Nuclear Decommissioning Services Market to Grow at 5.5% CAGR Owing to Increased Requirement for Disposal of Nuclear Waste
The nuclear decommissioning services market involves dismantling and decontamination of nuclear facilities at the end of their operational life. Services offered includes removing spent fuel from reactors, demolishing structures and components, and implementing strategies for long term management of radioactive waste from nuclear power plants and research reactors. Nuclear decommissioning helps reduce the risks associated with aging nuclear assets. Radiation exposure is minimized and resources are freed up for other use once decommissioning is complete.
The global nuclear decommissioning services market size is estimated to be valued at US$ 230.1 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the nuclear decommissioning services are Advanced Cell Technology, Inc., Angel Biotechnology Holdings PLC, Biotricity, Lineage Cell Therapeutics, Inc., BrainStorm Cell Limited., CIRM, Celgene Corporation (A subsidiary of Bristol-Myers Squibb Company), Takara Bio Inc., Cellular Engineering Technologies., and Cytori Therapeutics Inc. Majority of these players are based in North America and focusing on improving nuclear decommissioning technologies.
Key opportunities in the Nuclear Decommissioning Services Market Growth include reviving aging nuclear reactors to extend their life while implementing decommissioning plans. Countries around the world are outsourcing nuclear decommissioning projects to specialized players to efficiently managing the process. Players are also exploring opportunities in countries globally to perform nuclear decommissioning of closed nuclear plants.
Global expansion is witnessed in the nuclear decommissioning services market as countries across Europe, Asia Pacific, and Middle East have a large number of nuclear plants nearing the end of their operable life over the coming decades. Advanced markets like Europe and North America also outsourcing decommissioning projects to independent third-party service providers.
Market drivers such as increasing number of shutting down nuclear reactors and advancing age of nuclear power plants is driving demand for nuclear decommissioning services worldwide. Regulations mandating safe decommissioning of nuclear assets boosting market growth. High costs of setting up interim spent fuel storage facilities and devising long term management plans for radioactive waste also propelling market revenues.
Market restraint includes lack of specialized skilled workforce and high costs associated with nuclear decommissioning projects. Public opposition to nuclear energy also challenging market growth. Difficulties in selecting permanent spent fuel storage sites further inhibiting market potential. Uncertainties involving extended storage of radioactive waste and related health and environmental risks hindering faster adoption of nuclear decommissioning services.
Segment Analysis
The Nuclear Decommissioning Services market is segmented based on Reactor Type as Boiling Water Reactors (BWR), Pressurized Water Reactors (PWR) and Gas Cooled Reactors (AGR & Magnox). The Pressurized Water Reactors (PWR) segment dominates the market currently as PWRs form a majority of the nuclear reactors worldwide and many countries across Europe and North America are undertaking PWR decommissioning projects currently. The high costs involved in decommissioning large PWR plants and spent fuel management requirements ensure continuous demand growth prospects for this segment in the forecast period.
Global Analysis
Europe dominates the Nuclear Decommissioning Services Market Regional Analysis currently with the highest revenue share. Countries like UK, Germany, France have a large number of reactors approaching or having reached end of operating life. UK and Germany in particular have aggressive decommissioning timelines and programs in place which is driving strong market demand. The Asia Pacific region is expected to be the fastest growing market during the forecast period with countries like Japan, South Korea and China expected to heavily invest in nuclear plant decommissioning. Presence of large-scale nuclear programs and fleet retirement plans makes these countries hotspots for future market opportunities. North America is also expected to remain an important regional market driven by ongoing and planned decommissioning of reactors in USA.
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