SAN FRANCISCO, March 6, 2018 /PRNewswire/ --
The global nuclear decommissioning services market size is expected to be valued at USD 8.90 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 6.8% CAGR during the forecast period. Global nuclear phase out and rising support from governments post nuclear accidents are among major factors expected to fuel market growth over the years to come.
Rise in public safety concerns due to hazardous consequences of nuclear accidents is set to actuate market demand over the coming years. In addition, increasing sustainability concerns are likely to positively impact market growth. The transitioning trend toward renewable energy thanks to various government initiatives and regulations is also projected to promote nuclear decommissioning services over the forecast period.
With extensive research and development underway, various novel decommissioning technologies to enable efficient dismantling of nuclear facilities have been developed. Furthermore, in order to enable sustainable development, government authorities are providing various incentives and support schemes for efficient dismantling of nuclear plants.
Based on reactor type, pressurized water reactors (PWR) grabbed the maximum share in the global market in 2016 and this trend is expected to continue over the forecast period. Increasing demand for PWRs due to their ease of operation and stability will also allow the segment to register a strong growth rate from 2017 to 2025. On the basis of decommissioning strategy, immediate dismantling is expected to account for the largest share in the market by 2025.
Europe has emerged as the leading region owing to increasing shut down of nuclear facilities in various countries such as Germany, U.K., France, and Lithuania. Presence of stringent government regulations in Europe to regulate dismantling processes is anticipated to propel market growth. Technological advancements and government support to phase out nuclear plants are likely to fuel the market in North America. Countries like U.S., Germany, Japan, and South Korea are rapidly developing markets for nuclear decommissioning services.
Browse full research report with TOC on "Nuclear Decommissioning Services Market Size, Share & Trends Analysis Report By Reactor Type (PWR, BWR, PHWR, GCR), By Strategy (Immediate and Deferred Dismantling, Entombment), And Segment Forecasts, 2014 - 2025" at: https://www.grandviewresearch.com/industry-analysis/nuclear-decommissioning-services-market
Further Key Findings From the Report Suggest:
- The market is likely to register a CAGR of 6.8%, in terms of value, from 2017 to 2025 on account of growing environmental concerns and promotion of renewable energy as against conventional sources of energy.
- By type of reactor, the PWR segment is expected to exhibit the highest CAGR from 2017 to 2025 owing to high preference for these reactors
- Europe was valued at USD 2.29 billion in 2016 and is expected to witness significant nuclear decommissioning in future, with Germany and U.K. as major markets
- Key market players include Orano Group; Babcock International Group PLC; Westinghouse Electric Company LLC; AECOM Group; Studsvik AB; Bechtel Group Inc.; GE Hitachi Nuclear Energy; and Magnox Ltd. These companies mainly focus on innovation to improve service quality and meet global demand.
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Grand View Research has segmented the global nuclear decommissioning services market on the basis of reactor type, strategy, and region:
- Nuclear Decommissioning Services Reactor Type Outlook (Revenue, USD Million, 2014 - 2025)
- Pressurized Water Reactor (PWR)
- Boiling Water Reactor (BWR)
- Pressurized Heavy Water Reactor (PHWR)
- Gas Cooled Reactor (GCR)
- Nuclear Decommissioning Services Strategy Outlook (Revenue, USD Million, 2014 - 2025)
- Immediate Dismantling
- Deferred Dismantling
- Nuclear Decommissioning Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- South & Central America
- Middle East and Africa
Read Our Blog By Grand View Research: https://www.grandviewresearch.com/blogs/energy-and-power
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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