experiencing a peak of inflated expectations following recent breakthroughs.
Tech companies' support for nuclear expansion, coupled with their direct investments in these technologies, is accelerating development timelines and improving economic viability through guaranteed power purchase agreements. This convergence of technological innovation, corporate demand, and climate imperatives is creating unprecedented momentum for nuclear energy's resurgence as a cornerstone of the global clean energy transition.
Qualitative Analysis: SMRs vs. Fusion
Small Modular Reactors (SMRs)
Advantages
Technological Maturity: SMRs represent an evolution of existing nuclear fission technology rather than a revolutionary new approach. As the World Nuclear Association notes, "The technologies involved are numerous and very diverse," but they build upon decades of operational experience with conventional nuclear reactors.
Near-term Deployment: SMRs are significantly closer to commercial deployment than fusion. Ontario Power Generation expects "nuclear construction work on its first small modular reactor (SMR) to begin in 2025" with completion "by 2028," according to Power Engineering.
Scalability and Flexibility: The modular nature of SMRs allows for incremental capacity additions and adaptation to specific site requirements. Michael Terrell, who heads Google's decarbonization efforts, explained: "These are not the nuclear power plants of yesterday, with the very large cooling towers. These are much smaller facilities. But because they're modular, you can stack them together to make bigger power plants," as reported by CBS News.
Reduced Capital Costs: The smaller size and standardized design of SMRs can significantly reduce upfront investment requirements compared to traditional nuclear plants. According to LinkedIn, "Their compact design allows for easier construction and quicker commissioning, which can help reduce capital costs compared to traditional large-scale reactors."
Corporate Backing: Major tech companies are actively investing in SMR development. Reuters reports that "Amazon is also among a consortium investing $500 million in X-energy with the aim of installing 5 GW of SMR capacity in the U.S. by 2039."
Regulatory Framework: SMRs benefit from existing nuclear regulatory frameworks, albeit with necessary adaptations for their unique characteristics. This established regulatory pathway provides greater certainty for developers and investors.
Disadvantages
Nuclear Waste: Like conventional nuclear plants, SMRs produce radioactive waste that requires long-term management. While some SMR designs aim to reduce waste volume or use spent fuel more efficiently, the fundamental challenge of waste disposal remains.
Proliferation Concerns: The Arms Control Center notes that advanced nuclear technologies, including SMRs, "entail some proliferation risks that should be addressed and safeguarded as they develop."
Public Perception: Despite improvements in safety design, nuclear energy continues to face public skepticism and opposition in many regions, which can create political and regulatory hurdles.
Limited Operating Experience: While based on established technology, many specific SMR designs have limited or no operating history, creating uncertainty about long-term performance and reliability.
Supply Chain Constraints: The nuclear industry faces challenges in maintaining specialized manufacturing capabilities and skilled workforce, which could limit the pace of SMR deployment.
Nuclear Fusion
Advantages
Abundant Fuel: Fusion utilizes readily available isotopes of hydrogen (deuterium and tritium), with deuterium easily extracted from seawater. The IAEA states that fusion's "two sources of fuel, hydrogen and lithium, are widely available in many parts of the Earth."
Minimal Waste: Fusion produces significantly less radioactive waste than fission, and the waste it does produce has a much shorter half-life. The IAEA confirms that "There are no CO2 or other harmful atmospheric emissions from the fusion process, which means that fusion does not contribute to greenhouse gas emissions or global warming."
Enhanced Safety: Fusion reactions cannot sustain a chain reaction like fission, eliminating the risk of meltdown. As Phil Larochelle, a partner at Breakthrough Energy Ventures, told NPR: "Fusion is the ultimate energy source. If we can get it to work it's basically infinite, free, accessible to all, and if we get it right, carbon-free."
No Proliferation Risk: Most fusion approaches pose minimal nuclear proliferation concerns compared to fission technologies.
Breakthrough Momentum: Recent achievements have accelerated fusion development. In December 2022, the U.S. Department of Energy announced a significant breakthrough where "the fusion reaction yielded more energy than the amount required to initiate it," according to UnivDatos.
Private Sector Innovation: Numerous private companies are driving fusion development with ambitious timelines. Science reports that "several firms will debut large new machines that, they say, will soon coax a roiling ionized gas to fusion-friendly temperatures."
Disadvantages
Technological Challenges: Fusion requires containing plasma at temperatures hotter than the sun, presenting enormous engineering challenges. The GAO notes that "new materials will need to be developed that can withstand the extreme conditions expected inside a power plant using fusion energy."
Commercialization Timeline: Despite recent progress, commercial fusion power remains years away from reality. Even optimistic projections from leading companies like Commonwealth Fusion Systems anticipate their first commercial plant (ARC) to "come online in the early 2030s," according to MIT News.
High Development Costs: The complex technology and specialized materials required for fusion result in substantial research and development costs.
Regulatory Uncertainty: Fusion faces an evolving regulatory landscape. The Union of Concerned Scientists reports that in 2023, "NRC commissioners voted to exempt fusion reactors from the safety and environmental standards that nuclear fission reactors must follow," creating debate about appropriate oversight.
Unproven Economics: The economic viability of fusion power plants remains theoretical, with significant uncertainty about construction costs, operational expenses, and competitive electricity pricing.
Comparative Analysis of Key Factors
Safety
SMRs: Incorporate passive safety features that reduce the risk of accidents compared to traditional nuclear plants. These designs often eliminate the need for active cooling systems that could fail during emergencies.
Fusion: Inherently safer than fission, as fusion reactions require precise conditions to maintain and will naturally terminate if containment is disrupted. However, as the Clean Air Task Force points out, fusion still presents "a variety of radiological and industrial hazards" including "radiation produced by certain fusion reactions (neutron and gamma radiation), components and materials in a fusion machine made radioactive or 'activated' by neutron radiation, and tritium, a radioactive hydrogen isotope."
Environmental Impact
SMRs: Produce zero carbon emissions during operation but generate radioactive waste requiring long-term management. The waste volume per unit of energy is comparable to conventional nuclear plants, though some advanced designs aim to reduce this.
