Global Investment in Nuclear Fusion Reached US$7 Billion in 2024 as Enterprises and Industries Seek Efficient Energy Alternatives
NEW YORK, Jan. 22, 2025 /PRNewswire/ -- According to a new report from global technology intelligence firm ABI Research, 3Q 2024 was a particularly good quarter for nuclear power, with overall investment in fusion reaching a record US$7 billion and hype beginning to build around the use of Small Modular Reactors (SMRs) for industrial applications – especially data centers, which are increasingly energy-hungry.
"Nuclear fusion and SMRs are just one of many energy alternatives enterprises and industries are looking into. The adoption of renewables also continued apace in 2024, with China installing more solar and wind than the rest of the world combined between March 2023 and March 2024. These sources now account for 37% of total Chinese power capacity – 758GW – with a further 339GW currently in construction stages," explains Daniel Burge, Smart Energy for Enterprises and Industries Analyst at ABI Research. In Europe alone, cheap solar PV units facilitated a YoY growth of 15% in the continent's solar output. Meanwhile, emergent technologies have played an increasingly important role in the wider market, from adopting Artificial Intelligence (AI)-enabled monitoring for renewable assets to using drones in operations at offshore wind farms.
The urgent need for grid expansion – a major topic this year – has stimulated large global projects. In 3Q, the Commonwealth Government approved the Australian component of the Australia-Asia Powerlink, intended to provide up to 6GW of electricity to clients in Darwin and Singapore. Engie, a French utility firm, began construction on an 800MWh battery park in Belgium, while U.S.-based Intersect Power secured funding for its 1GWh of Texan battery storage projects. Grid types have also diversified, with over 21,000 microgrids now in operation - nearly half of which are in Sub-Saharan Africa. Meanwhile, some vendors announced innovative new approaches, with Star Catcher, a U.S. start up, securing funding to construct the world's first space-based energy grid.
"Agriculture, data center, construction, manufacturing, and mining industries renewed their interest in novel energy approaches, from Enel North America signing the largest U.S. solar grazing contract to Microsoft signing a historic PPA to purchase energy for data centers from the Three Mile Island nuclear plant. Interest in ever 'smarter' approaches to energy remains strong heading into 2025," Burge concludes.
These findings are from ABI Research's Smart Energy for Enterprises & Industries Quarterly Update: 3Q 2024 report. This report is part of the company's Smart Energy for Enterprises and Industries research service, which includes research, data, and ABI Insights.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。
For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
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SOURCE ABI Research
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