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The Global Fusion Industry 2024 report highlights over USD 900 million in investments and 1,000 new jobs in the fusion sector over the past year, with significant public funding increases and a workforce now exceeding 4,000 people.
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The industry remains optimistic about achieving fusion power by the end of the 2030s, despite ongoing technical challenges related to sustaining fusion reactions and achieving net-positive energy output.
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Fusion offers advantages over fission, such as using abundant deuterium as fuel and producing helium as a byproduct, compared to the challenges of acquiring fission fuels and managing radioactive waste.
The Global Fusion Industry 2024 report indicates that more than USD 900 million has been invested in the fusion industry in the past year, creating over 1,000 jobs. This information was obtained by surveying 45 companies within the industry. The report is produced annually by the Fusion Industry Association, which represents private nuclear fusion companies. The nuclear fusion industry has been growing since before the turn of the century. Since 1992, it has generated USD 7.1 billion dollars of investment. Additionally, public funding for fusion companies has increased by 57% from the previous year, totaling USD 426 million. This includes USD 100 million for Xcimer Energy, USD 90 million for Shine, and USD 65 million for Helion, to name a few of the top receivers of funding. There are now more than 4,000 people employed in private fusion companies.
The survey also reports that companies remain optimistic that fusion will provide electricity to the grid by the end of the 2030s, with 75% believing it will happen by the end of 2035. However, there are still major hurdles preventing fusion reactors from becoming a staple in energy production.
Nuclear fusion occurs when two atoms fuse together to form a heavier atom, whereas fission is when an atom splits into two or more smaller atoms. Currently, all operating nuclear reactors and power plants use fission to create energy. Despite this, there are several advantages to using fusion over fission, which is why both private and public investing continues to fund expensive research and development projects. One advantage fusion has over fission is that fusion is carried out using deuterium (an isotope of hydrogen) as fuel, which is abundant in nature. When a fusion reaction occurs, it produces helium atoms as a byproduct, which can be beneficially utilized in various ways. On the other hand, the fuel required for fission reactions, which is uranium, plutonium, or thorium, is quite difficult to acquire. These fuels also produce radioactive waste, which must be properly treated, stored, and disposed of.
The main reason we are still unable to use fusion to generate power is that it is very difficult to sustain a fusion reaction. In order for fusion to occur, a temperature of at least 100,000,000 degrees Celsius is needed, which is six times more than the temperature of the sun’s core. Experimental fusion reactors consume far more power than they produce, which defeats the purpose of generating power using fusion. The energy requirements are very high, and it is challenging to find materials that can withstand such temperatures.
Despite the significant challenges, the fusion industry is making remarkable strides. With substantial investments from both private and public sectors, the industry is steadily advancing toward making fusion a viable energy source. The optimism within the industry is palpable, with many companies projecting that fusion-generated electricity could be integrated into the grid by the end of the 2030s. Overcoming the technical hurdles of sustaining fusion reactions and achieving net-positive energy output remains the primary focus. As research and development continue, the promise of fusion as a clean, abundant, and safe energy source keeps driving investment and innovation, paving the way for a potentially transformative impact on global energy production.
