Nuclear Power Reactor Decommissioning Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Nuclear Power Reactor Decommissioning by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Nuclear Power Reactor Decommissioning, The nuclear power reactor decommissioning market size has grown rapidly in recent years. It will grow from $6.39 billion in 2023 to $7.2 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to aging infrastructure, regulatory landscape, public perception.

The nuclear power reactor decommissioning market size is expected to see rapid growth in the next few years. It will grow to $11.29 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to global energy transition, economic factors, government policies, safety and security concerns. Major trends in the forecast period include technological innovation, rise of robotics and automation, collaboration and partnerships, focus on waste management.

The growing sensitivity towards environmental issues is expected to propel the growth of the nuclear power reactor decommissioning market going forward. Environmental sensitivity refers to the growing awareness of environmental issues. Nuclear power plants (NPPs) are used to produce carbon-free electricity due to their superior reliability, enormous clean-air compliance value, and large capacity for power generation. Decommissioning is the process of removing nuclear fuel from a nuclear power plant and assisting in the termination of operating licenses. For instance, according to the Government of Canada, in October 2021, the Canadian government is working to develop resources and improve environmental quality, with the objective of reducing carbon emissions by 30% by 2030 and reaching net-zero emissions by 2050. Moreover, in May 2021, the United Kingdom announced £166.5 million ($206.61 million) in financing to support the development of green technology that would reduce carbon emissions. Therefore, growing sensitivity towards environmental issues is driving the growth of the nuclear power reactor decommissioning market.

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The nuclear power reactor decommissioning market covered in this report is segmented –

1) By Reactor Type: Pressurized Water Reactor, Pressurized Heavy Water Reactor, Boiling Water Reactor, High-temperature Gas-cooled Reactor, Liquid Metal Fast Breeder Reactor, Other Reactor Types
2) By Capacity: Below 100 MW, 100-1000 MW, Above 1000 MW
3) By Application: Commercial Power Reactor, Prototype Power Reactor, Research Reactor

Major companies operating in the nuclear power reactor decommissioning market are increasing their focus on introducing new nuclear facilities to gain a competitive edge in the market. Nuclear facilities refer to modern infrastructure and installations designed for the generation of nuclear energy. For instance, in April 2023, according to the International Atomic Energy Agency (IAEA), an Austria-based intergovernmental organization, the United Arab Emirates (UAE) recently launched its first nuclear power plant, the Barakah nuclear power plant, which is expected to provide up to 25% of the country’s electricity when it becomes fully operational in the coming years. The plant is the first in the UAE and the Arab world and is part of the country’s efforts to diversify its energy mix and reduce its carbon emissions. The Barakah nuclear power plant has four reactors with a total capacity of 5,600 MW, equivalent to around 25% of the UAE’s peak demand.

The nuclear power reactor decommissioning market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis