Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Global Nuclear Decommissioning Services Market – Insights
Nuclear decommissioning is the process whereby a nuclear facility is disassembled to the point that it no longer requires to be protected from radiation. There are different challenges involved in nuclear decommissioning including social, economic, and technical factors. The removal process of radioactive materials is time-consuming, highly expensive, and hazardous that can pose environmental risks that are to be addressed to ensure that radioactive materials are stored on-site in a safe manner or transported elsewhere for storage.
Market Dynamics- Drivers
Growing risk and safety concerns regarding nuclear decommissioning services are expected to drive the global nuclear decommissioning market during the forecast period. Moreover, increasing focus on renewable energy sources such as wind, solar, and others is resulting in less use of nuclear power, which in turn, is driving growth of the global nuclear decommissioning services market. According to Energy Information Administration (EIA) that total renewable energy used in the power sector was expected increase by 8.7% in 2016 and 6.5% in 2017. According to the same source, solar PV capacity was also expected to increase from 10 GW to 27 GW between 2014 and 2017. Moreover, wind capacity was expected to increase by 9% in 2016 and by 8% in 2017, accounting at that point for 5.6% of the total generation.
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Market Dynamics- Restraints
High cost regarding decommissioning of nuclear facility is expected to hinder growth of the global nuclear decommissioning market over the forecast period. Decommissioning costs are in the range of US$ 1 billion - US$ 1.5 billion per 1,000-megawatt plant. Moreover, Germany has set aside US$ 44.08 billion to decommission 17 nuclear reactors, while the U.K. Nuclear Decommissioning Authority estimates that clean-up of U.K.'s 17 nuclear sites will cost between US$ 126?290 billion over the next decades.
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).
Among regions, Europe accounted for the largest market share in the global nuclear decommissioning services market with a value of US$ 78.48 billion in 2018. Strict regulatory policies in Europe is expected to support nuclear decommissioning activities in the region. Europe is estimated 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.
Asia Pacific is expected to witness the fastest growth in the global nuclear decommissioning services market over the forecast period. This is owing to the ongoing nuclear decommissioning activities and proactive initiatives of the governments in this region to reduce nuclear energy. 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.
On the basis of product type, the pressurized water reactor segment accounted for the largest market share in the global nuclear decommissioning services market in 2018. Pressurized water reactor (PWR) is a type of nuclear reactor, which is utilized to generate electricity and propel nuclear submarines and naval vessels. It utilizes light water (ordinary water, as opposed to heavy water) as coolant and neutron moderator. According to World Nuclear Association, PWR was originally designed for the U.S. Navy, however, it gained significant traction and became widely used reactor in nuclear power plants; with 297 in operation around the world as of 2018.
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Key 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, and Sogin S.p.A.
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