Market Overview

Top 3 Drivers for Global Nuclear Decommissioning Services Market | Technavio


market research analysts forecast the global
nuclear decommissioning services market
to grow at a CAGR of close
to 35% during the forecast period, according to their latest report.

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Technavio has published a new report on the global nuclear decommissioning services market from 2017 ...

Technavio has published a new report on the global nuclear decommissioning services market from 2017-2021. (Graphic: Business Wire)

The report has further categorized the global nuclear decommissioning
services market into different segments based on reactor type
(pressurized water reactor and boiling water reactor) and geography
(EMEA, APAC, and the Americas).

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global nuclear
decommissioning services

  • Worldwide shutdown of older reactors
  • Shift in energy landscape
  • Regulatory changes post nuclear plant accidents and the support of the

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Worldwide shutdown of older reactors

During the recent years, there has been continuous decommissioning of
nuclear power plants. One of the reasons for this decommissioning is
non-economic viability. After the Fukushima plant disaster in 2011,
nuclear power was phased out by a large extent in many countries such as
Germany, Japan, France, and the US. For the old plants to continue
operations, several safety norms and installation of equipment were made
necessary. This was done to prevent incidents like the Fukushima
accident. But, this investment led to closure of some of the plants as
it was too expensive to operate.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for power
research, "By the end of 2016, about 163 nuclear power plants were
under different phases of decommissioning. The decommissioning process
of some plants started earlier than the scheduled end date. It is
predicted that non-economic viability was the factor for the shutdown of
71% of the total number of plants. The technological learning curve in
renewable and gas power plants has made them cheaper. This has made
nuclear power unprofitable. Therefore, the global nuclear
decommissioning services market is expected to be fueled by the closure
of older nuclear reactors."

Shift in energy landscape

There has been a tremendous growth in renewable energy capacity as it is
supported by lucrative policies, incentives, and rebates. The shares of
renewable and alternative sources of energy in the global energy market
are rising continuously as significant investments have been made in low
carbon technologies over the years. The continuous investment has
generated advances in technology that are bringing renewable energy
costs to competitive levels. In countries such as the US, old nuclear
power plants are being phased out due to low profitability.

"The focus on renewables has increased and the focus on nuclear power
has decreased because of the adoption of smart grid and energy storage,
along with the reduction in renewable technology costs. Additionally,
the growth of the global nuclear decommissioning services market in
short to mid-term future is predicted to be fueled by the
decommissioning of older unprofitable nuclear power plants,"

Regulatory changes post nuclear plant accidents and the support of
the government

Decommissioning is a process where a nuclear plant must be upgraded or
shut down like other power plants as it wears out or the operating
license expires. Nevertheless, the decommissioning of nuclear power
plants gained high-interest post the fatal nuclear accidents such as the
Chernobyl disaster in 1986 in Ukraine and the Fukushima accident in 2011.

According to the International Nuclear and Radiological Event Scale
(INES) that was introduced by the International Atomic Energy Agency
(IAEA), both accidents are classified as a level 7 incident because they
released a high scale of radioactive material, thereby having a negative
impact on the environment and humans.

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