Nuclear Decommissioning Industry is predicted to develop at a 6.93% CAGR during the forecast period, reveals the current Market Research Future’s (MRFR) nuclear decommissioning market report. The strong growth is due to the increase in nuclear accidents.
The novel coronavirus has turned the world upside down, putting industries on halt, stopping business activities, and having impacted the global economy at large. The COVID-19 pandemic has weakened different activities across different industries. The energy and power generation industry has been hit hard owing to supply chain disruptions and limited manpower. During this crisis, various nuclear decommissioning service players have operated with limited manpower in various countries, while in a few countries, the nuclear decommissioning activity has been put on hold due to lockdown measures imposed by the government. The European countries for instance, have been exercising termination of activities related to nuclear power plant, thus needing decommissioning services. A couple of nuclear facilities ended operation in 2019 due to political concerns or the operational lifecycle reaching an end. In Europe, the maximum number of COVID cases has been reported in Italy, the UK, Russia, Germany, and France. The nuclear decommissioning services market in France was hit the most as the country has terminated its age-old nuclear power plant like the Fessenheim nuclear power plant in the early 2020 and is yet to begin its decommission activities. This is likely to impact the nuclear decommissioning market revenue.
Prominent players profiled in the global nuclear decommissioning market report include GD Energy ServicesSpain), Enercon Services, Inc. (Germany), EDF-CIDEN (U.K.), Nuvia Group (France), EnergySolutions (U.S.), Westinghouse Electric (U.S.), AECOM (U.S.), Studsvik AB (Sweden), Babcock International Group PLC. (U.K.), and Areva Group (France).
Public Safety Concerns to Bolster Market Growth
Increasing concerns for public safety owing to hazardous consequences of nuclear accidents may bolster global nuclear decommissioning market size in the forecast period.
Additional factors adding to the global nuclear decommissioning market value include the growing number of nuclear reactors reaching operational retirement, fall in the price of renewable power generation sources such as solar and wind, growing political pressure for pre-closure of nuclear power plants, growing support from the government, increasing concerns about sustainability, the trend to transition toward renewable energy, favorable government regulations, and initiatives.
Sensitivity to Environmental Issues to Offer Robust Opportunities
The increasing sensitivity towards environmental issues is likely to offer robust opportunities to key players in the future.
Price Challenges to Act as a Market Restraint
The price challenges related to the disposal of radioactive nuclear waste, decommissioning, and high dependency on nuclear power may act as a market restraint in the forecast period.
Adoption of Alternative Energy Sources to Act as a Market Challenge
The growing adoption of alternative sources of energy like solar power and gas-based may act as a major market challenge for industry players in the future.
Global Nuclear Decommissioning Market has been bifurcated based on Capacities, Strategies Dismantling, and Reactor Types.
PWR Segment to Lead the Market
By reactor types, the global market of nuclear decommissioning is segmented into GCR, BWR, PWR, and others. Of these, PWR segment will lead the market over the forecast period.
Immediate Dismantling Segment to Dominate the Market
By strategies dismantling, the global market of nuclear decommissioning is segmented into deferred dismantling, immediate dismantling, and others. Of these, the immediate dismantling segment will dominate the market over the forecast period for the early phase-out of nuclear power plants in Europe, particularly in Italy and Germany.
Up to 800MW Segment to Spearhead the Market
By Capacities, the global market of nuclear decommissioning is segmented into above 1000MW, 801MW-1000MW, and up to 800MW. Of these, the up to 800MW segment will spearhead the market over the forecast period for the pre-closure of nuclear power plants the capacities of which are under 800 MW in the European region.
Europe to Have Lions Share in Nuclear Decommissioning Market
Geographically, the the global market of nuclear decommissioning has been segmented into Europe, North America, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Among these, Europe is likely to have the lions share in the nuclear decommissioning market over the forecast period. Increasing support from the government, growing environmental concerns that prompt the closure of nuclear power plants in Lithuania, France, the UK, and Germany, growing demand in Germany, public concerns, the presence of strict government regulations to regulate the dismantling process, and the growing number of nuclear power plants in South Korea and Japan, are adding to the global nuclear decommissioning market share in the region.
APAC to Grow at Fastest Pace
The the global market of nuclear decommissioning in the APAC region is predicted to grow at the fastest pace over the forecast period. The presence of several matured nuclear power plants that dearly demands the nuclear decommissioning processes in South Korea and Japan, escalating use of nuclear decommissioning, ongoing nuclear decommissioning activities, and government initiatives to reduce nuclear energy are adding to the global nuclear decommissioning market growth in the region.
North America to Have Notable Growth in Nuclear Decommissioning Market
The global nuclear decommissioning market in North America is predicted to have notable growth over the forecast period. The presence of many nuclear plants in the region that are going to close down for the safety of the environment and people, constant technological advances, support from the government to phase out nuclear plants, significant expansion, and growing awareness regarding environmental protection are adding to the global nuclear decommissioning market growth in the region. On the contrary, strict government regulations may limit the expansion of the market to some extent during the forecast period.
The global nuclear decommissioning market is highly fragmented and competitive in nature with the presence of several key players. These key players have encompassed several strategies to widen their portfolios as well as strengthen their position in the market, such as mergers and acquisitions, partnerships and collaborations, acquisitions, strategic alliances, new product launches, and others.
The nuclear decommissioning market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
|Market Size||2030: Significant Value|
|CAGR||6.93% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Reactor Type, Strategy and Capacity|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GD Energy ServicesSpain), Enercon Services, Inc. (Germany), EDF-CIDEN (U.K.), Nuvia Group (France), EnergySolutions (U.S.), Westinghouse Electric (U.S.), AECOM (U.S.), Studsvik AB (Sweden), Babcock International Group PLC. (U.K.), and Areva Group (France)|
|Key Market Opportunities||Increasing sensitivity towards environmental issues|
|Key Market Drivers||Increasing concerns for public safety|