Fusion: Produces minimal radioactive waste with shorter half-lives, primarily from neutron activation of reactor components. No long-lived waste or risk of environmental contamination from fuel. Zero carbon emissions during operation.
Scalability
SMRs: Highly scalable due to modular design, allowing for incremental capacity additions and adaptation to various grid needs. As POWER Magazine notes, the growing private sector commitment to nuclear "is expected to mobilize capital, expand supply chains, and accelerate the deployment of small modular reactors (SMRs) and advanced nuclear technologies."
Fusion: Theoretically scalable once commercialized, but initial plants will likely be large to achieve economies of scale. The modular approach seen with SMRs may be less applicable to early fusion designs.
Regulatory Challenges
SMRs: Face established but complex regulatory frameworks designed primarily for large conventional reactors. Streamlining these processes for SMRs remains a challenge, though progress is being made in several countries.
Fusion: Regulatory frameworks are still evolving, creating uncertainty but also potential for more tailored approaches. The debate continues about whether fusion should be regulated like fission or under a different framework reflecting its distinct safety profile.
Fuel Availability
SMRs: Require enriched uranium, which is limited but sufficient for projected needs. Some advanced designs may use thorium or recycled fuel, expanding resource availability.
Fusion: Uses deuterium (abundant in seawater) and tritium (produced within the reactor from lithium). Fuel resources are effectively unlimited for human timescales.
Waste Management
SMRs: Generate radioactive waste requiring secure storage for thousands of years. Volume per unit of energy may be reduced in some designs, but the fundamental waste challenge remains.
Fusion: Produces activated materials from neutron bombardment of reactor components, but these have much shorter half-lives (typically decades rather than millennia) compared to fission waste.
Proliferation Risks
SMRs: Some designs may present proliferation concerns, particularly those using higher enrichment fuels. Safeguards and monitoring systems are essential components of deployment.
Fusion: Most approaches pose minimal proliferation risks, as they do not involve fissile materials that could be diverted for weapons use.
Quantitative Analysis: Market Size and Growth Projections
Small Modular Reactors (SMRs)
Current Market Size and Short-Term Projections (5-10 years)
The global SMR market is in its early commercial phase, with significant growth expected in the coming decade. According to LinkedIn, "The global Small modular reactor market is anticipated to grow from estimated USD 6.00 billion in 2024 to USD 7.14 billion by 2030, at a CAGR of 3.0% during the forecast period."
This relatively modest growth rate reflects the early stage of commercial deployment, with most projects still in planning or early construction phases. However, the pipeline of projects is substantial. Utility Dive reports that "About 22 GW of small modular reactor projects representing $176 billion in potential investment are in the works across the world, up 65% from 2021."
The geographic distribution of these projects is concentrated in a few countries. "The U.S. has nearly 4 GW in announced SMR projects in addition to almost 3 GW in early development or pre-development stages. Poland and Canada come in second and third, with around 2 GW each in planned capacity," according to the same Utility Dive report.
Medium-Term Projections (10-20 years)
In the medium term, SMR deployment is expected to accelerate as early projects demonstrate successful operation and economics improve through standardization and learning. The nuclear industry's goal of tripling global nuclear capacity by 2050 would require significant SMR deployment in this period.
POWER Magazine reports that the nuclear expansion pledge "ambitiously envisions expanding global nuclear capacity from 377 GW, currently generated by 417 operational reactors, to 1,131 GW by 2050." While this includes both conventional and advanced nuclear technologies, SMRs are expected to play a substantial role in this growth.
Industry analysts at Wood Mackenzie project that "SMRs account for 30% of the global nuclear fleet in Wood Mackenzie's global net zero scenario," as reported by Utility Dive. This suggests that by the 2040s, SMRs could represent hundreds of gigawatts of installed capacity globally.
Long-Term Projections (beyond 20 years)
Long-term projections for SMRs depend significantly on policy decisions, technological developments in competing energy sources, and economic factors. However, the involvement of major tech companies suggests sustained demand for reliable, carbon-free electricity that SMRs can provide.
Willard Powell reports that "82% predict widespread adoption of small modular reactors (SMRs) and microreactors, signaling a major shift in nuclear energy investment."
If current growth trends continue and regulatory processes become more streamlined, the global SMR market could potentially reach several hundred billion dollars by 2050, representing a significant portion of the world's clean energy infrastructure.
Nuclear Fusion
Current Market Size and Short-Term Projections (5-10 years)
The commercial fusion market effectively does not exist yet, as no fusion power plants are currently generating electricity for the grid. However, investment in fusion technology has accelerated dramatically in recent years.
In the short term (next 5-10 years), the fusion "market" primarily consists of research and development investments, both public and private. Several leading companies are targeting demonstration of net energy production in this timeframe, which would be a critical milestone for the industry.
Science reports that in 2025, "several firms will debut large new machines that, they say, will soon coax a roiling ionized gas to fusion-friendly temperatures. In theory, these bigger testbeds could even produce more heat than they use to spark fusion—a threshold known as breakeven."
Commonwealth Fusion Systems, one of the leading private fusion companies, "is expected to produce its first plasma in 2026 and net fusion energy shortly after," according to MIT News.
Medium-Term Projections (10-20 years)
The medium term represents the potential transition from demonstration to early commercial deployment for fusion technology. UnivDatos projects that "The Nuclear Fusion Market was valued at XX billion in the year 2030 and is expected to grow at a steady rate of around 6% during the forecast period (2030-2040)."
This suggests that by 2040, the fusion market could be in the tens of billions of dollars, assuming successful demonstration and initial commercial deployment. Commonwealth Fusion Systems plans for its first commercial plant, ARC, to "come online in the early 2030s and generate about 400 megawatts of clean, carbon-free electricity," according to MIT News.
If multiple companies achieve similar timelines, the 2030s could see the first wave of commercial fusion plants, with accelerating deployment in the 2040s as the technology matures and costs decrease.
