Nuclear Decommissioning Services Market set to garner higher revenue globally
The global nuclear decommissioning services market is expected to register a CAGR above 6% over the forecast period.
Rise of nuclear accidents is the primary driver of the market. This is attributed to nuclear power plant meltdowns in countries such as Japan. The low costs of decommissioning of research reactors can facilitate market growth. Other major drivers include political pressure for closure of old nuclear power plants and stringent rules for decommissioning of power plants. This can be attributed to early retirements of nuclear power plants by owners and threats from the electricity generation sector. Establishment of steel recycling plants for final dismantling of plants of steel parts which hold a portion of radiation can bode well for the market. The declining prices of renewable energy and shift to alternative energy are other catalysts of the global nuclear decommissioning market.
The COVID-19 pandemic has forced plant owners to keep a remote check on the functioning of nuclear plants. The European Council had agreed to invest close to USD 12.3 billion for decommissioning of various nuclear plants in 2020.
The global nuclear decommissioning market is segmented by reactor type, strategy, and capacity.
By reactor type, it is segmented into BWR, PWR, and GCR.
By strategy, it is segmented into deferred dismantling, immediate, and others.
By capacity, it is segmented into up to 800MW, 801MW-1000MW, and above 1000MW.
Europe accounted for the largest market of nuclear decommissioning followed by North America and Asia Pacific (APAC). The growth in Europe was due to government support and environmental concerns for the closure of nuclear power plants. The closure of advanced gas cooled reactors (AGRs) by 2030 can expedite the demand for nuclear decommissioning in the region. The immediate dismantling of nuclear power plants in Italy and Germany can fuel the market growth.
APAC accounts for the largest number of nuclear power plant due to which the use of nuclear decommissioning is increased. Presence of operational nuclear power plants in Japan and South Korea and the risks posed to the surroundings can drive the regional market growth.
North America is expected to witness massive growth during the forecast period owing to many nuclear plants in the region facing closure for the safety of people and environment. The rollout of SAFSTOR in the U.S. for de-fueling of the plant and decontamination of the structure can bode well for the US nuclear decommissioning market. The global nuclear decommissioning market in the region can accelerate its growth due to the emergence of specialist companies for dismantling of power plants. This is evident with the joint venture of NorthStar and Orano for decommissioning of plants.
AECOM, Westinghouse Electric, GD Energy Services, Studsvik AB, EnergySolutions, Areva Group, Enercon Services, Inc., Nuvia Group, Babcock International Group PLC., and EDF-CIDEN are key players of the global nuclear decommissioning market.
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