Nuclear Decommissioning Services Market Overall Study Report 2019-2027 With Top Players and Their Future Strategies
Seattle, WA -- (SBWIRE) -- 11/08/2019 -- The Fukushima incident divulges the helplessness of the nuclear power. The government needs to update and digitize the nuclear decommissioning services in order to ensure the safety of the world. The regular inspections of the reactor and new strategy may reduce the chances of such occurrences. The introduction of stringent government regulations on several low performer nuclear reactors is also impacting the global market growth.
Rising risk and safety concerns regarding nuclear decommissioning services are one of the major factors propelling growth of the market, globally. Increasing focus on renewable energy sources such as wind, solar, and others is resulting in less use of nuclear power, which in turn drives growth of the nuclear decommissioning services market, globally.
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On the basis of type, the global nuclear decommissioning services market is segmented as boiling water reactor (BWR), pressurized water reactor (PWR), light water graphite reactor (LWGR), gas-cooled reactors (GCR), and the pressurized heavy-water reactor (PHWR). Of these, the pressurized water reactor (PWR) is the leading type segment in the global nuclear decommissioning market accounting for the highest market share. Based on the capacity, the nuclear decommissioning market is categorized as up to 800 MW, 801 MW-1,000 MW, and above 1,000 MW. Further, the global market is divided on the basis of strategy as entombment, immediate dismantling, and deferred dismantling.
The global nuclear decommissioning services market was valued at US$ 171.74 billion in 2018 and is expected to register a CAGR of 7.0% in terms of revenue over the forecast period (2019 – 2027).
Europe accounted for the largest market share in the global nuclear decommissioning services market with a value of US$ 78.48 billion in 2018. Stringent government regulations in Europe to support nuclear decommissioning activities is a major factor driving growth of the market in the region. Europe is projected to become the world's largest market for decommissioning and decontamination (D&D) in the next five years. Over half of the European Union's 223 nuclear power plants are due for closure by 2025.
The market in Asia Pacific is expected to witness the fastest growth in the global nuclear decommissioning services market over the forecast period. The ongoing nuclear decommissioning activities and initiatives of the governments in this region to reduce nuclear energy are major factors driving growth of the nuclear decommissioning services market in Asia Pacific. For instance, in May 2018, the government of Taiwan announced plans to diversify the energy mix and replace nuclear power with clean energy such as wind and solar power.
Major players operating in the global nuclear decommissioning services market include Orana Group, AECOM, Babcock International Group Plc, Westinghouse Electric Company LLC, Enercon Services Inc., KDC Contractors Limited, NUVIA Group, Onet Technologies SAS, Sogin S.p.A., and others.
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