Nuclear Decommissioning Market Size & Share to Surpass $8.1 Billion by 2030 | Vantage Market Research

WASHINGTON, April 21, 2023 (GLOBE NEWSWIRE) -- The Global Nuclear Decommissioning Market is valued at USD 5.8 Billion in 2022 and is projected to reach a value of USD 8.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period 2023-2030.

Market Overview

The global retirement of older nuclear reactors due to aging and the shift toward renewable energy sources due to their low environmental impact are projected to be the main factors propelling the market's expansion in the ensuing years. Due to the increased support from governments in many nations following nuclear accidents, the need for Nuclear Decommissioning has seen a phenomenal increase. The public and governments are applying increasing pressure, making nuclear phase-out urgently necessary.

We forecast that the pressurized water reactor in Nuclear Decommissioning market sales will account for more than 48% of total sales by 2030. Managers in the business favour PWRs because of their high degree of reliability and simplicity of use. Because very little power is produced as the heat increases, this reactor has the primary benefit of being simple to operate.

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Market Dynamics

Increasing Usage in Power Generation Support Market Expansion
Due to their potential to integrate with renewable energy to provide baseload and variable power, compact modular devices are increasingly used in power plants. Also, the convenience of siting and the flexibility of operations in power generation capacity result in a significant market demand for SMRs in such applications. Other countries are also seeking alternatives to coal-based power plants as the world's climate is deteriorating alarmingly. As a result, the desire for SMRs to produce safe, inexpensive, and nuclear power sources increased.

Increased Demand for Pressurised Water Type in the Nuclear Decommissioning Industry Drives Market Growth
Operators choose pressurized water reactors because they are the safest of all the nuclear reactor types since there are growing worries about the safety of nuclear power facilities. The PWR reactor also guards against radioactive material contamination of water, minimizing environmental harm. The PWR is expensive because it needs strong pipes and a large pressure vessel to keep the highly pressured water liquid while sustaining high temperatures. As a result, the nuclear power plant equipment market is anticipated to benefit significantly throughout the projected period from increased demand for PWRs.

Top Players in the Global Nuclear Decommissioning Market

  • Westinghouse Electric Corporation (Pittsburgh, U.S.)
  • Babcock International Group (London, UK)
  • GE Hitachi Nuclear Energy (Wilmington, U.S.)
  • Jacobs (U.S.)
  • Manafort Brothers Inc. (U.S.)
  • BWX Technologies (Lynchburg, U.S.)
  • Bechtel Corporation (U.S.)
  • AECOM (U.S.)
  • NUVIA (U.S.)
  • Beyond Nuclear (U.S.)
  • Magnox Ltd. (UK)

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Top Trends in the Global Nuclear Decommissioning Market

  • One trend that Vantage Market Research (VMR) expects to see in the Nuclear Decommissioning industry is the growing demand for commercial realtors. Economic, governmental, and societal aspects are all involved in the closure and decommissioning of commercial nuclear power reactors. Nuclear energy's cost-competitiveness was decreased by several major factors, including the end of its operating life and the decline in the price of renewable energy sources like solar and wind.

  • Another trend that VMR predicts will continue in the Nuclear Decommissioning industry is Growing collaborations for development. Increasing Mouse for constructing offshore nuclear power plants are being examined to fuel industry expansion. A ground-breaking floating nuclear power station was launched by Russia in 2019 and will travel 5,000 km from the Arctic port of Murmansk to Chukotka in the Far East. According to plans, a floating SMR design will be built in China using state funding. The development and deployment of offshore nuclear power facilities is the subject of a pact that three Canadian provinces.

Top Report Findings

  • Based on the Service Type, the immediate dismantling category controls most of the Nuclear Decommissioning market's revenue. Removing the machinery, buildings, parts, and other elements of a plant that contains radioactive particles is known as immediate dismantling. As soon as practicable after the permanent shutdown, the facility should be cleaned and disinfected to the point where it may be made available for unrestricted usage.

  • Based on Reactor Type, the pressurized water reactor category controls most of the Nuclear Decommissioning market's revenue. Due to their propensity to produce more power as temperatures rise, PWR reactors are stable, which makes them simpler to operate from a stability perspective. Since the PWR engine cycle loop is distinct from the primary loop, radioactive elements cannot cause water to be contaminated in the cooling coil.

  • Based on Capacity, most of the Nuclear Decommissioning market's revenue is controlled by the 100MV-1000MV category. Small modular reactors (SMRs) are nuclear reactors that are typically 300 MWe equivalent or less, developed with scalable technology using component factory manufacture, pursuing economies of series production, and constructed quickly. SMRs are also attractive because they can more easily replace retired coal-fired facilities, whose units are rarely particularly large—more than 90% are under 500 MWe, and some are under 50 MWe—on brownfield sites.

