Nuclear Decommissioning Services Market Size Worth $9.43 Billion, Globally, by 2027 at 6.3% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Jan. 24, 2022 /PRNewswire/ -- According to the new market research report "Nuclear Decommissioning Services Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, Gas Cooled Reactor); Strategy (Immediate Dismantling, Deferred Dismantling, Entombment); Application (Commercial Power Reactor, Research Power Reactor, Prototype); Capacity (Below 100 MW, 100 - 1,000 MW, Above 1,000 MW)", published by The Insight Partners, the global nuclear decommissioning services market was valued at US$ 5.82 billion in 2019 and is projected to reach US$ 9.43 billion by 2027; it is expected to grow at a CAGR of 6.3% from 2020 to 2027.

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Nuclear Decommissioning Services Market: Competitive Landscape and Key Developments

AECOM, Ansaldo Energia, Babcock International Group Plc., Betchel Corporation, EnergySolutions, GE Hitachi Nuclear Energy, Onet SA, Orano, Studsvik AB, Westinghouse Electric Company LLC, Sogin S.p.A, Fluor Corporation, Nuvia Limited, Northstar Group Services, Inc., Atkins, PreussenElektra GmbH, NUKEM Technologies, GNS Gesellschaft fur Nuklear-Service GmbH, Manafort Brothers Incorporated, and Korea Hydro & Nuclear Power are among the key players in the global nuclear decommissioning services market.

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The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

In 2020, Ansaldo Nucleare won 10 million Euro Framework Contract from the European Commission. Under this contract, Ansaldo Nucleare aims at an assessment of the nuclear fusion power plant physics and technology system architecture, overall configuration and system engineering processes.

In 2020, KHNP signed a nuclear decommissioning support contract with a Canadian company. According to the contract, five nuclear decommissioning experts—four from KHNP and one from Kinectrics (its partner firm)—are expected to manage the decommissioning services at heavy water reactor decontamination sites at Pickering Nuclear Power Plant, Bruce Nuclear Power Plant, and Darlington Nuclear Power Plant in Canada for one year. This agreement is anticipated to help KHNP and Kinectrics to upgrade their decommissioning capacities for heavy water reactors, further laying the groundwork for entering into the global decommissioning market.

The global nuclear decommissioning services market is poised to surge during the forecast period. The projected growth is attributed to the presence of a large number of decommissioning service providers, coupled with the rising number of nuclear power plants reaching the end of the operational lifecycle. The rise in health concerns due to the emission of radioactive substances from the aged nuclear power plants and government initiatives to increase decommissioning services are driving the nuclear decommissioning services market. According to the International Energy Agency (IEA), ~200 commercial nuclear reactors are planned to be shut down and decommissioned during 2020–2040. Such plans would continue to bolster the demand for nuclear decommissioning services in the coming years.

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The COVID-19 pandemic across the world has adversely affected various activities across different industries. The energy and power generation industries are also hit hard by the outbreak due to limited availability of manpower and disruptions in component supply chains. The nuclear decommissioning services market players also had to operate with restricted manpower in various countries, whereas, in several countries nuclear decommissioning activities have been put on hold owing to the imposition of containment measures by respective governments.

Emphasis on Decommissioning of Old Nuclear Power Plants in Europe:

Europe has the highest number of nuclear power plants across the world; a large number of these plants are located in Germany, France, the UK, and Russia. The global nuclear power plant industry is highly consolidated one. The rate of nuclear power plant decommissioning is also high in the region. The governments of the abovementioned countries are encouraging the phasing out of the nuclear power facilities whose operating licenses are about to end. The majority of the European countries have announced their plans to shut down and decommission the complete set up of nuclear power facilities by the 2030s. A few plants to enter the decommissioning phase over in the next two years include Fessenheim Nuclear Power Plant (France – 2020), Gundremmingen Nuclear Plant (Germany – 2021), Brokdorf Nuclear Power Plant (Germany – 2021), and Emsland Nuclear Power Plant (Germany – 2022).

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Nuclear Decommissioning Services Market: Pulse Duration

The global nuclear decommissioning services market, based on reactor type, is segmented into pressurized water reactor, boiling water reactor, and gas cooled reactor. The pressurized water reactor segment held the largest market share in 2019. A pressurized water reactor (PWR) utilizes pressurized water in the primary coolant loop that carries heat to the steam generator. The pressurized water reactors are among the most demanded nuclear reactors across the world, which eventually reflects in the higher construction and decommissioning of these reactors than other reactors.

Browse Adjoining Reports:

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Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Waste Type (Low-Level Waste, High Level Waste, Intermediate Level Waste, and Others), Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, and Gas Cooled Reactor), and Disposal Options (Near Surface Disposal and Deep Geological Disposal)

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