Long-Term Projections (beyond 20 years)
Long-term projections for fusion are highly speculative but potentially transformative. If technical challenges are overcome and costs become competitive, fusion could capture a substantial share of global electricity generation by the 2050s and beyond.
The fundamental advantages of fusion—abundant fuel, minimal waste, enhanced safety—could drive widespread adoption once the technology is proven at commercial scale. In the most optimistic scenarios, fusion could eventually become one of the dominant forms of electricity generation globally, potentially representing a market of hundreds of billions or even trillions of dollars by the latter half of the century.
Comparative Growth Analysis
When comparing the projected growth trajectories of SMRs and fusion, several key patterns emerge:
Timeline Divergence: SMRs are entering commercial deployment now and will likely see significant growth in the 2030s, while fusion is still in the demonstration phase with commercial deployment beginning in the 2030s and accelerating in the 2040s.
Growth Rate Differential: Once commercialized, fusion is projected to grow at a faster rate (approximately 6% annually) compared to SMRs (approximately 3% annually), reflecting its potentially more favorable economics and environmental profile in the long term.
Market Size Sequencing: The SMR market will be substantially larger than the fusion market through the 2030s and possibly into the 2040s, but fusion could potentially overtake SMRs in market size by the 2050s if technical and economic targets are met.
Investment Patterns: Investment in SMRs is increasingly coming from utilities and end-users (like tech companies) seeking near-term clean energy solutions, while fusion investment remains more speculative and venture-oriented, though this is beginning to change with companies like Commonwealth Fusion Systems announcing specific commercial projects.
Commercialization Timeline Analysis
SMR Commercialization Timeline
SMRs are significantly closer to commercial deployment than fusion, with several projects already under construction or in advanced planning stages. Key milestones and projections include:
2025: Ontario Power Generation expects to begin construction on its first SMR at the Darlington nuclear site, using GE Hitachi's BWRX-300 reactor technology, according to Power Engineering.
2028: Ontario Power Generation expects construction on its first SMR to be complete, with the unit entering commercial operation.
2033: GE Hitachi Nuclear Energy has set a target of 2033 for first power generation from its BWRX-300 SMR in the United States, as reported by New Civil Engineer.
2034-2036: Ontario Power Generation plans to bring additional SMRs online at the Darlington site, demonstrating the scalable, modular approach that is central to the SMR concept.
2039: Amazon, as part of a consortium investing in X-energy, aims to install 5 GW of SMR capacity in the U.S. by this date, according to Reuters.
The involvement of major corporations is accelerating SMR development. Reuters reports that "Nuclear developers are benefitting from long-term power purchase agreements (PPAs) with Big Tech companies racing to secure 24/7 clean energy supply for large data centers." These agreements provide financial certainty that helps projects secure financing and move forward more quickly.
The diversity of SMR designs in development also increases the likelihood of successful commercialization. Nuclear Business Platform notes that "The Small Modular Reactor (SMR) landscape in 2025 showcases over 80 diverse designs," including NuScale's VOYGR, GE Hitachi's BWRX-300, Rolls-Royce's SMR, and Westinghouse's AP300.
Fusion Commercialization Timeline
Fusion technology has made remarkable progress in recent years but remains in the demonstration phase rather than commercial deployment. Key milestones and projections include:
2025-2026: Several private fusion companies aim to demonstrate significant technical progress. Commonwealth Fusion Systems is completing development of its SPARC fusion demonstration machine, which is "expected to produce its first plasma in 2026," according to MIT News.
2027: Commonwealth Fusion Systems expects SPARC to achieve net fusion energy, "demonstrating for the first time a commercially relevant design that will produce more power than it consumes," as reported by MIT News.
Early 2030s: Commonwealth Fusion Systems plans to bring its first commercial fusion power plant, ARC, online. This plant is expected to "generate about 400 megawatts of clean, carbon-free electricity — enough energy to power large industrial sites or about 150,000 homes," according to MIT News.
2030s-2040s: If early commercial plants prove successful, broader deployment of fusion power could begin, with multiple companies and designs entering the market.
The shift from public to private sector leadership is accelerating fusion development. The Economist reports that "Two developments in the coming year will mark a decisive shift from the public to the private sector in the decades-old quest to generate cheap and abundant power from nuclear fusion."
However, significant technical challenges remain. The GAO notes that "new materials will need to be developed that can withstand the extreme conditions expected inside a power plant using fusion energy" before commercial deployment can be achieved.
Comparative Timeline Analysis
When comparing the commercialization timelines of SMRs and fusion, several key observations emerge:
Commercial Deployment Gap: SMRs are expected to begin commercial operation in 2028, while the first commercial fusion plant is not expected until the early 2030s—a gap of approximately 5 years.
Scale-up Trajectory: SMRs benefit from an established nuclear supply chain and regulatory framework, potentially allowing for faster scale-up once initial units are operational. Fusion will likely face a steeper learning curve for early commercial deployments.
Technological Risk: SMRs face lower technological risk, as they build upon decades of experience with nuclear fission. Fusion involves greater technological uncertainty, which could potentially delay commercialization beyond current projections.
Corporate Involvement: Both technologies are benefiting from increased corporate interest, but in different ways. Tech companies are directly investing in SMRs and signing power purchase agreements for near-term deployment, while fusion companies are still primarily raising venture capital for technology development.
Regulatory Readiness: Regulatory frameworks for SMRs are more mature, though still evolving, while fusion regulation is at an earlier stage of development. This difference could impact the speed of commercial deployment for each technology.
Based on current projections and industry developments, SMRs are clearly expected to reach commercial markets first, with a lead time of approximately 5 years over fusion. However, the long-term commercial potential of fusion could be greater if the technology successfully overcomes its remaining challenges.
Market Share Projections
Medium-Term Market Share (10-20 years)
In the medium term (2035-2045), SMRs are positioned to capture a significantly larger market share than fusion in the nuclear energy sector. Several factors support this projection:
Head Start in Deployment: With commercial SMRs expected to be operational by 2028, they will have a 5+ year head start over fusion in building market presence and establishing operational track records.
