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Nuclear Decommissioning Services Market Predicted to Rise at a Lucrative CAGR throughout 2017 to 2025

09-17-2021 07:20 AM CET | Energy & Environment

Press release from: Transparency Market Research

Nuclear Decommissioning Services Market Predicted to Rise at

Nuclear decommissioning is a process, wherein nuclear power plants are retired from service and operating licenses granted by the Nuclear Regulatory Commission (NRC) are terminated. The NRC is a regulatory body that has established regulations and associated guidelines stating the requirements and the process, which a company needs to follow to ensure that the decommissioning is environmentally safe.

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The decommissioning process aims to reduce the level of residual radioactivity. This is carried out by dismantling structures, removing contaminated materials to appropriate disposal facilities, storing used nuclear fuel till it can be removed from the site of the nuclear power plant for disposal or safe storage, and releasing the property for other uses. Various companies provide support services for nuclear decommissioning. Companies providing decommissioning services need to take strict measures regarding safety since the area to be decommissioned is under the influence of nuclear radiation. Services provided by companies include dismantling concepts, decommissioning reports, accompanying control, post-operational phase support, and waste package assessment.

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More than 110 commercial power reactors, 48 experimental or prototype reactors, over 250 research reactors, and a number of fuel cycle facilities have been retired from operation up to May 2017. Some have been fully dismantled.

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Increase in demand for production of electricity compels the nuclear power plants to generate more and more electricity with the same existing number of pressure vessels in the plant. This is seen to create an increasing load on the pressure vessels used in nuclear power plants, which creates a need for refueling the reactors. Therefore, the nuclear power plant has to be decommissioned. This is estimated to create an opportunity for the growth of the nuclear decommissioning services market during the forecast period. After the Fukushima nuclear power plant accident, the Government of Germany enforced measures to shut down its nuclear power plants by 2022. This is expected to boost the nuclear decommissioning services market during the forecast period.

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Nuclear power plants generate more than 11% of the world’s electricity to meet base load electricity demand without carbon dioxide emissions. Plans for lifetime extension of power plants in a number of countries are being formulated. Consequently, a number of reactors are likely to run beyond their originally designed lives. This is projected to significantly hinder the nuclear decommissioning services market.

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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