United Kingdom Nuclear Power Reactor Decommissioning Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United Kingdom Nuclear Power Reactor Decommissioning Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The United Kingdom nuclear power reactor decommissioning market is expected to rise at a CAGR of more than 5% during the forecast period of 2020-2025. Factors such as increasing nuclear power reactors reaching operational retirement age are likely to drive the United Kingdom nuclear power reactor decommissioning market. However, the high cost of decommissioning nuclear plants is expected to restrain the United Kingdom nuclear power reactor decommissioning market.

Key Highlights

• Due to being uneconomical compared to other energy sources, the commercial power reactor is expected to be the largest segment and is likely to dominate the United Kingdom nuclear power reactor decommissioning market.
• Increasing the use of robots and artificial intelligence in the decommissioning of the nuclear reactor, which is safer and is likely going to create several for the United Kingdom nuclear power reactor decommissioning market in the future.
• Increasing renewable energy installation, which is cheaper and cleaner, is expected to drive the United Kingdom nuclear power reactor decommissioning market during the forecast period.

Key Market TrendsCommercial Power Reactor Expected to Dominate the Market

• The commercial power reactors are the nuclear reactors that are mainly used for generating electricity. Most of these reactors are being installed in nuclear power plants. Moreover, increasing renewable energy from solar and wind is much cheaper and cleaner.
• The regulatory body for the decommissioning nuclear plants is Nuclear Decommissioning Authority (NDA), a non-departmental public body created through the Energy Act 2004. The authority delivers the decommissioning activity through others, primarily Site Licence Companies (SLCs). Moreover, the agency is expected to achieve the end state for all nuclear sites by 2125.
• In 2019, the total electricity produced by nuclear energy in the United Kingdom was 56.2 terawatt-hours (TWh), which was higher than the region produced in 2018, 65.1 TWh. The country in recent years has reduced the usage of nuclear energy to produce electricity.This, in turn, is likely to create a massive demand for the nuclear reactor decommissioning market.
• The United Kingdom plans to build new reactors to replace its existing fleet and make up for the diminishing of oil & gas reserves. It is expected that the country would be setting up around 16 GWe of installed nuclear capacity by 2030. This development is expected to be a long-term opportunity for the nuclear decommissioning market.
• Hence, owing to the above points, the commercial power rector segment is likely to dominate the United Kingdom nuclear power reactor decommissioning market during the forecast period.

Increasing Renewable Energy Expected to Drive the Market

• The increasing share of renewable energy in the country's total energy generation for the country's plan to reduce carbon footprint into the environment. Moreover, renewable energy sources being cheaper and safer are likely going to drive the nuclear power reactor decommissioning market.
• The scheme, such as renewable obligation (RO), is intended to encourage renewable electricity generation for large scale installations. It requires suppliers to source an ever-increasing amount of electricity from renewable sources. The RO rewards renewable output over the lifetime of a project.
• In 2019, the total renewable energy installation capacity in the United Kingdom was 46.73 gigawatts (GW), less than the country's installed capacity of 2018, 44.05 GW. The increasing capacity of renewable energy in the country exhibits a cheaper and safer form of generating electricity, which is expected to drive the nuclear power reactor decommissioning market.
• The country's Feed-in Tariff (FiT) is designed to support small scale renewable installations up to 5MW. Through FiTs, generators are paid a tariff for every unit of electricity they produce. Any power not used on-site can also be sold back into the Grid, and generators are paid extra to do this.
• Hence, owing to the above points, increasing renewable energy is expected to drive the United Kingdom nuclear power reactor decommissioning market during the forecast period.

Competitive Landscape

The United Kingdom nuclear power reactor decommissioning market is moderately fragmented. Some of the key players in this market includeBabcock International Group PLC​, James Fisher & Sons PLC, Fluor Corporation, Studsvik AB, and Orano Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Babcock International Group PLC
James Fisher & Sons PLC
Fluor Corporation
Studsvik AB
Aecom
Orano Group
Bechtel Group, Inc.
SNC
Lavalin Group (Atkins)

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