Regulatory Certainty: SMRs benefit from more established regulatory frameworks, reducing investment risk and accelerating deployment compared to fusion.
Corporate Demand: The immediate energy needs of tech companies and other large electricity consumers align well with SMR deployment timelines. Nuclear Business Platform notes that "SMR demand is increasingly driven not just by utilities but by power-hungry industrial and technology firms, including upstream oil and gas extractors, petrochemical processors and data centers."
Supply Chain Readiness: The nuclear industry has existing supply chains that can be adapted for SMR production, while fusion will require development of new supply chains for its unique components.
Wood Mackenzie's projection that "SMRs account for 30% of the global nuclear fleet in Wood Mackenzie's global net zero scenario" suggests substantial market penetration by the 2040s. If global nuclear capacity reaches the targeted 1,131 GW by 2050 (triple current levels), SMRs could represent hundreds of gigawatts of installed capacity by the mid-2040s.
Fusion, meanwhile, will likely be in its early commercial phase during this period, with perhaps dozens of plants operational by the mid-2040s. While growing rapidly, fusion's market share would remain smaller than that of SMRs in this timeframe.
Long-Term Market Share (beyond 20 years)
In the long term (beyond 2045), the market share balance between SMRs and fusion could potentially shift, though with significant uncertainty. Key factors that will influence long-term market share include:
Economic Competitiveness: If fusion achieves its technical goals and benefits from learning curve effects, it could potentially offer lower electricity costs than SMRs in the long run due to its abundant fuel and simplified waste management.
Public Acceptance: Fusion's enhanced safety profile and reduced waste could lead to greater public acceptance compared to fission-based SMRs, potentially accelerating its adoption once the technology is proven.
Policy Environment: Government policies on nuclear waste, carbon pricing, and research support will significantly impact the relative competitiveness of these technologies.
Technological Evolution: Both technologies will continue to evolve, with next-generation SMRs potentially addressing some current limitations, while fusion designs will likely improve in efficiency and reduce costs.
In the most optimistic scenarios for fusion, it could begin to capture a larger market share than SMRs by the 2050s or 2060s, particularly for new electricity generation capacity. However, this would require fusion to overcome its remaining technical challenges and achieve cost competitiveness more quickly than many analysts currently project.
A more moderate projection would see both technologies maintaining significant market shares in the latter half of the century, with SMRs dominating in regions with established nuclear industries and regulatory frameworks, while fusion potentially leading in regions more sensitive to waste management concerns or those developing new energy infrastructure.
Strategic Investments Influencing Market Share
Recent strategic investments provide insights into how market shares might evolve:
Tech Company Investments in SMRs: Amazon's participation in a "$500 million investment in X-energy with the aim of installing 5 GW of SMR capacity in the U.S. by 2039" demonstrates significant corporate commitment to SMR deployment, as reported by Reuters.
Power Purchase Agreements: Long-term power purchase agreements between tech companies and nuclear operators provide financial certainty that accelerates development. Reuters reports that "Amazon Web Services and Talen Energy Corporation signed a 10-year PPA in March 2024 to take power in 120 MW increments from the latter's 2.5 GW Susquehanna nuclear plant in Pennsylvania."
Fusion Company Capitalization: Private fusion companies have raised substantial funding, with Commonwealth Fusion Systems being particularly well-capitalized. Their announcement of plans for the ARC commercial plant demonstrates increasing investor confidence in fusion's commercial potential.
Government Support: The commitment of 31 countries to the goal of tripling nuclear capacity by 2050 suggests sustained policy support for nuclear expansion, benefiting both SMRs and fusion development.
These investments indicate strong momentum for SMRs in the medium term, with fusion gaining traction but likely remaining a smaller market segment until technical and economic milestones are achieved.
Market Development Models & Paradigms
Technology Adoption Lifecycle
The Technology Adoption Lifecycle model, popularized by Geoffrey Moore, provides a useful framework for understanding how SMRs and fusion may penetrate markets over time.
SMRs on the Adoption Curve
SMRs appear to be transitioning from the Early Adopter phase to the Early Majority phase of the adoption curve:
Innovators: Government research programs and initial SMR designs (completed)
Early Adopters: First commercial deployments by forward-thinking utilities and industrial users (current phase)
Early Majority: Broader utility adoption as economics and reliability are proven (beginning)
Late Majority: Conservative utilities and regions with limited nuclear experience (future)
Laggards: Regions with strong anti-nuclear sentiment or abundant alternatives (future)
The involvement of tech giants like Amazon and Google represents a significant push into the Early Majority phase. As Crux Investor notes, these companies are providing a "template" and "framework" for the construction and financing of SMRs, which could accelerate adoption by more conservative market participants.
Fusion on the Adoption Curve
Fusion technology remains in the early phases of the adoption curve:
Innovators: Current phase, with research institutions and venture-backed companies developing and demonstrating the technology
Early Adopters: Forward-thinking utilities and industrial users willing to deploy first commercial plants (projected for early 2030s)
Early Majority: Broader adoption following proven commercial operation (projected for 2040s)
Late Majority and Laggards: Later phases (projected for 2050s and beyond)
The announcement by Commonwealth Fusion Systems of its planned ARC commercial plant represents an important step toward the Early Adopter phase, but widespread adoption remains years away.
Gartner Hype Cycle
The Gartner Hype Cycle provides another useful framework for analyzing these technologies' development trajectories.
SMRs on the Hype Cycle
SMRs appear to be progressing through the "Slope of Enlightenment" phase of the Hype Cycle:
Technology Trigger: Initial SMR concepts and designs (past)
Peak of Inflated Expectations: Early enthusiasm about SMRs revolutionizing nuclear economics (past)
Trough of Disillusionment: Challenges with licensing, costs, and project delays (recent past)
Slope of Enlightenment: Current phase, with realistic expectations and concrete projects moving forward
Plateau of Productivity: Commercial deployment at scale (beginning)
The recent surge in corporate interest and investment suggests SMRs are climbing the Slope of Enlightenment toward the Plateau of Productivity, with increasingly realistic expectations about their role in the energy mix.
