Pune, India, September 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Nuclear Decommissioning Market.
Market Research Future (MRFR) states that the Global Nuclear Decommissioning Market can record more than 6% CAGR during the forecast period (2017–2022).
Growth Drivers and Top Barriers
The surge in concerns with regard to risk and safety of nuclear-decommissioning services is counted among the top factors stimulating market growth. Mounting focus on renewable energy sources like solar, wind, and others is leading to declining use of nuclear power. On the basis of this factor, the nuclear-decommissioning services market can expect remarkable growth in the coming years.
The Energy Information Administration (EIA) reports that the overall renewable energy that is used in the power industry increased by 8.7% in 2016, whereas in 2017, it rose by 6.5%. Solar PV capacity increased from 10 GW in 2014 to 27 GW in 2017. Wind capacity noted a surge of 9% in 2016 and 8% in 2017, which accounted for 5.6% of the overall generation. Companies in the market are striving to deploy a higher number of robots that can carry out risky and complex work that is involved in decommissioning services. A number of vendors are already making extensive use of robots from remote locations.
Government bodies of several nations across the world are carrying out intense research and development (R&D) activities for the development of advanced technologies for efficient performance. This technology transformation has accelerated the process of decommissioning, which offers a host of benefits including cost-efficiency. This aspect favorable has also made complex processes like dismantling the core of the reactor much safer than before. These promising factors that are part of robotics are expected to do wonders for the nuclear decommissioning market in the ensuing years.
The worldwide nuclear decommissioning market has been studied with respect to segments like reactor type, strategy, and capacity.
The types of reactor mentioned in the report are pressurized water reactor (PWR), boiling water reactor (BWR), gas-cooled reactor (GCR) and others.
Strategy-wise, the market can be considered for immediate and deferred dismantling, among others.
The market, based on the capacity, caters to up to 800MW, 801MW-1000MW, above 1000MW.
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Europe, North America, Asia Pacific (APAC) and Rest-of-the-World (RoW) are the main markets for nuclear decommissioning identified in the MRFR report.
The nuclear decommissioning market has gained the highest in Europe, trailed by North America and Asia Pacific. Strict government regulations that back nuclear-decommissioning activities have resulted in the superlative market growth in the region. Europe relies heavily on nuclear power for electricity generation and as a result, is striving to diversify its energy mix by reducing nuclear energy generation from 75% to 50% of the overall electricity generation by the year 2025. Based on these factors, the nuclear decommissioning market is projected to grow massively in the coming years.
The North America nuclear decommissioning market can note significant growth during the conjectured time frame. The presence of a large number of nuclear plants that are due for closure, given the rising need for environment safety, is working in favor of the market in the region. Increasing sensitivity towards environmental issues has turned out to be a prominent factor backing the market growth in North America.
APAC has emerged as a strong contender in the global nuclear decommissioning market in recent years. The region is home to a high number of matured nuclear power plants, which boosts the demand for nuclear-decommissioning processes. Additionally, rising number of accidents coupled with rising political pressure for pre-closure of nuclear power plants is stimulating growth of the nuclear-decommissioning market in the region.
Significant vendors at the forefront of the nuclear decommissioning market include Babcock International Group PLC. (UK), EnergySolutions (US), EDF-CIDEN (UK), Nuvia Group (France), Studsvik AB (Sweden), Westinghouse Electric (US), AECOM (US), Enercon Services Inc. (Germany), Areva Group (France), GD Energy Services (Spain), to name a few.
The Nuclear Decommissioning Authority (NDA) is now the owner of nuclear decommissioning specialist Magnox, based in Berkley, Gloucestershire. With this move, the company aims to explore more efficient and effective methods to manage nuclear site clean-up as well as decommissioning.