DUBLIN--(BUSINESS WIRE)--The "Nuclear Decommissioning Services Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Reactor Type; Strategy; Application; Capacity" report has been added to ResearchAndMarkets.com's offering.
The nuclear decommissioning services market was valued at US$ 5.82 billion in 2019 and is projected to reach US$ 9.43 billion by 2027; it is expected to grow at a CAGR of 6.3% from 2020 to 2027.
As large number of nuclear power plants are nearing the end of the operational timeline, the operators and the governments are planning to decommission the facilities, which is driving the growth of nuclear decommissioning services market. In the recent scenario, the decommissioning of nuclear facilities is outpacing the construction of newer facilities across the major regions around the globe.
According to the World Nuclear Industry Status Report (WNISR), during the mid-2018, 115 nuclear reactors have been decommissioned, and approximately 70% of the world's nuclear reactors, which accounts to 173 reactors, have been permanently shut down. These statistics showcase the demand for decommissioning services, which is catalyzing the nuclear decommissioning services market. The average lifespan of nuclear power plants across the globe is 30 years; however, with refurbishments, several numbers of facilities continue to operate for another 20-30 years. Owing to the fact that the majority of the governments are inclined toward the construction of newer nuclear facilities with advanced technologies, the focus on decommissioning of older facilities is increasing, which is increasing the involvement of decommissioning service providers in the industry.
Geographically, several countries have laid-down their roadmaps and plan to decommission the nuclear facilities. For instance, in Europe, Germany, Spain, and Belgium are aiming to decommission its ageing nuclear power facilities by mid-2020s-2030s completely. France declared its plans to shut down 14 of 58 nuclear reactors by 2035. The UK is expected to decommission all 15 reactors by 2030. Moreover, in Asia, Japan is expected to shut down its 6 nuclear power plants by 2030, while South Korea has announced its plans to decommissioning 6 of 24 reactors by mid-2020. These figures showcase the demand for decommissioning services, which is anticipated to propel the nuclear decommissioning services market over the years.
Impact of COVID-19 Pandemic on Nuclear Decommissioning Services Market
Globally, the COVID-19 outbreak has weakened various activities across industries. However, the energy and power generation industry is also hit hard by the outbreak due to limited manpower and disruption in supply chain of components and services. During this outbreak, several nuclear decommissioning services market players have operated with restricted manpower in various countries; whereas, in several countries, the activity of nuclear decommissioning is put on hold owing to imposition of lockdown measures by respective governments. For instance, the European countries have been exercising termination of nuclear power plant activities, thereby requiring decommissioning services. Several nuclear facilities ended respective operation in 2019 owing to political concerns or reaching end of operational lifecycle. The countries with higher number of COVID-19 cases in the European region include France, Germany, Russia, UK, and Italy. The French nuclear decommissioning services market was hit the hardest attributing to the fact that, the country has terminated its oldest nuclear power plant, such as the Fessenheim nuclear power plant, in early 2020, and is yet to start with decommission activities.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Nuclear Decommissioning Services market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global nuclear decommissioning services market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Accentuating Numbers of Nuclear Power Plant Decommissioning
- Europe to Drive the Market Growth
Restraints
- Extension of Operating License
Opportunities
- Induction of Robotics to Pace Up the Activity
Future Trends
- Increase in Construction of Newer Nuclear Power Plants
Companies Mentioned
- AECOM
- Ansaldo Energia S.p.A.
- Babcock International Group PLC
- Bechtel Corporation
- EnergySolutions
- GE Hitachi Nuclear Energy (GEH)
- Onet SA
- Orano
- Studsvik AB
- Westinghouse Electric Company LLC
- Fluor Corporation
- NUVIA Group
- Northstar Group Services, Inc.
- Atkins (SNC-Lavalin)
- PreussenElektra GmbH
- NUKEM Technologies
- GNS Gesellschaft fr Nuklear-Service GmbH
- Manafort Brothers Inc.
- Sogin S.p.A.
- Korea Hydro & Nuclear Power Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6lscmq
