The global Nuclear Decommissioning Market was valued at USD 5.8 Billion in 2022 and is projected to reach a value of USD 8.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period.
Nuclear Decommissioning is the procedure leading to the final termination of the operating license and the irreversible entire or partial closure of a nuclear plant, typically a nuclear reactor. The procedure often follows a decommissioning plan, which may call for decontaminating and dismantling the plant entirely or in part to restore the environment to a "greenfield" site. The global Nuclear Decommissioning market will grow significantly during the forecast period. The global retirement of older nuclear reactors due to aging and the shift towards renewable energy sources due to their low environmental impact is projected to be the main factors propelling the market's expansion in the ensuing years.
Nuclear Decommissioning Market Size, 2022 To 2030 (USD Billion)
Due to the increased support from governments in many nations following nuclear accidents, the need for Nuclear Decommissioning has seen a phenomenal increase. The public and governments are applying increasing pressure, making nuclear phase-out urgently necessary. Many alternative energy sources have emerged due to rising global energy demand. The market for energy production has experienced penetration of renewable sources due to rising environmental concerns about ozone and greenhouse gases, which cause higher temperatures. Also, the presence of nuclear energy in some specific nations worldwide and the ability to produce energy from other sources would reduce the chance of nuclear energy-related accidents, which has caused the Nuclear Decommissioning period in these countries.
The market for decommissioning nuclear power reactors is also anticipated to rise due to rising environmental sensitivity. The term "environmental sensitivity" describes the rising concern for environmental problems. The availability of nuclear energy in some specific nations around the world, along with the possibility of producing energy from sources that lower the risk of nuclear energy-related accidents, has caused a surge in Nuclear Decommissioning in these nations.
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Recent studies indicate that the third quarter of 2022 saw an increase in the global economy of more than 2.9%. This expansion suggests a tentative rise from 2.6% at the end of October. The economic operations of many developed and developing countries are anticipated to be severely strained. 70% of economists think there will be a recession in 2023. On February 24, 2022, Russia began a full-scale invasion of Ukraine. Both directly and indirectly, the ongoing conflict affects several economic sectors. Through the imposition of different sanctions, the United Nations and the European Government have started taking direct action against Russia. It is anticipated that these sanctions will harm Russia's economy.
Top Market Trends
1. Rising Adoption of Renewable Energy Systems: The use of renewable energy sources like wind and solar, which reduces the need for other kinds of energy generation and, as a result, boosts the growth of the Nuclear Decommissioning market, is the main market driver for the worldwide Nuclear Decommissioning industry. Also, the rise in accidents and political pressure over nuclear energy use will favor expanding the global market for Nuclear Decommissioning.
2. Global Inclination Towards Nuclear Decommissioning: The growing number of nuclear reactors entering active retirement, the falling cost of renewable energy sources (such as wind and solar), and rising environmental sensitivity are the main reasons propelling the market's expansion. In various nations, including Germany, the United Kingdom, and South Korea, nuclear phase-out policies are anticipated to open up chances for domestic and international businesses to offer the essential expertise for the country's needs to expand its decommissioning market. With the United States being one of the major decommissioning hotspots in the area, North America is predicted to have the quickest rate of growth for the nuclear power reactor decommissioning industry.
3. High Number of Commercial Nuclear Power Plants: Economic, governmental, and societal aspects are all involved in the closure and decommissioning of commercial nuclear power reactors. Nuclear energy's cost-competitiveness was decreased by several major factors, including the end of its operating life and the decline in the price of renewable energy sources like solar and wind. Nuclear safety regulations have been updated globally since the Fukushima tragedy in 2011, resulting in higher expenses for infrastructure upgrades, operations, and maintenance. As a result, many older commercial reactors are being decommissioned. These reactors have an operating life of 40 years; an additional 20 years might be added with infrastructure enhancements.
The global Nuclear Decommissioning market can be categorized into Service Type, Reactor Type, Capacity, and Region. Based on Service Type, the market can be categorized into Immediate Dismantling, Safe Enclosure, and Entombment. Furthermore, based on Reactor Type, the market can be further fragmented into Pressurized Water Reactors, Boiling Water Reactors, Gas Cooled Reactors, and Other Reactor Types. In addition, based on Capacity, the market can be split between Below 100 MW, 100 MW - 1000 MW, and Above 1000 MW. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on the Service Type
Immediate Dismantling to Account for the Largest Market Share Owing to the Rising Number of Nuclear Power Plants
Immediate dismantling is expected to lead the global Nuclear Decommissioning market in revenue and share during the forecast period. The market has been dominated by the prompt decommissioning of reactors shortly after the closure due to the surge in nuclear reactor shutdowns worldwide, particularly in Europe. Yet, 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 entombment segment will grow with the fastest-growing CAGR during the forecast period as it is much quicker and more cost-effective than the other two strategies. Due to environmental issues and other public concerns, most industry operators have not adopted this technique.
