New York, US, May 31, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Nuclear Decommissioning Market Research Report Information by Strategy, Region, Capacity, and Reactor Type - Forecast Till 2030”, the industrial boiler market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 5.10%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 6.1 billion by the end of 2030. As per the study documents, the market was worth around USD 4.1 billion in 2021.
Nuclear Decommissioning Industry Overview:
The global nuclear decommissioning industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalated demand for energy around the world. Furthermore, the enhanced environmental considerations regarding ozone and greenhouse gases are also considered to be one of the crucial parameters enhancing the performance of the market.
Nuclear Decommissioning Market Competitive Analysis
The catalog of the top leaders across the global Market for Nuclear decommissioning includes players such as:
- GD Energy Services(Spain)
- Babcock International Group PLC. (U.K.)
- Enercon Services Inc. (Germany)
- Studsvik AB (Sweden)
- EDF-CIDEN (U.K.)
- AECOM (U.S.)
- Nuvia Group (France)
- Westinghouse Electric(U.S.)
- EnergySolutions (U.S.)
- Among others.
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Nuclear Decommissioning Market USP Covered
Market Drivers
The global nuclear decommissioning industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalated demand for energy around the world. Furthermore, the enhanced environmental considerations regarding ozone and greenhouse gases are also considered to be one of the crucial parameters enhancing the performance of the market. Moreover, factors such as the growing sensitivity towards environmental issues and constant technological advancement are also likely to catalyze the development of the market over the assessment era.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 6.1 billion |
| CAGR during 2022-2030 | 5.10% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | Growing adoption of alternative sources of energy like solar power and gas-based |
| Key Market Dynamics | Increasing concerns for public safety Increasing concerns about sustainability, the trend to transition toward renewable energy |
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Nuclear Decommissioning Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Nuclear decommissioning industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Nuclear Decommissioning Market Segment Analysis
Among all the types, the PWR segment secured the leading position across the global market for nuclear decommissioning in 2021, given mainly to the wide use and installation. Pressurized water reactors are widely used by industry operators owing to their high level of stability and easy operations.
Among all the strategies, the Immediate segment secured the leading position across the global market for nuclear decommissioning in 2021, given mainly to the growing number of implants in Europe, particularly in Italy and Germany.
Among all the capacity ranges, the up to 800MW segment secured the leading position across the global market for nuclear decommissioning in 2021, given mainly to the pre-closure of nuclear power plant capacities. On the contrary, the 801MW-1000MW will likely showcase the maximum growth rate over the coming years.
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Nuclear Decommissioning Market Regional Analysis
The global market for nuclear decommissioning is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the European Region carried the top position across the global nuclear decommissioning industry in 2021, with the largest contribution of nearly USD 4.1 billion. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Nuclear decommissioning Market held the largest market share, and the U.K. was the fastest-growing market in Europe. The main aspect supporting regional market expansion is the growing sensitivity towards regional environmental issues.
The Asia-Pacific nuclear decommissioning market is anticipated to showcase the maximum growth rate over the review timeframe. India, China, and Indonesia are the leading development contributors in the region. Further, the China Nuclear decommissioning Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rising political pressure to shut down nuclear power reactors before they are ready. Japan and South Korea are the Asia-Pacific region countries that have recently witnessed nuclear decommissioning. Since nuclear reactors & power plants will soon end their useful lives, India and China will likely offer opportunities for the nuclear decommissioning business.
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The North American Region carried the maximum growth rate across the global nuclear decommissioning market in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Nuclear decommissioning Market held the largest market share, and Canada was the fastest-growing market in the North American Region. The main aspect supporting regional market expansion is the presence of many nuclear plants that will shut down for the safety of the environment and people. Furthermore, the factors such as increasing awareness regarding environmental protection, significant expansion, support from the government to phase out nuclear plants, and constant technological advances are also anticipated to contribute to the growth of the regional market over the coming years. On the contrary, strict government regulations may restrict market development over the coming years.
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