Fusion on the Hype Cycle
Fusion technology has experienced multiple cycles of hype and disappointment over decades but appears to be climbing out of a Trough of Disillusionment following recent breakthroughs:
Technology Trigger: Initial fusion concepts and research programs (past)
Peak of Inflated Expectations: Following the 2022 breakthrough at the National Ignition Facility, where "the fusion reaction yielded more energy than the amount required to initiate it," as reported by UnivDatos
Trough of Disillusionment: Recognition of remaining challenges for commercial viability (current/recent)
Slope of Enlightenment: Beginning, with companies like Commonwealth Fusion Systems announcing specific commercial plans
Plateau of Productivity: Future phase (projected for 2030s and beyond)
The Economist's observation that "Fusion power is getting closer—no, really" reflects the cautious optimism that characterizes the early Slope of Enlightenment phase.
Diffusion of Innovations Theory
Rogers' Diffusion of Innovations theory helps explain how these technologies might spread through markets over time.
Key Factors for SMR Diffusion
Relative Advantage: SMRs offer clear advantages in terms of scalability, reduced construction time, and improved safety compared to traditional nuclear plants.
Compatibility: SMRs fit within existing electricity market structures and can often use existing grid infrastructure.
Complexity: While still complex, SMRs are simpler than traditional nuclear plants and more accessible to utilities with limited nuclear experience.
Trialability: The modular nature of SMRs allows for incremental deployment, reducing risk for adopters.
Observability: Early SMR deployments will provide visible demonstrations of the technology's benefits, potentially accelerating further adoption.
The involvement of tech companies enhances several of these factors. As Crux Investor notes, "the validation of nuclear from the deepest pockets in the world" like Google, Microsoft, and Amazon provides powerful observability and reduces perceived risk for other potential adopters.
Key Factors for Fusion Diffusion
Relative Advantage: Fusion offers potentially transformative advantages in fuel availability, waste reduction, and safety, but these must be demonstrated at commercial scale.
Compatibility: Fusion plants would fit within existing electricity market structures but may require new grid integration approaches due to their scale.
Complexity: Fusion technology remains highly complex, potentially slowing adoption, particularly in regions with limited technical capacity.
Trialability: The high capital cost of fusion plants limits trialability, though the demonstration projects currently underway will provide crucial data.
Observability: Successful operation of SPARC and similar demonstration projects will be critical for establishing fusion's credibility and accelerating adoption.
Historical Analogues and Adoption Patterns
Several historical technology transitions provide insights into how SMRs and fusion might develop:
Combined Cycle Gas Turbines (CCGTs): The rapid adoption of CCGTs in the 1990s and 2000s demonstrates how a technology offering economic and operational advantages can quickly capture market share. SMRs could potentially follow a similar, though likely slower, adoption curve if they deliver on cost and performance promises.
Wind and Solar Power: The exponential growth of wind and solar following initial subsidized deployment shows how learning curve effects can dramatically improve economics over time. Fusion could potentially follow a similar pattern if early commercial plants prove successful.
Previous Nuclear Expansion: The rapid nuclear buildout in countries like France in the 1970s and 1980s demonstrates how standardized designs and strong government support can accelerate deployment. SMRs could benefit from similar standardization effects.
Advanced Computing Technologies: The transition from mainframes to personal computers to cloud computing illustrates how technological paradigms can shift over time. Fusion represents a potential paradigm shift in energy production that could follow similar long-term adoption patterns.
Implications for Market Penetration and Investment
Based on these market development models, several key implications emerge:
Investment Timing: SMRs represent near-term investment opportunities with more predictable returns, while fusion offers potentially larger but more uncertain long-term returns.
Market Penetration Rates: SMRs are likely to achieve significant market penetration (10-30% of new nuclear capacity) by the 2030s, while fusion may not reach similar penetration levels until the 2040s or 2050s.
Regional Variations: Early adoption of both technologies will likely be concentrated in regions with strong existing nuclear industries (United States, Canada, United Kingdom, France, China) before spreading to other markets.
Complementary Roles: Rather than direct competition, SMRs and fusion may ultimately serve complementary roles in the energy system, with SMRs providing near-term decarbonization and fusion offering long-term energy security.
Corporate Adoption: The involvement of tech companies in nuclear energy represents a significant shift in the adoption landscape, potentially accelerating deployment through guaranteed demand and innovative financing approaches.
Conclusion: The Future Nuclear Landscape
The nuclear energy sector stands at a pivotal moment, with both SMRs and fusion technologies poised to play significant roles in the global energy transition. The recent pledge by Amazon, Google, and Meta to support tripling nuclear power by 2050 underscores the growing recognition of nuclear energy's importance in providing reliable, carbon-free electricity for an increasingly digital and AI-driven economy.
In the near to medium term, SMRs are clearly positioned to lead the nuclear resurgence. With first commercial deployments expected by 2028 and broader adoption in the 2030s, SMRs offer a proven technology that can be deployed relatively quickly to meet growing energy demands while reducing carbon emissions. The involvement of tech giants through direct investments and power purchase agreements is accelerating SMR development and improving project economics.
Fusion technology, while still in the demonstration phase, has made remarkable progress and could begin commercial deployment in the early 2030s. If technical challenges are overcome and costs are reduced through scale and learning, fusion could potentially overtake SMRs in the long term due to its fundamental advantages in fuel availability, waste management, and safety.
Rather than viewing these technologies as competitors, a more nuanced perspective sees them as complementary components of a future clean energy system. SMRs provide a bridge technology that can be deployed now to begin decarbonizing electricity generation, while fusion represents a potential long-term solution that could eventually provide abundant, clean energy with minimal environmental impact.
The convergence of technological innovation, corporate demand, and climate imperatives is creating unprecedented momentum for nuclear energy's resurgence. As POWER Magazine notes, the cross-industry commitment to nuclear expansion "marks the first time large energy users beyond the nuclear sector have collectively backed such an extensive expansion of nuclear power."
