asia pacific nuclear decommissioning service Market

The nuclear decommissioning service market in Asia-Pacific was valued US$ 1.22 billion in 2019 and is projected to reach US$ 1.80 billion by 2027; it is expected to grow at a CAGR of 5.1% from 2020 to 2027.

As the decommissioning of nuclear power plants is an expensive task, establishing a company to decommission these plants requires lump sum capital investments, massive manpower, and significant expertise. Therefore, the competitive landscape of this market in Asia-Pacific is majorly dominated by the well-established, industry-recognized, and financially balanced companies.

Prototype reactors are similar to commercial power reactors; however, these reactors are majorly developed for testing design features or newer safety features. According to several estimations, ~45 prototype reactors were shut down in 2017 in the world..

Unlike coal-based thermal power generation facilities, nuclear power plants do not depend on fossil fuels to generate electricity. This factor has attracted many governments toward the construction of nuclear power plants in developed and developing countries. According to the World Nuclear Association, ~55 new nuclear power plant construction activities are ongoing in countries such as China, Russia, India, and the UAE, and 48 new reactors are to be built and brought into operation by 2026. There would be a high number of reactor construction activities in Asia-Pacific from 2020 to 2022, and China, India, and South Korea are likely to be frontrunners in this development. Moreover, several other countries are investing in advanced nuclear facilities, which pose significant opportunities for the nuclear decommissioning services market players. Nuclear Regulatory Commission (NRC) and International Atomic Energy Agency (IAEA) are among the governing authorities that are increasingly emphasizing decommissioning to reduce the risk of radioactive emission from nuclear reactor sites. This factor is anticipated to drive the growth of the market in Asia-Pacific. According to IEA, a total of 411 nuclear power plants are set to be decommissioned by 2040 globally, comprising 295 commercial power plants and 116 research reactors.

The decommissioning services market players offer their services for various types of reactors, including pressurized water reactor, boiling water reactor, and gas cooled reactor. The decommissioning services market players adopt different strategies for dismantling and decommissioning any nuclear facilities, which include immediate dismantling, deferred dismantling (SAFSTOR), and entombment. The application areas of nuclear decommissioning services market players include commercial power reactors, prototype reactors, and research reactors. The nuclear decommissioning services market in Asia-Pacific marks the presence of several well-established and financially balanced players. AECOM, Ansaldo Energia S.p.A., Babcock International Group PLC, Bechtel Corporation, EnergySolutions, GE Hitachi Nuclear Energy (GEH), Orano, Studsvik AB, Fluor Corporation, and Korea Hydro & Nuclear Power Co. Ltd. are among the key companies operating in the Asia-Pacific nuclear decommissioning services market in this region.