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

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

The United States nuclear power reactor decommissioning market is expected to rise at a CAGR of more than 4% during the forecast period of 2020-2025.Factors such as nuclear power reactors reaching operational retirement are likely to drive the United States nuclear power reactor decommissioning market. However, the high cost of decommissioning nuclear plants is expected to restrain the United States nuclear power reactor decommissioning market.

Key Highlights

• Due to being uneconomical in comparison to other energy sources, the commercial power reactor is expected to be the largest segment and is likely to dominate the United States 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 States nuclear power reactor decommissioning market in the future.
• Increasing renewable energy installation, which is cheaper and cleaner, is expected to drive the United Statesnuclear 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.
• Over the past decade, intense competition from electricity generation using low-cost shale gas has hurt the competitiveness of the country's nuclear power industry. Moreover, record low wholesale electricity prices and the high cost of life extension (PLEX) upgrades have driven early nuclear plant retirements.
• In 2019, the total nuclear power installed capacity in the United States was 98 gigawatts (GW), which was less than the country's installed capacity of 2018, 99 GW. The decreasing capacity exhibits the retirements, and the de-rating of some reactors are likely to result in less total nuclear electricity generation capacity in 2050 than in 2019.
• As the era of nuclear power winds down in the United States, the decommissioning of nuclear power plants is becoming a significant industry. Private companies are acquiring these plants, taking over their licenses, liability, decommissioning funds, and waste contracts. Around 38 reactors with a combined capacity of 17.54 GWe were shut down, and there are two reactors under construction phase as of 2019. In addition to this, around 198 reactors are expected to shut down by 2030.
• Hence, owing to the above points, the commercial power rector segment is likely to dominate the United States nuclear power reactor decommissioning market during the forecast period.

Increasing Renewable Energy Expected to Drive the Market

• The United States, due to the constant increase in energy demand and an increasing issue related to the greenhouse gas emission, is witnessing a large installation in the renewable energy capacity, which is likely going to replace the costly and hazardous nuclear energy in the country.
• In 2019, the country's total renewable energy installation capacity was 294.504 gigawatts (GW), which was more than the installed capacity of 2018, 246.596 gigawatts (MW). Moreover, the country expected to increase renewable energy mix from 19% in 2019 to 38% in 2050, thus surpassing energy from coal, nuclear, and natural gas. This is likely to drive the nuclear power reactor decommissioning market in the country.
• Moreover, California and Texas have massive installations of solar in their counties; these solar farms, which are either built or proposed, are expected to be going to install and connect into the state grid sorting the problem related to increasing power demand. This is expected to drive the decommissioning of nuclear power reactors in the country.
• The United States has several offshore wind energy projects that have a status of under-construction, proposed, or got clearance from the government. Once getting commissioned, all these projects are likely to have a positive impact on the nuclear power reactor decommissioning in the country.
• Hence, owing to the above points, increasing renewable energy is expected to drive the United States nuclear power reactor decommissioning market during the forecast period.

Competitive Landscape

The United States nuclear power reactor decommissioning market is moderately fragmented. Some of the key players in this market include EnergySolutions, AECOM, NorthStar Group Services, Inc, Manafort Brothers Incorporated, and Orano SA.

Additional Benefits:

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

Companies Mentioned
 
EnergySolutions
AECOM
NorthStar Group Services, Inc
Holtec
Orano SA
Manafort Brothers Incorporated
Cutting Technologies Inc.

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