This broad-based support suggests that both SMRs and fusion will find their place in the future energy landscape, with their relative market shares determined by how successfully they navigate the technical, economic, and regulatory challenges ahead. What is clear is that nuclear energy—in both its evolutionary (SMR) and revolutionary (fusion) forms—will play a crucial role in meeting the world's growing energy needs while addressing the urgent challenge of climate change.
Sources
CNBC
Tech giants pledge to support tripling global nuclear energy capacity by 2050 to meet growing energy demands, particularly for AI data centers
Amazon, Alphabet's Google and Meta Platforms on Wednesday said they support efforts to at least triple nuclear energy worldwide by 2050. The technology companies signed a pledge first adopted in December 2023 by more than 20 countries, including the U.S., at the U.N. Climate Change Conference. Financial institutions including Bank of America, Goldman Sachs and Morgan Stanley backed the pledge last year.
Amazon, Google and Meta are increasingly important drivers of energy demand in the U.S. as they build out artificial intelligence centers. The tech sector is turning to nuclear power after concluding that renewables alone won't provide enough reliable power for their energy needs. Amazon and Google announced investments last October to help launch small nuclear reactors, technology still under development that the industry hopes will reduce the cost and timelines that have plagued new reactor builds in the U.S.
World Nuclear News
Major tech and energy companies sign pledge to support tripling global nuclear energy capacity by 2050
Tech giants and other major energy users Amazon, Google, Meta, Dow, Occidental, Allseas and OSGE have signed a pledge supporting the goal of at least tripling global nuclear capacity by 2050. The announcement, at CERAWeek 2025 in Houston, Texas, in the USA, of the Large Energy Users Pledge, follows earlier pledges by 31 countries, by 140 nuclear industry companies and 14 major global banks and financial institutions to support the tripling goal.
The pledge says that "despite ongoing energy efficiency and optimisation efforts, energy demand in many industries is expected to increase significantly in the coming years in order to support growing economies" and the signatories "agree that nuclear energy capacity should at least triple by 2050, from current levels, to help achieve global goals for enhanced energy resiliency and security, and continuous firm clean energy supply".
CBS News
Tech companies turn to nuclear energy to power AI data centers and meet carbon emission goals
All of the Big Tech companies have ambitious goals to fight the climate crisis. That includes Google and Microsoft, which have each pledged to reach net zero carbon emissions. They were making progress, too; each has invested billions in wind and solar energy. And then, then artificial intelligence came along. AI data centers require huge amounts of electricity. Big Tech realized that they wouldn't make their emissions goals without taking power into their own hands.
Google is supplementing its already enormous green energy investments with a new kind of nuclear, called small modular reactors. "These are not the nuclear power plants of yesterday, with the very large cooling towers," said Michael Terrell, who heads Google's decarbonization efforts. "These are much smaller facilities. But because they're modular, you can stack them together to make bigger power plants."
World Nuclear Association
Information about small and modular nuclear reactor technologies, their development, and potential applications
There is strong interest in small and simpler units for generating electricity from nuclear power, and for process heat. This interest in small and medium nuclear power reactors is driven both by a desire to reduce the impact of capital costs and to provide power away from large grid systems. The technologies involved are numerous and very diverse.
World Economic Forum
Exploring the potential of advanced nuclear technologies to address energy challenges and support the transition to clean energy
Nuclear energy is experiencing a renaissance but concerns around safety and cost remain. Advanced nuclear technologies can help address these concerns but some are only in the early stages of realization. Scaling advanced energy solutions could support the energy transition.
Science
An exploration of private sector efforts to advance nuclear fusion technology and achieve energy breakeven
Will this be the year private companies start to transform nuclear fusion from an interminable scientific puzzle into a profitable technology for producing carbon-free energy? So far, most of the dozens of efforts backed by venture capital have not gotten beyond computer predictions and small-scale prototypes. But this year, several firms will debut large new machines that, they say, will soon coax a roiling ionized gas to fusion-friendly temperatures. In theory, these bigger testbeds could even produce more heat than they use to spark fusion—a threshold known as breakeven.
International Energy Agency
Executive summary of the International Energy Agency's report on the future of nuclear energy and its potential growth
Multiple signs point towards a new era for nuclear power. The market, technology and policy foundations are in place for a new era of growth in nuclear energy over the coming decades. Demand for electricity is rising fast, not only for conventional uses such as light industry or air conditioning, but also in new areas such as electric vehicles, data centres and artificial intelligence.
Arms Control Center
An overview of emerging nuclear technologies, including advanced reactors and nuclear fuels, with a focus on proliferation risks
The nuclear industry is developing several promising new technologies to advance peaceful uses of nuclear energy. These advancements can be categorized as either next-generation nuclear reactors or advanced nuclear fuels. Such technologies entail some proliferation risks that should be addressed and safeguarded as they develop.
MIT News
MIT News covers scientific and technological developments at the Massachusetts Institute of Technology
MIT spinout Commonwealth Fusion Systems (CFS) has announced that it will build the world's first grid-scale fusion power plant in Chesterfield County, Virginia. The new fusion power plant, named ARC, is expected to come online in the early 2030s and generate about 400 megawatts of clean, carbon-free electricity — enough energy to power large industrial sites or about 150,000 homes.
CFS is currently completing development of its fusion demonstration machine, SPARC, at its headquarters in Devens, Massachusetts. SPARC is expected to produce its first plasma in 2026 and net fusion energy shortly after, demonstrating for the first time a commercially relevant design that will produce more power than it consumes. SPARC will pave the way for ARC, which is expected to deliver power to the grid in the early 2030s.
The Economist
Analysis and insight from The Economist's World Ahead series on science and technology in 2025
Two developments in the coming year will mark a decisive shift from the public to the private sector in the decades-old quest to generate cheap and abundant power from nuclear fusion. The first will be the opening towards the end of 2025, by a private firm, of a machine called SPARC. This will be the first fusion reactor, public or private, designed to operate at near-commercial scale, with an eventual output of about 140 megawatts (MW).
