Market Overview
The Asia-Pacific nuclear decommissioning market is witnessing significant growth amid increasing nuclear power plant retirements and a focus on nuclear safety. Countries in the region are investing in decommissioning strategies to address aging infrastructure and mitigate radiation hazards. Technological advancements and international collaborations play a crucial role in enhancing decommissioning capabilities, with a focus on cost-effective and environmentally sustainable solutions. Government initiatives and regulatory frameworks support the development of the market, fostering innovation in decommissioning technologies and creating opportunities for industry players.
The nuclear-decommissioning market size, from the recent research reports, is anticipated to grow from USD 4.3 Billion in 2022 to USD 6.1 Billion by 2030 with a compound annual growth rate (CAGR) of 5.10%. Nuclear decommissioning is a process that involves the dismantlement of a nuclear facility up to a point that it requires no more protection measures from radiation.
This type of process, which is very expensive and time-consuming, finds its place in the modern world because of the presence of dangerous radioactive materials.
Market Segmentation
Looking at the latest research analysis, the nuclear-decommissioning industry can be bifurcated based on reactor types, capacities, and strategies dismantling. Out of all the segments of this market, the immediate dismantling segment will witness tremendous growth during the forecast period because of the early phase-out of nuclear power plants all around the world especially in the European region (in countries like Italy and Germany).
The PWR segment of the reactor segment of the market will also experience noteworthy growth by the end of the forecast period with a compound annual growth rate (CAGR) of 5%.
If we look at this industry then based on reactor type, it is categorized into PWR, BWR, GCR, and others.
Further based on strategies dismantling, it has immediate dismantling, deferred dismantling, and others.
Lastly based on capacities, it has up to 800MW, 801-1000MW, above 1000MW.
Regional Analysis
If we look at nuclear decommissioning market share and other details, this industry is remarkably working in four major regions of the world that is Asia Pacific, Europe, North America, and Middle East & Africa. During the forecast period, the European region will dominate this market because of rising environmental concerns, increased support from the government in terms of stringent policies to regulate the dismantling process.
Also, the rising number of the establishment of nuclear power plants in this region is another factor responsible for the growth of this market in the European region. In addition to this, the Asia Pacific region will also grow at a good pace during the forecast period due to the presence of several matured nuclear power plants which in turn increases the demand for nuclear-decommissioning processes.
Based on the data obtained from nuclear decommissioning industry analysis, the prominent players of this market are AREVA group, STUDSVIK AB, Westinghouse electric, NUVIA group, Babcock International Group PLC, ENERCON Services Inc., AECOM, and EDF-CIDEN.
Industry News
In January 2021, the best price for nuclear decommissioning market share was won by a FUKUSHIMA college robot named MEHIKARI. This robot got a lot of praise for its speed and special ability to execute various methods for retrieving mock debris after evaluating the size of the plant (the site of nuclear disaster activated by a big earthquake and tsunami.
In January 2021, to create novel technologies for the nuclear industry, Japan and United Kingdom are working together which in turn also calls for big and strong robotic arms to help in decommissioning of retired nuclear plants.
In December 2020, for investment in nuclear decommissioning, an energy mix was finalized by Seoul.
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