SEATTLE, April 30, 2019 (GLOBE NEWSWIRE) -- The global nuclear decommissioning services market was valued at US$ 171.74 billion in 2018 and is projected to exhibit a CAGR of 7.0% over the forecast period (2019–2027).
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Key Trends and Analysis of the Nuclear Decommissioning Services Market:
Aging nuclear power plants is fueling growth of the global nuclear decommissioning services market. According to the Institute of Nuclear Materials Management 2018, the U.S. operating nuclear plant fleet is the oldest across the globe with an average unit age of 36 years and the nuclear plant retirement is expected to begin rolling in the late 2020s. From 2002 and 2016, five nuclear units that have 4,698 MW of nuclear generation capacity announced retirements, which is around 4.7% of nuclear operating fleet in the U.S. Moreover, in the U.S., nuclear plants such as Crystal River, San Orofre, Vermont Yankee, and Fort Calhoun executed their retirement during 2013 to 2016, while plants such as Palisades, Pilgrim, and Oyster Creek announced their retirement in 2018 and 2019. Over the next two decades, IEA
(International Energy Agency) estimates that globally, over 150 GWs or over 200 nuclear plants are expected to be retired, primed for or begin decommissioned.
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Key Market Takeaways:
- The global nuclear decommissioning services market is expected to exhibit a CAGR of 7.0% during the forecast period (2019–2027)
- Europe accounted for the largest market share in the global nuclear decommissioning services market with the 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. 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. However, Asia Pacific is expected to have the fastest growth rate in the global nuclear decommissioning services market over the forecast period.
- 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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