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Recent Developments in the Global Nuclear Decommissioning Market

  • In April 2021, a contract for Hyundai Engineering & Construction and Holter to take part in decommissioning a nuclear power facility in the United States was signed in March 2022. After 45 years of service, the Indian Point Energy Centre nuclear power facility in Buchanan, New York, was shut down. The decommissioning project, which involved removing active components from nuclear reactors and transporting old nuclear fuel from pools into a dry storage system, will be managed by Hyundai Engineering & Construction.
  • In May 2022, the Palisades nuclear power plant on Lake Michigan was closed by Entergy Company. The nuclear power facility may produce 800MW of electricity. The reactor's fuel was removed and put in the spent fuel pool to cool.

Pressurized Water Reactor Category of the Reactor Type Segment Forecast to Generate a Good Chunk of Revenue in the Global Nuclear Decommissioning
For better understanding, based on the Reactor Type, the Nuclear Decommissioning market is divided into Pressurized Water Reactor, Boiling Water Reactor, Gas Cooled Reactor and Other Reactor Types.

The pressurized water reactor market was the largest market by application, and it is anticipated that it will continue to hold the top spot during the projected period. A nuclear reactor known as a pressurized water reactor (PWR) uses water as both a coolant and a moderator. As the core warms up, oxygen splits into energy-producing hydrogen isotopes and uranium-235 to produce more heat. Steam is produced due to this process, which spins turbines connected by shafts to produce power.

On the other hand, the boiling water reactor category is anticipated to grow significantly. A light-water nuclear reactor that produces electricity is known as a boiling water reactor (BWR). It has a different layout than a Soviet RBMK with graphite moderation. The pressurized water reactor (PWR), a light water nuclear reactor, is the second most popular nuclear reactor producing electricity. Demineralized water is used as a coolant and neutron moderator in a boiling water reactor. Nuclear fusion generates heat, which causes the cooling water to boil and produce steam in the reactor core.

Europe Region Anticipated to Generate Nearly half the Total Global Revenue of the Nuclear Decommissioning Market
The Europe region is projected to do so in the coming years. Rising federal funding, environmental benefits that have forced the closure of nuclear power plants in France, Lithuania, the UK, and Germany, rising demand in Germany, public concerns, the existence of strict government regulations to regulate the abolishing process, and an expansion of the number of nuclear power plants in South Korea and Japan are all contributing to the region's burgeoning share of the global Nuclear Decommissioning market.

The Asia Pacific region is projected to develop the fastest in the Nuclear Decommissioning market. The presence of numerous fully operational nuclear power plants in South Korea and Japan, which place a high requirement on Nuclear Decommissioning methods, as well as the rising use of Nuclear Decommissioning, the continuous Nuclear Decommissioning activity, and government initiatives for lessening nuclear energy are all contributing to the region's Nuclear Decommissioning market's growth. Asia has recently become a strong rival in the international Nuclear Decommissioning market. Nuclear-decommissioning processes are more necessary because the area has many modern nuclear power plants.

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Nuclear Decommissioning Market Forecast Report (2023-2030).   

Global Nuclear Decommissioning Market Segmentation

By Service Type

  • Immediate Dismantling
  • Safe Enclosure
  • Entombment

By Reactor Type

  • Pressurized Water Reactor
  • Boiling Water Reactor
  • Gas-Cooled Reactor
  • Other Reactor Types

By Capacity

  • Below 100 MW
  • 100 MW - 1000 MW
  • Above 1000 MW

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 5.8 Billion
Revenue Forecast by 2030USD 8.1 Billion
CAGR4.9% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersWestinghouse Electric Corporation, Babcock International Group, GE Hitachi Nuclear Energy, Jacobs, Manafort Brothers Inc., BWX Technologies, Bechtel Corporation, AECOM, NUVIA, Beyond Nuclear, Magnox Ltd.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Key Questions Answered in the Nuclear Decommissioning Market Report are:

  • What is the current status of nuclear decommissioning globally, and what are the main drivers and challenges affecting the market?
  • What are the key regulations and policies governing nuclear decommissioning, and how are they likely to evolve in the future?
  • What are the main methods and technologies used in nuclear decommissioning, and how do they compare in terms of safety, effectiveness, and cost?
  • What are the major players in the nuclear decommissioning market, and what are their strategies for growth and innovation?
  • What are the key trends and opportunities in the nuclear decommissioning market, and what are the implications for investors, governments, and other stakeholders?
  • How are nuclear decommissioning activities likely to affect the environment and public health, and what measures are being taken to mitigate any negative impacts?
  • What are the potential risks and uncertainties associated with nuclear decommissioning, and how can they be managed effectively?

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