Nuclear Decommissioning Services Market size in Europe to grow by USD 1.84 billion from 2023 to 2028; Growing government inclination toward renewable energy to drive the growth- Technavio

NEW YORK, Nov. 7, 2023 /PRNewswire/ -- The nuclear decommissioning services market in Europe is expected to grow by USD 1.84 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 5.7% during the forecast period. The market is segmented by application (research reactors and power reactors), and type (PWR, BWR, and others). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

The growing government inclination toward renewable energy is a key factor driving market growth. Globally, governments are stepping up their efforts to deal with these concerns, given rising concerns over public safety and the inaccessibility of solutions for long-term disposal of radioactive waste. In addition, to support the use of renewables by consumers, governments are offering subsidies and schemes that feed-in tariffs (FITs). Hence, these factors are expected to drive market growth during the forecast period. 

Key Highlights:

• The report recognizes the following as some of the key players in the nuclear decommissioning services market in Europe: AECOM, Ansaldo Energia Spa, Babcock International Group Plc, Bechtel Corp., Electricite de France SA, ENRESA, GD Energy Services Ltd., GE Hitachi Energy, Jacobs Solutions Inc., Jadrova a vyradovacia spolocnost AS, Orano, Qualcomm Inc., SNC Lavalin Group Inc., Studsvik AB, Veolia Environnement SA, and Westinghouse Electric Co. LLC
• Nuclear Decommissioning Services Market in Europe is fragmented in nature.
• Market to observe 5.23% YOY growth in 2024.

Market Dynamics:

Major Trend

• Growing numbers of old nuclear reactors are a major trend in the market. 
• Nuclear power plays a very important role in Europe's energy supply. However, most of these nuclear reactors are well beyond their prime and have an average age of over 30 years.
• For example, components of the nuclear power stations may have been damaged with exposure to radiation, heat, or pressure and can become more fragile and vulnerable to cracking thereby posing a lower degree of security in operation.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• High costs associated with decommissioning are significant challenges restricting market growth.
• The reactor type, size, and number of reactors are the key factors that influence decommissioning costs.
• Moreover, post-EU compensation continues to be higher due to the divergence between decommissioning costs and funding for these countries.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The market share growth of the research reactors segment will be significant during the forecast period. During nuclear power reactors, the atoms of elements such as uranium235 or Plutonium239 are split to generate energy. To produce steam to generate electrical power, the energy created in this process is burned as heat. These power plants play a major role in Europe's overall energy mix because they provide an important number of capacity. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports:

The wind turbine decommissioning services market size is estimated to grow at a CAGR of 13.86% between 2023 and 2028. The market size is forecast to increase by USD 1.72 billion. 

The Rapid Thermal Processing Equipment Market size is estimated to grow at a CAGR of 6.39% between 2022 and 2027. The market size is forecast to increase by USD 259.56 million.

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio