An independent research group, Grand View Research, reported Wednesday that the global nuclear decommissioning services market size is expected to be valued at USD 8.90 billion by 2025, exhibiting 6.8 percent CARG 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," the research group said in a statement.
"Fueled by a rise in public safety concerns ... is set to actuate market demand over the coming years. In addition, increasing sustainability concerns are likely to positively impact market growth," according to the release that notes a continued rise in renewable energy sources.
Decommissioning work, meanwhile, will be spurred by advances in decommissioning technologies and the willingness of governments to pave the way for dismantling nuclear power plants through dismantling-friendly policies.
"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," the research group said. They added, "on the basis of decommissioning strategy, immediate dismantling is expected to account for the largest share in the market by 2025."
Initiatives to shut down reactors in Germany, Britain, France and Lithuania have put Europe at the center of the decommissioning market. In addition, "presence of stringent government regulations in Europe to regulate dismantling processes is anticipated to propel market growth." Advances in decommissioning techniques, strategies and technologies, along with new government policies are expected to spur growth in the market in the United States, Japan, and South Korea, as well,
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