Based on the Reactor Type
Pressurized Water Reactors to Lead the Largest Market Share Owing to Higher Stability
The global Nuclear Decommissioning market is expected to be dominated by the segment of pressurized water reactors during the forecast period. Operators in the industry favor PWRs because of their high stability and simplicity. Because of its extensive use and installation, this category is predicted to develop fastest during the projection period. The United States produced more nuclear electricity than any other nation and had the largest production capacity. The second-highest nuclear electricity generation and second-largest nuclear energy generation capacity are both in France. Economic, governmental, and societal aspects are all involved in the closure and decommissioning of commercial nuclear power reactors. Nuclear energy's cost-competitiveness was decreased by several major factors, including the end of its operating life and the decline in the price of renewable energy sources like solar and wind.
Based on Region
North America to Lead Global Sales Owing to Favorable Infrastructure and a Large Amount of Nuclear Reactors
The global Nuclear Decommissioning market is expected to be dominated by the region of North America in terms of revenue and forecast. With 30% of the world's nuclear power generated in nuclear power in 2022, the United States is one of the largest nuclear power producers. In 2021, the nation's nuclear reactors generated 778.15 TWh of electricity, a modest decrease of 1.48% from 2020. In 30 states and 92 active nuclear power reactors with a combined 94.7 GWe capacity, 92 nuclear power reactors operate in the United States as of August 2022. There are now two 2.23 GWe reactors being built. The decommissioning of nuclear power facilities is becoming a sizable industry as the nuclear era in the United States ends. These facilities are being bought by private corporations, who then assume control of their permits, liabilities, decommissioning funds, and trash contracts. The Nuclear Regulatory Commission gave HoltecInternational permission to purchase the Palisades plant in Covert, Michigan, to decommission and dismantle it in December 2021. By 2030, 198 reactors are anticipated to close.
The Asia Pacific will grow with the fastest-growing CAGR during the forecast period. Political pressure to shut down nuclear power reactors before they are ready has increased, which is the cause of this. The recent Nuclear Decommissioning in the Asia-Pacific area has been placed in South Korea and Japan. Given that nuclear reactors and power plants will soon end their useful lifespan, China and India may offer prospects for the Nuclear Decommissioning industry.
The global Nuclear Decommissioning market is expected to be dominated by a handful of global players. To give better performance, providers of Nuclear Decommissioning services continue to emphasize innovation and technological breakthroughs in dismantling processes. Such developments and competitive pricing will probably help them increase their market share throughout the foreseeable period. Businesses are heavily investing in research and development to overcome obstacles encountered during the decommissioning of nuclear sites.
The key players in the global Nuclear Decommissioning market include - Westinghouse Electric Corporation (U.S.), Babcock International Group (UK), GE Hitachi Nuclear Energy (U.S.), Jacobs (U.S.), Manafort Brothers Inc. (U.S.), BWX Technologies (U.S.), Bechtel Corporation (U.S.), AECOM (U.S.), NUVIA (U.S.), Beyond Nuclear (U.S.), Magnox Ltd. (UK) among others.
Recent Market Developments
· March 2022: To take part in decommissioning a nuclear reactor in the United States, Hyundai Engineering & Construction and Holtec inked a contract. After 45 years of service, the Indian Point Energy Center nuclear power facility in Buchanan, New York, was shut down in April 2021. The decommissioning project, which involved removing active components from nuclear reactors and transporting old nuclear fuel from pools into a dry storage system, will be managed by Hyundai Engineering & Construction.
· May 2022: The nuclear power reactor at Palisades on Lake Michigan was shut down by Entergy Company. The nuclear power facility may produce 800MW of electricity. The reactor's fuel was removed and put in the spent fuel pool to cool. Following the cooling process, the fuel will be moved to the station's secure independent spent fuel storage facility. By 2041, the nuclear plant's decommissioning should be finished, according to the firm.
Segmentation of the Global Nuclear Decommissioning Market
- Service Type (Immediate Dismantling, Safe Enclosure, Entombment)
- Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, Gas Cooled Reactor, Other Reactor Types)
- Capacity (Below 100 MW, 100 MW - 1000 MW, Above 1000 MW)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Westinghouse Electric Corporation (U.S.)
- Babcock International Group (UK)
- GE Hitachi Nuclear Energy (U.S.)
- Jacobs (U.S.)
- Manafort Brothers Inc. (U.S.)
- BWX Technologies (U.S.)
- Bechtel Corporation (U.S.)
- AECOM (U.S.)
- NUVIA (U.S.)
- Beyond Nuclear (U.S.)
- Magnox Ltd. (UK)
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