PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1577238
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1577238
According to Stratistics MRC, the Global Nuclear Decommissioning Market is accounted for $7.2 billion in 2024 and is expected to reach $10.8 billion by 2030 growing at a CAGR of 6.9% during the forecast period. Nuclear decommissioning, which involves removing radioactive materials, dismantling buildings, and restoring to avoid risks to the public's health and the environment, is the safe retirement of nuclear plants after their operating life. Because radioactive materials are dangerous, this intricate and controlled procedure can take decades. Entombment, delayed disassembly, and quick dismantling are the three primary strategies. In order to ensure safety and regulatory compliance, nuclear decommissioning is becoming a crucial emphasis area because to the growing number of aged nuclear sites globally. This requires specialist knowledge, cutting-edge technology, and substantial financial resources.
Aging nuclear facilities
As nuclear reactors near the end of their operating lives, safety hazards rise and their economic viability declines, decommissioning is therefore necessary to guarantee both environmental preservation and public safety. Moreover stricter criteria for safe closure are being imposed by governments and regulatory agencies, which is creating a demand for specialized decommissioning services to manage intricate compliance requirements which boosts the markets growth.
Managing radioactive waste disposal
During decommissioning, managing and storing radioactive materials is a challenging task that necessitates careful planning and strict adherence to regulatory norms. This intricacy might raise expenses and cause project delays. Furthermore, obtaining regulatory clearance and public acceptance for waste disposal sites can be a drawn-out procedure that is subject to examination and public outreach, which can affect market dynamics and delay the decommissioning schedule.
Global shift towards renewable energy sources
Growing political pressure combined with safety concerns is hastening the transition away from nuclear power and toward renewable energy sources like wind and solar power. The decommissioning of outdated nuclear sites, which are no longer financially feasible or consistent with sustainability objectives, is being driven by this change. This change is especially noticeable in few areas, where many nations are gradually moving away from nuclear energy and toward greener options.
High decontamination costs
One of the most important aspects of nuclear decommissioning is decontamination, which is expensive. The magnitude and complexity of the facility will determine the exact cost, which can range from hundreds of millions to billions of dollars. Investment may be discouraged by this financial burden, particularly in smaller, older institutions with tighter budgets. Unexpected issues like technology constraints or regulatory compliance can cause delays and budget overruns, further taxing financial resources and limiting market expansion.
The COVID-19 pandemic significantly impacted the nuclear decommissioning market by causing labor shortages and restricting on-site personnel due to health guidelines. These challenges led to delays in project timelines and disruptions in supply chains, hindering the progress of decommissioning activities. As a result, many decommissioning projects faced extended completion deadlines, complicating the overall landscape of the nuclear decommissioning market during and after the pandemic.
The pressurized water reactor (PWR) segment is expected to be the largest during the forecast period
The pressurized water reactor (PWR) is expected to be the largest during the forecast period because their primary and secondary loops are independent, PWRs reduce the possibility of contamination and are simpler to run and clean. This results in shortened decommissioning schedules and reduced expenses. Decommissioning services are becoming more and more necessary as PWRs age and many of them operate beyond their planned lifespan, which is propelling market expansion.
The service type segment is expected to have the highest CAGR during the forecast period
The service type segment is expected to have the highest CAGR during the forecast period because it can be completed quickly and within regulatory control, immediate dismantling is a preferred service type that accelerates the availability of land. This is in line with strict regulations and worries about public safety, which fuels the need for specialized services. When quick dismantling isn't possible, safe enclosure and entombments are frequently employed; however, these methods might result in protracted decommissioning times, which raise costs and complicate regulatory compliance.
North America is expected to have the largest market share over the projection period owing to the increasing number of decommissioning services are being required due to North America's aging nuclear fleet, especially in the United States. Compliance-focused projects are necessary because government rules necessitate safe and environmentally responsible decommissioning. The need for decommissioning services is increasing as more plants close and North America shifts to renewable energy sources.
Asia Pacific is anticipated to witness the highest rate of growth during the forecast period owing to their aging nuclear power reactors, South Korea and Japan are seeing an increase in demand for decommissioning services. Safety concerns were raised by the Fukushima accident in 2011, which resulted in tighter laws and the scheduled phase-out of outdated reactors, particularly in Japan. Additionally the governments of these nations-Japan, South Korea, Taiwan-have likewise placed a strong emphasis on the necessity of safe decommissioning and mandated that operators follow decommissioning guidelines.
Key players in the market
Some of the key players in Nuclear Decommissioning Market include AECOM, Babcock International Group, Bechtel Corporation, Beyond Nuclear , BWX Technologies, Inc., GE Hitachi Nuclear Energy, Jacobs, James Fisher and Sons plc, Magnox Ltd., Manafort Brothers, Inc., Northstar Group Services Inc., NUVIA , Orano SA, Studsvik AB and Westinghouse Electric Corporation.
In September 2024, GE Hitachi signed four MoUs focusing on UK SMR plans. The UK aims to grow nuclear energy capacity to 24 GW by 2050, with a mix of traditional large-scale power plants and small modular reactors (SMRs).
In April 2024, BWX Technologies, Inc. announced an investment to expand its Cambridge manufacturing plant. Already one of the largest nuclear commercial manufacturing facilities in North America.