Market consultants Coherent Market Insights (CMI) has released a report stating that the ageing of nuclear power plants is expected to propel the growth of the global nuclear decommissioning services market.
The report said that as nuclear reactors built in the 1970s reach the end of their working life and are taken off-line in the first half of the 2020s, this will cause the decommissioning market to grow.
In the next 20 years several existing power plants are expected to be shut down, creating business for companies involved in decommissioning activities such as planning, radioactive clean-up, progressive dismantling, facility and site decontamination and radiological characterisation.
According to CMS the global nuclear decommissioning services market was worth US$171.74 billion in 2018, with Europe holding the largest market share worth US$78.48 billion.
Stringent government regulations in Europe to support nuclear decommissioning activities are a major factor driving growth of the market in the region. Europe is projected to become the world’s largest market for decommissioning and decontamination in the next five years. Growth is also expected in the Asia Pacific market and the US market, providing US power plant life extensions are not re-extended for another 20 years.