According to a report by Grand View Research, Inc., global nuclear decommissioning services market is anticipated to value USD 8.90 billion by 2025. Growing need to shut down nuclear reactors globally to prevent humans from hazardous consequences of nuclear accidents is anticipated to propel demand for nuclear decommissioning services. These services are likely to execute demolition of nuclear reactors, which have completed lifespan of 40 to 60 years and cannot be operated anymore to generate energy.
Growing adoption of renewable sources of energy over nuclear reactor attributed to high demand for reduction in environmental impact can influence market growth. High demand for decommissioning of nuclear reactors globally attributed to rising support from local governments can spur growth of market. Rising safety concerns attributed to increasing life expectancy can fuel market growth in the forthcoming years. Continual developments in dismantling techniques to deliver advanced services with reduced radiation level can foster growth of market during the forecast period (2014 to 2025).
Full Research Report On Nuclear Decommissioning Services Market Analysis:
https://www.grandviewresearch.com/industry-analysis/nuclear-decommissioning-services-market
High cost involved in decommissioning of nuclear reactors can hinder growth of market. In addition, stringent government regulations in different regions regarding dismantling of nuclear reactors, which are likely to be followed by service providers can obstruct market growth during the forecast period.
The nuclear decommissioning services can be segregated on the basis of reactor type, strategy, and region. Based on reactor type, the market can be segregated into water-cooled reactors and gas cooled reactors. Water based reactors can be divided further into boiling water reactor, pressurized water reactor (PWR), pressurized heavy water reactor. In 2016, pressurized water reactors dominated the market and accounted for largest market share. Growing adoption of PWRs among industry operators owing to high stability level and easy operations. The segment is expected to witness high growth during the forecast period.
Based on strategy, the market can be classified into deferred dismantling, immediate dismantling, and entombment. In 2016, immediate dismantling segment dominated the market and accounted for largest market share. Rise in global shutdown of nuclear reactors especially in Europe and immediate dismantling of reactors is expected to fuel market growth.
View More Reports Of This Category By Grand View Research At:
https://www.grandviewresearch.com/industry/conventional-energy
On the contrary, deferred dismantling segment is expected to witness significant growth during the forecast period. Rising importance of nuclear power attributed to scarcity of energy resources. This, in turn can extend lifespan of reactors and reduce level of radiation as compared to other methods.
Moreover, entombment segment can also contribute well for growth of market attributed to its cost-effectiveness and quickness in comparison to other two methods. However, market operators are yet to accept this method owing to environmental concerns.
Regional segmentation includes Asia Pacific, Europe, North America, South & Central America, and Middle East & Africa. In 2016, Europe dominated the market and accounted for largest market share equivalent to USD 2.29 billion. It is expected to grow at significant rate during the forecast period. Germany accounted for around 40.5% of overall revenue generated by European market. Growing shutdown of nuclear reactors and country’s plan to phase-out completely by 2022 can fuel growth of market. In addition, high political pressure attributed to Fukushima accident in 2011 can also impel growth of market. Moreover, high prevalence of stringent government regulations to regulate dismantling processes can augment growth of market during the forecast period.
Similarly, North America accounted for market share equivalent to USD 1.41 billion in 2016. It is likely to grow fast during the forecast period attributed to increasing number of shutdowns of nuclear reactors in United States (U.S.). In addition, continual technological developments in the region to phase out nuclear plants can further impel market growth.
In Asia Pacific region, market is predicted to witness significant growth owing to increasing number of nuclear decommissioning services in Japan and other Asian countries.
Some of the leading companies offering nuclear decommissioning services are Westinghouse Electric Company LLC, Orano Group, AECOM Group, Babcock International Group PLC, and Studsvik AB. Most companies are likely to focus on R&D activities to develop technologically advanced dismantling techniques and deliver better services. In addition, companies can also go for mergers and acquisitions to enhance their strength and market value.
Explore the BI enabled intuitive market research database, The Grand Library, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: https://www.grandviewresearch.com/
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/nuclear-decommissioning-services-market