Nuclear Decommissioning Services Market Report by Strategy and Reactor Type
Nuclear Decommissioning Services Industry Overview
The global nuclear decommissioning services market size was valued at USD 6.05 billion in 2021 and is projected to register a CAGR of 5.1% during the forecast period. The worldwide shutdown of older nuclear reactors owing to aging and the transitioning trend toward renewable sources of energy due to minimal environmental impact is likely to be the major forces driving the growth of the market in the coming years.
Due to the Covid-19, the nuclear sector faced a few challenges such as unavailability of the workers, restrictions on the number of on-site workers, and disruption in supply chains. Travel restrictions and government guidelines had an adverse impact on the progress of some nuclear decommissioning projects, owing to the limited availability of staff and experts. The end dates of project completion faced the risk of extension.
Gather more insights about the market drivers, restrains and growth of the Global Nuclear Decommissioning Services Market
The demand for nuclear decommissioning has observed a tremendous surge due to the growing support from the governments of various countries post-nuclear accidents. Pressure from the public as well as governments are building up due to which nuclear phase-out has become the need of the hour. Increasing safety concerns, especially in regions such as Europe and North America, are anticipated to positively impact market growth.
Nuclear dismantling can take several years as radioactive waste degrades over a long period of time. In general, the lifespan of a reactor is expected to be around 40 to 60 years, beyond which, it becomes difficult to operate them. Therefore, at the end of their lifespan, power plants need to be decommissioned or demolished so that the site can be made available for other uses.
The process of decommissioning includes the entire clean-up of radioactivity when the plant wears out or the operating license expires. Different methods of decommissioning the nuclear facilities are available with industry operators. These include immediate dismantling, deferred dismantling, and entombment. The majority of the materials can be reused and as the collective dose is relatively low, deferred dismantling is preferred. Some of the major players in the industry are constantly striving for the technological advancements to deliver better services with increased efficiency.
Decommissioning the nuclear facilities involve extensive research and development to build up efficient dismantling techniques. Such technological advancements to deliver effective decommissioning of the plants escalate cost and make the entire process expensive. Therefore, the high cost of dismantling reactors is expected to threaten market growth. Furthermore, service providers are required to conform to the numerous standards and regulations established by authorities in different regions, posing a challenge.
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Nuclear Decommissioning Services Market Segmentation
Grand View Research has segmented the global nuclear decommissioning services market based on the reactor type, strategy, and region:
Nuclear Decommissioning Services Reactor Type Outlook (Revenue, USD Million, 2019 - 2030)
Pressurized Water Reactor (PWR)
Boiling Water Reactor (BWR)
Pressurized Heavy Water Reactor (PHWR)
Gas Cooled Reactor (GCR)
Others
Nuclear Decommissioning Services Strategy Outlook (Revenue, USD Million, 2019 - 2030)
Immediate Dismantling
Deferred Dismantling
Entombment
Nuclear Decommissioning Services Regional Outlook (Revenue, USD Million, 2019 - 2030)
North America
Europe
Asia Pacific
South & Central America
Middle East and Africa (MEA)
Market Share Insights
April 2022: Westinghouse Electric Company LLC announced the signing of an agreement for the acquisition of U.S.-based BHI Energy, a company providing services in power generation and delivery.
June 2019: AECOM signed an alliance agreement with Japan-based Toshiba Corporation, a multinational conglomerate, to work on nuclear reactor decommissioning in Japan.
Key Companies profiled:
Some prominent players in the global nuclear decommissioning services market include
Orano Group
Babcock International Group PLC
Westinghouse Electric Company LLC
AECOM
Studsvik AB
Bechtel Corporation
Magnox Ltd.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.