Nuclear Decommissioning Services Market Worth About USD 8.90 billion By 2024

Nuclear Decommissioning Services Market is expected to reach USD 8.90 billion by 2025. The Nuclear Decommissioning is the procedure where plants are discharged from service along with the termination of their operating licenses approved by (NRC) Nuclear Regulatory Commission. The global market is expected to grow at a CAGR of 6.8% in the forecast period.

NRC is a regulatory body with established protocols and underlying guidelines. These guidelines include processes and requirements which a company is expected to follow to ensure that the decommissioning procedure is environment-friendly. The decommissioning procedure aims to decrease the level of residual radioactivity. This is operated by dissembling the structures, removal of polluted materials to allow right disposing of facilities, storing the used nuclear fuel. This is done until the fuel is required to be removed from the site of nuclear power plant for safe storage or disposal, and discharging the property for further uses.

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Most companies offering support services for nuclear decommissioning need to comply with strict regulations concerning to safety as the decommissioned region is under the nuclear radiation’s influence. The services offered by the companies comprise disassembling concepts, accompanying controls, decommissioning reports, waste package assessment and post-operational phase support.

The market is predicted to rise progressively in the coming years owing to the growing support from the government post nuclear accidents and global nuclear phase out. Increase in public safety issues due to the dangerous effects of nuclear accidents is set to fuel up the Nuclear Decommissioning Services market demand in the near future. Additionally, the rising sustainability issues are projected to influence the market growth positively.

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Owing to different government initiatives and protocols the market is eyeing to promote Nuclear Decommissioning Services in the coming years. The ongoing research and developments is assisting various innovative decommissioning technologies to allow well-organized disassembling of nuclear facilities. Moreover, for enabling sustainable development, the government authorities are offering various incentives and support schemes. This will allow systematic disassembling of nuclear plants.

Market is categorized on the grounds of reactor types, decommissioning strategy, capacity and geography. On the grounds of the reactor types, the market is divided into boiling water reactor, gas-cooled reactor, pressurized water reactor, etc. the pressurized water reactor type is expected to grow considerably in future with the study of previous growth cycle. The rising PWR (Pressurized Water Reactor) demand due to easy-to-use nature and stability is also expected to fuel up the market significantly.

On the grounds of decommissioning strategy, the market is divided into immediate strategy, deferred strategy and entombment. The immediate dismantling strategy is expected to capture larger share in the Nuclear Decommissioning Services market in the near future depending on decommissioning strategy. On the grounds of capacity, the market is divided into Up to 800 MW, 801 MW–1,000 MW and Above 1,000 MW. On the basis of decommissioning strategy, immediate disassembling is expected to account for the largest share in the market by 2025.

The Nuclear Decommissioning Services Industry is examined on the basis of three regions North America, Europe and Asia-Pacific. Europe is expected to hold maximum market share owing to the factors like strict regulations to phase out nuclear plants and government commitment. Additionally, majority nuclear plants from North America region are old and approaching the decommissioning phase, that will create large opportunities for Nuclear Decommissioning Services Market.

Some of the key players in the Nuclear Decommissioning Services Industry are Studsvik AB, AECOM, Babcock International Group PLC., Areva Group, and Westinghouse Electric, among others. All of these players are targeting to penetrate the emerging economies and are also adopting different methods to grow their market share.