Global Nuclear Power Reactor Decommissioning Market Analysis & Trends - Industry Forecast to 2030
Nuclear Power Reactor Decommissioning: Market Size
From $3,243.57 million in 2024, the global Nuclear Power Reactor Decommissioning market is projected to reach $7,740.53 million by 2030. Based on our analysis the market is expected to grow at a CAGR of 15.6% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include growing sensitivity toward environmental issues, rendering nuclear power less economical, and increasing renewable energy installation.
Global Nuclear Power Reactor Decommissioning Market: Market Dynamics
The increasing numbers of nuclear reactors reaching operational retirement, accidents and rising political pressure for pre-closure, the development of renewable energy technologies, and declining prices of renewable power generation sources are the major factors propelling the market growth.
On the other hand, the lifetime extension of nuclear power plants with favorable government policies is likely to obstruct the profit boundaries. In addition, aging nuclear power plants will further boost for the Nuclear Power Reactor Decommissioning market.
Impact of COVID-19 on Nuclear Power Reactor Decommissioning
Coronavirus disease 2019 (Covid-19) is an infectious disease caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The pandemic has resulted in governments across the world taking drastic actions that have had an impact on much of society. There has been no enforced shutdown of a nuclear power reactor due to the effects of Covid-19 on the workforce or supply chains, according to reports from operators and regulators received through the International Atomic Energy Agency's (IAEA's) Covid-19 Operational Experience Network (OPEX) and International Reporting System for Operating Experience (IRS). Measures to screen those workers who are working on-site include temperature monitoring to identify fever, a common symptom of Covid-19. In addition, the importance of maintaining high levels of hygiene, staying at home where appropriate and maintaining social distancing away from work will be as high for nuclear workers as it is for everyone.
By Application
Commercial Power Reactor Segment Dominate the Market in 2024
The commercial power reactor segment made huge revenue in 2024 during the forecast period. Several factors are responsible for the shutdown and decommissioning of commercial nuclear power plants, which include economic, regulatory, and social factors. Primarily, with the end of operational life and fall in the cost of alternative energy generation sources, such as solar and wind, made nuclear energy less cost-competitive.
By Geography
North America Region is Leading in the Global Market Place
North America region is likely to have a huge demand in the forecast period. The nuclear power reactor decommissioning market is expected to witness significant growth, owing to the majority of demand coming from the United States, Canada, and Mexico. As the era of nuclear power winds down in the United States, the decommissioning of nuclear power plants is becoming a major industry. Private companies are acquiring these plants, taking over their licenses, liability, decommissioning funds, and waste contracts.
List of the Key Players Profiled in the Market Include: • AECOM
• Babcock International Group PLC
• Bechtel Group Inc.
• Cutting Technologies Inc.
• Enercon Services Inc.
• EnergySolutions
• Fluor Corporation
• GE Hitachi Nuclear Services
• Holtec
• James Fisher & Sons PLC
• Manafort Brothers Incorporated
• NorthStar Group Services, Inc
• Orano SA
• Studsvik AB
• Westinghouse Electric Company
List of the Regions/Countries Profiled in the Market Include: North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others