USD 4.1 billion
Report ID: SQMIG20N2009 | Region: Global | Published Date: August, 2022 | Pages: 265 | Tables: 63 | Figures: 75
Nuclear Decommissioning Market size was valued at USD 4.1 billion in 2021 and is poised to grow from USD 4.3 billion in 2022 to USD 6.1 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).
Nuclear decommissioning is the process of dismantling a nuclear facility so that it does not need to be shielded from radiation any longer. Technical, monetary, and social barriers to nuclear decommissioning exist. In order to ensure that radioactive materials are stored on-site safely or transported elsewhere for storage, it is necessary to address the removal of radioactive materials, which is a labor-intensive, expensive, and time-consuming process that also poses environmental dangers.
The global retirement of older nuclear reactors due to ageing and the shift toward renewable energy sources due to their low environmental impact are projected to be the main factors propelling the market's expansion in the ensuing years. The Covid-19 presented a variety of difficulties for the nuclear industry, including a lack of labour, limitations on the number of on-site staff, and disruptions in supply lines. Due to the shortage of workers and specialists, travel restrictions and government regulations hampered the completion of some nuclear decommissioning programmes. The project's completion deadlines ran the possibility of being delayed.
US Nuclear Decommissioning Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.1 billion
Pressurized Water Reactor (PWR)
Pressurized Water Reactor (PWR)
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The Global Nuclear Decommissioning Market is segmented based on Rector Type, Strategy and Region. Based on Rector Type it is segmented into Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Gas Cooled Reactor (GCR). Based on Strategy it is segmented into: Immediate Dismantling, Deferred Dismantling and Entombment. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Nuclear Decommissioning Market Analysis by Rector Type
In 2021, pressurised water reactors retained the largest market share for nuclear decommissioning services worldwide. Operators in the industry favour PWRs because of their high level of stability and simplicity of use. Due to its extensive use and installation, this category is predicted to develop at the fastest rate during the projection period. Over the years, there have been many nuclear reactors functioning throughout the world, and numerous nations are now building additional reactors. On the other hand, more nuclear reactors are being shut down or moving into the decommissioning stage. The market for nuclear decommissioning services is expanding as a result of a substantial number of firms being drawn to it by the growing number of reactors that are being phased out.
Nuclear Decommissioning Market Analysis by Strategy
Nuclear facilities can be decommissioned in a number of ways, including as encapsulation, postponed decommissioning, or safe enclosure. These techniques each have advantages and disadvantages. The primary service type sector benefiting from the closure of an increasing number of nuclear power plants around the world, particularly in Europe, is immediate dismantling. After plant activities are completed, the service includes starting the dismantling process. Within a few years or months, the final decommissioning or dismantling action often starts. After regulated activity has ended or been shut down, the service enables removal of nuclear power units from regulatory control, opening up the site for other uses. Additionally, quick dismantling maximises the unit's remaining useful life while lowering maintenance costs and enabling use of existing radioactive waste disposal facilities.
However, as the global energy crisis worsens, the major countries have understood the value of nuclear energy in their energy mix and are extending the life of the reactors as a result. Due to lower radiation levels compared to other approaches, deferred dismantling is anticipated to expand at the quickest rate during the projection period.
The nuclear power facility is to be impermanently buried according to the entombment strategy. Comparatively speaking to the other two strategies, this one is a lot quicker and more cost-effective. Due to environmental issues as well as other public concerns, the majority of industry operators have not, however, adopted this technique.
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In 2021, Europe held the greatest market share for nuclear decommissioning services worldwide. As nuclear decommissioning efforts are supported by strict government rules in Europe, this region's market is expanding. Within the next five years, decommissioning and decontamination (D&D) are expected to become the largest market in the world. By 2025, more than half of the 223 nuclear power stations in the European Union will be shut down. In the United States, the market for nuclear decommissioning services is anticipated to reach US$1.9 billion in 2022. The industry is expected to grow significantly since many nuclear power plants, particularly in industrialised nations, are nearing the end of their useful lives. Additionally, the economic appeal of nuclear power is declining due to growing environmental awareness and improved affordability of renewable energy sources like solar and wind.
Over the course of the forecast period, the nuclear decommissioning services market in the world is anticipated to grow at the quickest rate in the Asia Pacific region. Major factors influencing the growth of the nuclear decommissioning services market in Asia Pacific include the continuous nuclear decommissioning activities and government measures to minimise nuclear energy.
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Nuclear Decommissioning Market Driver
Nuclear Decommissioning Market Restraint
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our nuclear decommissioning market reports, some of the leading nuclear decommissioning market manufacturers are as follows: Areva Group (France), Babcock International Group PLC. (UK), Studsvik AB (Sweden), AECOM (US), Westinghouse Electric (US), Orano Group (Paris), Bechtel Corporation (US), Magnox Ltd. (UK), NUVIA Group (France), Onet Technologies (UK).
Nuclear Decommissioning Market Top Players Company Profiles
Nuclear Decommissioning Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, region-wise, the Europe had dominated the market, due to a number of factors, including strict governmental rules and regulations to phase out nuclear power facilities, the market for nuclear decommissioning services is anticipated to grow rapidly in Europe. North American nuclear power reactors are rapidly approaching the decommissioning stage. In the near future, it is projected that this will increase demand for nuclear decommissioning services in the area.
|Market size value in 2021||USD 4.1 billion|
|Market size value in 2030||USD 4.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Nuclear Decommissioning Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Nuclear Decommissioning Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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