Market Research Future (MRFR), in its recently published research report, asserts that the global nuclear decommissioning market is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy 6.93% CAGR in the forecast period.
Drivers and Restraints
The major factors driving the market comprise the growing number of nuclear reactors reaching operational retirement, decreasing prices of renewable power generation sources (i.e., wind and solar energy) rendering nuclear power less cost-effective, and growing sensitivity toward environmental issues. The decommissioning activity of research reactors is anticipated to record significant growth, owing to the reduced necessity of the same, as there is a declining trend in research development activity in the nuclear industry. Moreover, decommissioning is projected to become a progressively important part of the nuclear sector activity in the coming decades, as many reactors are expected to reach their technical-lifetime in the near future. Moreover, as dozens of nuclear reactors are approaching the end of their lives or being retired, numerous countries are focusing on decommissioning the nuclear power plants, which creates tremendous growth prospects for the nuclear power reactor decommissioning market. On the other hand, the increasing adoption of alternative energy sources, such as gas-based power and solar power, are expected to impede the market growth over the review period.
The global market for nuclear decommissioning is segmented based on reactor type, strategy, and capacity.
Based on the reactor type, the nuclear decommissioning market has been segmented into PWR, BWR, GCR.
Based on the strategy, the global nuclear decommissioning market has been segmented into immediate, deferred dismanting, and others.
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Based on the capacity, the market for nuclear decommissioning has been segmented into up to 800 MW, 801MW-1000MW, and above 1000MW.
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
Factors supporting the market growth in Europe include government provision towards the rising environmental concerns, encouraging the closure of nuclear power plants.
Asia Pacific nuclear decommissioning market is evolving as one of the most lucrative markets on account of several matured nuclear power plants, demanding the nuclear-decommissioning processes profoundly. South Korea is one of the emerging markets for nuclear decommissioning and has created an opportunity for foreign market players to offer the required expertise that the country needs to develop its decommissioning market. This is expected to drive the growth of the global market for nuclear decommissioning over the review period.
North America is accounted for as one of the most significant markets for nuclear power reactor decommissioning. The United States is one of the major hotspots for nuclear decommissioning, with growing closure of nuclear power plants due to the shifting focus to decrease the share of nuclear energy in the primary mix, increasing the termination of nuclear reactors, and severe safety regulations. The extent of opportunities for decommissioning contracts is anticipated to depend on the plans for renovating Canada’s remaining presently shut down reactors.
The major market players operating in the global market as identified by MRFR are Babcock International Group PLC. (U.K.), Areva Group (France), Studsvik AB (Sweden and Westinghouse Electric (U.S.), ), AECOM (U.S.), EnergySolutions (U.S.), EDF-CIDEN (U.K.), Nuvia Group (France), Enercon Services, Inc. (Germany), GD Energy ServicesSpain). The nuclear power reactor decommissioning market is moderately fragmented. Owing to the high risk of accidents during the decommissioning process, consumers mostly favor the services of established and renowned firms. As a result, there is cut-throat competition among the top players offering nuclear-decommissioning services.
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