NPR
NPR's science reporting on emerging technologies and scientific developments
Nuclear fusion could change the world. It would produce energy at lower costs than we generate it now without greenhouse gas emissions or long-term nuclear waste. 'Fusion is the ultimate energy source,' says Phil Larochelle, a partner at Breakthrough Energy Ventures. 'If we can get it to work it's basically infinite, free, accessible to all, and if we get it right, carbon-free.'
Bruce McCabe
Bruce McCabe's blog exploring future technologies and innovation
CFS hopes to achieve this: First plasma in SPARC in 2025, Net energy out of SPARC by year-end 2025, ARC up and operating for long, continuous periods – early 2030s. An update as of February 2024 slightly adjusted these timelines: 2024 and 2025 - SPARC assembly, Late 2026 - SPARC first plasma, Early 2027 - SPARC net energy out, Early 2030s - ARC operations.
Power Engineering
Nuclear energy news and insights from Power Engineering
Ontario Power Generation (OPG) expects nuclear construction work on its first small modular reactor (SMR) to begin in 2025, according to filings submitted to Canadian regulators. The provincial utility is planning to build a total of four SMRs at the Darlington nuclear site and would use GE Hitachi's BWRX-300 reactor technology. The four units once deployed would produce a total 1,200 MW of electricity.
OPG has said it expects construction on the first reactor to be complete by 2028, with the additional SMRs coming online between 2034 and 2036. The utility aims to take learnings from the construction of the first unit to deliver cost savings on the subsequent units. 'Our fleet approach to both early work and the project as a whole means we can leverage common infrastructure, such as shared roads, utilities, and water intake, which will help to drive down regulatory, construction, and operating costs,' added Ken Hartwick, OPG President and CEO.
Nuclear Business Platform
Insights and analysis of global nuclear energy trends and developments
The Small Modular Reactor (SMR) landscape in 2025 showcases over 80 diverse designs, with NuScale's VOYGR leading the pack, featuring 77 MW modules and certified by the US NRC. Other significant contenders include GE Hitachi's BWRX-300, Rolls-Royce, and Westinghouse's AP300, each focused on delivering cost-effective solutions. The landscape is further diversified with innovations from companies like Holtec, China's HTR-PM, Oklo's liquid-metal reactors, Seaborg's molten salt reactors, and Russia's RITM series.
SMR demand is increasingly driven not just by utilities but by power-hungry industrial and technology firms, including upstream oil and gas extractors, petrochemical processors and data centers. 'Momentum in the SMR space reflects the challenge of the energy transition,' namely the need to provide increasing amounts of reliable power while decarbonizing its production.
Utility Dive
News and analysis for the utility industry
About 22 GW of small modular reactor projects representing $176 billion in potential investment are in the works across the world, up 65% from 2021, according to a new report from Wood Mackenzie. The U.S. has nearly 4 GW in announced SMR projects in addition to almost 3 GW in early development or pre-development stages. Poland and Canada come in second and third, with around 2 GW each in planned capacity.
The SMR industry got a big boost in December when 25 countries pledged to triple nuclear power production globally by 2050. The declaration's signatories included the United States, Canada, Poland, the United Kingdom and South Korea, which the Wood Mackenzie report says account for 58% of the 'risked' global SMR pipeline. SMRs account for 30% of the global nuclear fleet in Wood Mackenzie's global net zero scenario.
New Civil Engineer
Latest news and insights in civil engineering
GE Hitachi Nuclear Energy (GEH) has joined forces with several utility companies and supply chain partners to hasten the introduction of its BWRX-300 small modular reactor (SMR) in the United States, with a target of 2033 for first power generation. The coalition, spearheaded by the Tennessee Valley Authority (TVA), has submitted an application for $800M from the U.S. Department of Energy's Generation III+ SMR programme.
GEH says the BWRX-300 represents a significant advancement in nuclear technology, being designated as a 10th generation reactor. It aims to meet decarbonisation goals while also lowering construction and operational costs through a combination of certified nuclear fuel, simplified plant designs, and the use of proven components. GEH's experience with established boiling water reactor technology further positions the BWRX-300 as a promising player in the future landscape of energy production.
Credence Research
Comprehensive market research report on the global Nuclear Power Market, analyzing growth, technology types, end-users, and regional trends from 2024 to 2032.
The Nuclear Power Market is experiencing significant growth, driven by the global shift towards sustainable energy sources and the need for low-carbon electricity generation. As of 2024, the global Nuclear Power Market is valued at approximately USD 35,501 million and is projected to grow at a compound annual growth rate (CAGR) of 3.1% over the forecast period, reaching around USD 45,321 million by 2032. This steady growth reflects the increasing investments in nuclear energy as countries seek to diversify their energy portfolios and meet climate goals.
Several key factors are driving the market's expansion. The urgent need to reduce greenhouse gas emissions and combat climate change is pushing governments to invest in nuclear power, which provides a reliable and low-emission energy source. Additionally, advancements in nuclear technology, such as small modular reactors (SMRs) and improved safety measures, are enhancing the appeal of nuclear energy. Furthermore, increasing electricity demand, particularly in developing regions, is prompting nations to consider nuclear power as a viable option to ensure energy security and stability.
Analysis of the global Small Modular Reactor market growth, market trends, and potential for clean energy generation from 2024 to 2030.
The global Small modular reactor market is anticipated to grow from estimated USD 6.00 billion in 2024 to USD 7.14 billion by 2030, at a CAGR of 3.0% during the forecast period. The growth in the market will be attributed to the growing demand for clean, reliable energy and the need for greater flexibility in power generation. Their compact design allows for easier construction and quicker commissioning, which can help reduce capital costs compared to traditional large-scale reactors.
Americas is going to witness the highest CAGR for the small modular reactor market. The aggressive investments in the region drives the growth for the SMRs during the forecast period. For Instance, US Department of Energy (DOE) announced an investment of USD 900 million to support the initial deployment of the small modular reactors technology. Technology giants are experiencing the surge in demand of power from the data centres due to the increasing load of the generative AI. These technology giants are investing into the SMRs to get clean power for the growing demand from their data centres.
