Nuclear Power Reactor Decommissioning Market Size (2024 - 2029)

Nuclear Power Reactor Decommissioning Market Analysis

The global nuclear power reactor decommissioning market is estimated to reach USD 2027.49 million by the end of the current year, and it is projected to register a CAGR of 13.8% during the forecast period.

Although the market studied was moderately impacted by the COVID-19 pandemic in 2020, it has been recovering and reached pre-pandemic levels.

The major factors driving the market's growth are the increasing number of nuclear reactors reaching operational retirement, declining prices of renewable power generation sources (i.e., wind and solar), and growing sensitivity toward environmental issues.

However, the lifetime extension of nuclear power plants with favorable government policies is expected to hinder the market's growth.

Nuclear phase-out policies in several countries, such as Germany, the United Kingdom, and South Korea, are expected to create opportunities for foreign and domestic players to provide the necessary expertise for the country's needs to develop their decommissioning market.

North America is expected to be the fastest-growing market for nuclear power reactor decommissioning, with the United States being one of the significant decommissioning hotspots in the region.

Nuclear Power Reactor Decommissioning Industry Segmentation

Decommissioning is the last step in the life cycle of a nuclear power facility. Decommissioning transforms the nuclear facility into an end-state compliant with national regulatory requirements. Earlier, nuclear plants were designed for 30-40 years of operating life, and these power plants had to be decommissioned after the completion of their operational life. However, newer plants are designed for 40-60 years of operating life. At the end of the life of any power plant, the reactor needs to be decommissioned, cleaned up, and dismantled so that the site is available for other users.

The global nuclear power reactor decommissioning market is segmented by reactor type, application, capacity, and geography. By reactor type, the market is segmented into pressurized water reactor, pressurized heavy water reactor, boiling water reactor, high-temperature gas-cooled reactor, liquid metal fast breeder reactor, and other reactor types. By application, the market is segmented into commercial power reactors, prototype power reactors, and research reactors. By capacity, the market is segmented below 100 MW, 100 - 1000 MW, and above 1000 MW. The report also covers the market size and forecasts for the nuclear power reactor decommissioning market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).