Advanced Boiling Water Reactors Market Size, Share, & COVID-19 Impact Analysis, By Type (Single Cycle Generation and Dual Cycle Generation), By Application (Power Plants, Submarines, and Others), and Regional Forecast, 2024-2032

An advanced boiling water reactor is a third-generation (Gen III) boiling water reactor that represents a more refined and evolved traditional boiling water reactor system. Further, it uses steam to generate power and powers the turbines connected to generators. The Gen III design of ABWR can meet the power generation needs from 1350 to 1460 MW. It is also the world’s only Gen III nuclear plant that operates currently and delivers competitive economics and advanced technology. In 1996 GEH’s first ABWR began its commercial operation in Japan with three additional projects and two more constructions in Taiwan.

• For instance, Toshiba Corporation has developed and deployed advanced boiling water reactors. Toshiba’s ABWR has been used in several nuclear power plants, for example, the Hamaoka nuclear power plant in Japan, operated by Chubu Electric Power Company, and the Lungmen nuclear power plant in Taiwan.

The rising energy demand globally is likely to be a key market driver for advanced boiling water reactors as there is a need for reliable and sustainable energy generation sources. The higher power output of ABWR will contribute to meet to the growing energy needs. Moreover, since ABWRs are a form of nuclear power generation that produces electricity with minimal greenhouse gases, they can be used to reduce the carbon footprint.

Nuclear waste management is a critical issue; the waste generated by ABWR can be dangerous and require proper long-term storage solutions for adequate management. Furthermore, there are some safety concerns regarding advanced boiling water reactors. Although they incorporate advanced safety features, incidents such as nuclear accidents and radioactive waste disposal can influence the public and regulatory bodies.

IMAPCT OF COVID- 19 ON THE ADVANCED BOILING WATER REACTOR

The COVID-19 pandemic led to supply chain disruptions and low workforce availability due to lockdowns and industry closures. Due to this, there were delays in the construction of advanced boiling water reactors. Moreover, the economic uncertainty and financial restraints resulting from the pandemic affected funding availability for ABWR projects. Investors and financial institutions became more cautious, potentially leading to delayed investment decisions in ABWR projects. For example, Hitachi abandoned Wylfa Newydd nuclear project in Wales, stating the disruption caused in the investment environment due to the pandemic.

SEGMENTATION

KEY INSIGHTS

 The report will cover the following key insights:

• Recent advancements in the advanced boiling water reactor market


• Key industry trends


• Regulatory landscape for the advanced boiling water reactor market


• Key industry developments


• Impact of COVID–19 on the market

ANALYSIS BY TYPE

The market is divided based on type into single-cycle and dual-cycle steam generation. The single-cycle steam generation is expected to dominate the market as it is a well-established and proven technology for electricity generation in ABWRs. It operates on a single steam cycle. The steam generated in the reactor core is directly used to drive the turbine, which produces electricity. This configuration is used in several advanced boiling water reactors worldwide. At the same time, the dual cycle steam generation is expected to grow as it offers the potential for higher thermal efficiency and increased power output as it uses two separate steam cycles in ABWRs. 

ANALYSIS BY APPLICATION

The market is segmented based on application into power plants, submarines, and others. The power plants are expected to dominate the market. Power plants that use ABWR technology are essential for electricity generation and cater to a much broader market demand for energy. ABWR–based power plants are integrated into the electrical grid, and they supply electricity to residential, commercial, and industrial consumers on a large scale.

REGIONAL ANALYSIS

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The global advanced boiling water reactor has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. The market is expected to be primarily led by Asia Pacific, exerting significant dominance and influence. Countries such as China and Japan are making enormous plans to construct nuclear power plants. Due to this, these countries have an increasing electricity demand and rapid economic growth. The forecasted period anticipates growth in the North American region. In particular, the U.S. has operational ABWRs and has witnessed the licensing and construction of ABWR-based nuclear power plants. Regulatory frameworks, market conditions, and energy policies in North America influence the adoption and development of ABWRs in this region.

KEY PLAYERS COVERED

The report includes the profile of key players such as GE Hitachi Nuclear Energy, Toshiba Corporation, ABB, GE, Idaho National Laboratory, Westinghouse Electric Corporation, Areva, and Kraftwerk Inc.

KEY INDUSTRY DEVELOPMENTS

• June 2022 - The Japanese government agreed to restart ten nuclear reactors at six power stations. Currently four reactors are operational, while the rest are yet to continue due to the time required to implement safety measures. The ABWRs at Onagawa, Kashiwazaki-Kariwa, Tokai Daini, and Shimane nuclear power stations have been approved under the new regulations.


• April 2022 - The U.K. government announced its plans for Wylfa nuclear plant on Anglesey. It will use ABWR, and the project may help 95% of Britain’s electricity be low-carbon by 2030 and support more than 40,000 jobs in clean industries. It has proposed to construct 2,700 stations with two ABWRs in Anglesey.


• April 2020 - Chugoku Electric Power announced the resumption of the Shimane 3 nuclear power plant construction in Japan. It is being constructed using modularisation technology as it improves the safety and quality of the workplace. It will have an ABWR with improved electronics, turbine, and fuel technology certified by the U.S. Nuclear Regulatory Commission.


• February 2020 - The Electricity development company announced the Ohma nuclear power plant construction in Japan. The plant will be equipped with ABWR deployed by GE Hitachi nuclear energy, licensed by U.S. Nuclear regulatory commission.