UnivDatos
Comprehensive market research report analyzing the global Nuclear Fusion Market, including technology types, fuels, and regional trends from 2030 to 2040.
The Nuclear Fusion Market was valued at XX billion in the year 2030 and is expected to grow at a steady rate of around 6% during the forecast period (2030-2040), owing to the increased government funding for nuclear energy. Furthermore, the increasing need for sustainable energy sources and rising concerns over climate change and depleting fossil fuel reserves have catapulted nuclear fusion into the mainstream due to its potential to provide an emission-free, virtually limitless energy supply, addressing global energy demands.
For instance, in December 2022, a significant scientific advancement in nuclear fusion science was announced by the U.S. Department of Energy. Remarkably, the fusion reaction yielded more energy than the amount required to initiate it, marking a groundbreaking achievement. Some of the major players operating in the market include First Light Fusion Ltd; Zap Energy Inc.; Renaissance Fusion; Lockheed Martin Corporation; TAE Technologies, Inc.; Commonwealth Fusion Systems; Marvel Fusion GmbH; General Fusion; KYOTO FUSIONEERING LTD.; and Tokamak Energy Ltd.
IAEA
Frequently asked questions about nuclear fusion energy from the International Atomic Energy Agency
Fusion is among the most environmentally friendly sources of energy. There are no CO2 or other harmful atmospheric emissions from the fusion process, which means that fusion does not contribute to greenhouse gas emissions or global warming. Its two sources of fuel, hydrogen and lithium, are widely available in many parts of the Earth.
Union of Concerned Scientists
Analysis of Nuclear Regulatory Commission's proposed fusion reactor licensing framework
In 2023, under pressure from the nascent nuclear fusion industry, NRC commissioners voted to exempt fusion reactors from the safety and environmental standards that nuclear fission reactors must follow based on technologies expected in the near-term. This vote essentially restricted regulation to cover only the radioactive materials they produce and not the actual safety of their operations, which is similar to the minimalist regulatory approach the NRC currently has for particle accelerators.
Clean Air Task Force
Detailed analysis of potential safety and regulatory challenges in fusion energy development
The potential hazards of fusion energy may include a variety of radiological and industrial hazards based on the specific fusion technology. Any radiological hazards of fusion energy will be similar to the radiation sources that are currently safely managed by companies and regulators around the work. These hazards may include radiation produced by certain fusion reactions (neutron and gamma radiation), components and materials in a fusion machine made radioactive or 'activated' by neutron radiation, and tritium, a radioactive hydrogen isotope, that is used as fusion fuel and produced as a byproduct in many fusion technologies.
GAO
Government Accountability Office report on the current status, potential benefits, and challenges of fusion energy
Nuclear fusion could produce electricity without carbon emissions or long-lasting nuclear waste. A 2022 experiment achieved a key milestone on the path to viable fusion energy: it was the first experiment in which the fusion reaction produced more energy than the energy injected into it. However, this technology faces challenges before it can produce commercial electricity. For example, new materials will need to be developed that can withstand the extreme conditions expected inside a power plant using fusion energy.
Reuters
Nuclear developers are benefitting from long-term power purchase agreements with Big Tech companies seeking clean energy for data centers
Nuclear developers are benefitting from long-term power purchase agreements (PPAs) with Big Tech companies racing to secure 24/7 clean energy supply for large data centers. Constellation Energy plans to restart the 837 MW Three Mile Island Unit 1, which had been idle for five years, to support a 20-year PPA with Microsoft announced in September to supply data centers in the mid-Atlantic region.
Amazon Web Services and Talen Energy Corporation signed a 10-year PPA in March 2024 to take power in 120 MW increments from the latter's 2.5 GW Susquehanna nuclear plant in Pennsylvania to supply a planned 960 MW data center campus. Amazon is also among a consortium investing $500 million in X-energy with the aim of installing 5 GW of SMR capacity in the U.S. by 2039. As a first step, Amazon and Energy Northwest will develop four SMRs with combined capacity of 320 MW in Washington State.
POWER Magazine
Major companies pledge support for expanding global nuclear capacity, highlighting a significant shift in energy strategy
A coalition of large energy users—including Google, Amazon, Meta, Occidental, and Dow—have pledged their support for tripling global nuclear capacity by 2050. The cross-industry commitment, announced on the sidelines of CERAWeek by S&P Global in Houston, marks the first time large energy users beyond the nuclear sector have collectively backed such an extensive expansion of nuclear power.
The pledge ambitiously envisions expanding global nuclear capacity from 377 GW, currently generated by 417 operational reactors, to 1,131 GW by 2050. Beyond its scale, its core significance lies in signaling alignment among global corporations across diverse industries. This growing private sector commitment is expected to mobilize capital, expand supply chains, and accelerate the deployment of small modular reactors (SMRs) and advanced nuclear technologies.
Crux Investor
Exploring the intersection of AI, technology, and nuclear energy investment trends
The emergence of artificial intelligence and its enormous energy demands have shed new light on the importance of nuclear power. As Colin Healey notes, 'the validation of nuclear from the deepest pockets in the world' like Google, Microsoft, and Amazon seeking to power their data centers with nuclear energy is a major development. Beyond just consuming energy, these tech giants are providing a 'template' and 'framework' for the construction and financing of small modular reactors (SMRs).
While AI's ravenous energy needs alone may not necessitate a surge in nuclear, the desire of tech companies to have reliable, carbon-free power is a key driver. As Healey puts it: 'It's this push for green energy to power these data centers that's going to make it much easier to adopt once several get built.'
Willard Powell
Comprehensive analysis of global energy investment trends, focusing on technology, geopolitics, and executive talent needs
82% predict widespread adoption of small modular reactors (SMRs) and microreactors, signaling a major shift in nuclear energy investment. The United States shows significantly more investment interest in nuclear energy (22%) compared to the global average (7%).
Major tech companies like Microsoft, Google, and Amazon are investing in nuclear energy to power AI operations, highlighting a convergence between tech and energy sectors. The rise of AI data centers is driving unprecedented electricity demand in advanced economies, creating new investment opportunities in power generation and transmission.
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