New York, US, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Nuclear Decommissioning Market Analysis by Type, by Strategy, By Capacity - Global Forecast to 2030” valuation is poised to reach USD 6050 Million by 2030, registering an 5.1% CAGR throughout the forecast period (2022–2030).
Nuclear Decommissioning Market Overview
The rising sensitivity towards environmental issues will offer lucrative opportunities for the market in the assessment period.
Growing public safety concerns for the dangerous after effects of nuclear accidents will boost market growth in the assessment period.
Nuclear Decommissioning Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 6050 Million |
| CAGR 2022 to 2030 | 5.1% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
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Use of Alternative Sources of Energy to Remain Market Challenge
The increasing use of alternative energy sources such as gas-based and solar power will remain market challenges over the forecast period.
Nuclear Decommissioning Market Segments
The global nuclear decommissioning market is bifurcated based on capacity, strategy, and reactor type.
By reactor type, PWR will dominate the market over the forecast period.
By strategy, immediate dismantling will lead the market over the forecast period.
By capacity, up to 800MW capacity will spearhead the market over the forecast period.
COVID-19 Analysis
The unique coronavirus has completely upended the world, disrupting corporate operations, halting industries, and having an effect on the entire global economy. The COVID-19 epidemic has negatively impacted a variety of operations in numerous industries. Due to supply chain interruptions and a lack of labour, the energy & power generation sector has been severely impacted. As a result of government-imposed lockdown measures, nuclear decommissioning operations have been suspended in a few countries during this crisis, where different nuclear decommissioning service providers have been forced to operate with reduced manpower. For instance, nuclear power plant-related activities in European nations have been terminated, necessitating the necessity for decommissioning services.
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On account of political apprehensions or the end of the operational lifecycle, a few nuclear sites stopped operating in 2019. Italy, Russia, Germany, the UK, and France had the most COVID cases reported in Europe. The French market for nuclear decommissioning services took the worst impact as the nation shut down its venerable nuclear power plants like Fessenheim nuclear power plant during early 2020 and has yet to start its decommissioning operations. The revenue from nuclear decommissioning market will certainly be impacted by this.
Nuclear Decommissioning Market Regional Analysis
Europe to Head Nuclear Decommissioning Market
The nuclear decommissioning market has been geographically divided into four regions: Europe, North America, Asia Pacific (APAC), and the MEA. Europe is probably going to dominate this market for nuclear decommissioning during the predicted period. The region's share of the global nuclear decommissioning market is growing as a result of rising government support, rising environmental concerns that have led to the closing of the nuclear power plants in France, Lithuania, the UK, & Germany, rising demand in Germany, public concerns, the existence of stringent government regulations to control the dismantling process, and an increase in the number of nuclear power plants in South Korea and Japan.
The region has experienced exceptional market growth as a result of stringent government rules that support nuclear-decommissioning activities. As a result of its extreme reliance on nuclear energy for the production of electricity, Europe is attempting to diversify the energy mix by lowering the share of nuclear energy generation in total electricity production from 75% to 50% by the year 2025. These reasons suggest that the nuclear decommissioning business will expand significantly over the next few years. Europe has the largest market for the nuclear decommissioning because of the region's shift toward clean energy that has resulted in the decommissioning of numerous nuclear reactors. The main nations operating within the region are Germany, France, and the UK.
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APAC to Have Admirable Growth in Nuclear Decommissioning Market
APAC is predicted to hold the greatest growth in the global nuclear decommissioning market during the forecast period. The presence of several mature nuclear power plants in South Korea and Japan, which place a high demand on nuclear decommissioning procedures, as well as the growing usage of nuclear decommissioning, the ongoing nuclear decommissioning activity, and government initiatives for reducing nuclear energy are all contributing to the region's nuclear decommissioning market's growth. In recent years, APAC has become a formidable competitor in the worldwide nuclear decommissioning industry. The region has a large number of nuclear power stations that are advanced, which increases the need for nuclear-decommissioning procedures.
Additionally, the region's nuclear-decommissioning business is expanding as a result of an increase in accidents and political pressure to shut down nuclear power reactors before they are ready. South Korea and Japan are the nations in the Asia-Pacific region that have recently experienced nuclear decommissioning. Given that nuclear reactors & power plants will soon reach the end of their useful lives, China and India may present opportunities for the nuclear decommissioning business.
Nuclear Decommissioning Market Competitive Analysis
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, geographic expansions, new product launches and development, partnerships, contracts, collaborations, joint ventures, as well as different research & development activities.
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Dominant Key Players on Nuclear Decommissioning Market Covered are:
- GD Energy Services (Spain)
- Enercon Services Inc. (Germany)
- EDF-CIDEN (U.K.)
- Nuvia Group (France)
- Energy Solutions (U.S.)
- Westinghouse Electric (U.S.)
- AECOM (U.S.)
- Studsvik AB (Sweden)
- Babcock International Group PLC. (U.K.)
- Areva Group (France)
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