PUBLISHER: The Business Research Company | PRODUCT CODE: 1392800
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392800
“Nuclear Power Reactor Decommissioning Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nuclear power reactor decommissioning market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nuclear power reactor decommissioning? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The nuclear power reactor decommissioning market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Nuclear power reactor decommissioning involves the retirement of nuclear power reactors, including the termination of regulatory operating licenses. This process includes dismantling the plant and restoring the site to an agreed end-state, preparing it for some form of re-use.
The primary types of nuclear power reactor decommissioning include pressurized water reactors, pressurized heavy water reactors, boiling water reactors, high-temperature gas-cooled reactors, liquid metal fast breeder reactors, and others. Pressurized nuclear power reactor decommissioning pertains to a type of nuclear reactor that generates energy while also propelling nuclear submarines and naval vessels. Capacities vary, with categories including below 100 MW, 100-1000 MW, and above 1000 MW, and applications encompass commercial power reactors, prototype power reactors, and research reactors.
The nuclear power reactor decommissioning market research report is one of a series of new reports from The Business Research Company that provides nuclear power reactor decommissioning market statistics, including nuclear power reactor decommissioning industry global market size, regional shares, competitors with a nuclear power reactor decommissioning market share, detailed nuclear power reactor decommissioning market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear power reactor decommissioning industry. This nuclear power reactor decommissioning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nuclear power reactor decommissioning market size has grown rapidly in recent years. It will grow from $6. 39 billion in 2023 to $7. 2 billion in 2024 at a compound annual growth rate (CAGR) of 12. 6%. The expansion observed in the historical period can be attributed to factors such as aging infrastructure, the regulatory landscape, and public perception.
The nuclear power reactor decommissioning market size is expected to see rapid growth in the next few years. It will grow to $11. 29 billion in 2028 at a compound annual growth rate (CAGR) of 11. 9%. The anticipated growth in the forecast period can be attributed to the global energy transition, economic factors, government policies, and safety and security concerns. Key trends in the projected period encompass technological innovation, the rise of robotics and automation, collaboration and partnerships, and an increased focus on waste management.
The nuclear power reactor decommissioning market is poised for growth, driven by the increasing sensitivity towards environmental issues. Environmental sensitivity, reflecting a heightened awareness of environmental concerns, is leading governments and organizations to focus on reducing carbon emissions and achieving net-zero targets. Nuclear power plants (NPPs) contribute to carbon-free electricity production, emphasizing their reliability, clean-air compliance, and substantial power generation capacity. Decommissioning, involving the removal of nuclear fuel and the termination of operating licenses, aligns with global efforts to enhance environmental quality and reduce carbon emissions. For instance, Canada aims to reduce carbon emissions by 30% by 2030 and achieve net-zero emissions by 2050, while the UK has allocated £166. 5 million ($206. 61 million) to support green technology development for emission reduction.
The growth of the nuclear power reactor decommissioning market is further propelled by the increased adoption of renewable energy sources. Renewable energy, characterized by its sustainability and environmental friendliness, plays a crucial role in the decommissioning process by providing clean electricity to power essential equipment. This enhances safety and reduces the environmental impact associated with decommissioning nuclear power reactors. The International Energy Agency reports a projected 7% growth in renewable energy generation in the United States in 2021, with a further expected increase of 10% in 2022, highlighting the rising importance of renewable sources in the energy landscape.
Major companies in the nuclear power reactor decommissioning market are strategically focusing on introducing new nuclear facilities to gain a competitive advantage. Nuclear facilities, such as the Barakah nuclear power plant in the UAE, contribute to diversifying energy mixes and reducing carbon emissions. The Barakah plant, with four reactors and a total capacity of 5,600 MW, exemplifies efforts to meet energy demands sustainably.
Innovations and technological advancements are key drivers for major companies in the nuclear power reactor decommissioning market. The International Atomic Energy Agency's global initiative in September 2022 aims to advance technological breakthroughs in nuclear decommissioning, leveraging artificial intelligence (AI), automation, and digitalization. These technologies enhance the efficiency, safety, and cost-effectiveness of dismantling retired nuclear facilities.
In April 2022, Westinghouse Electric Company LLC bolstered its global capabilities by acquiring BHI Energy, a US-based company specializing in nuclear plant maintenance and modification services. This acquisition positions Westinghouse Electric Company LLC to strengthen its presence in the nuclear industry, reflecting the market's focus on expansion and strategic partnerships.
Major companies operating in the in the nuclear power reactor decommissioning market report are Babcock International Group PLC, GE Hitachi Nuclear Energy LLC, Fluor Corporation, Westinghouse Electric Company, AECOM Technology Corporation, NorthStar Group Services Inc., Studsvik AB, Bechtel Group Inc., James Fisher and Sons PLC, Orano Group, WS Atkins PLC, Enercon Services Inc., Areva S. A., SNC Lavalin Infrastructure Pvt. Ltd., Tokyo Electric Power Company Holdings Incorporated, Nuvia Group Ltd., Jacobs Engineering Group Inc., NAC International Inc., Nukem Technologies GmbH, Global Dominion Access S. A., Holtec International Inc., EnergySolutions LLC, Deep Isolation Inc., Waste Control Specialists LLC, Empresa Nacional de Residuos Radiactivos S. A., Ansaldo Nucleare S. p. A, Rosatom State Nuclear Energy Corporation, Sellafield Ltd., GNS Gesellschaft fur Nuklear-Service mbH, Sogin S. p. A.
Europe was the largest region in the nuclear power reactor decommissioning market in 2023. North America is expected to be the fastest-growing region in the nuclear power reactor decommissioning market share during the forecast period. The regions covered in the nuclear power reactor decommissioning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the nuclear power reactor decommissioning market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The nuclear power reactor decommissioning market includes revenues earned by entities by providing services such as SAFSTOR (Safe storage), DECON (Decontamination), and ENTOM. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.