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LONDON, GREATER LONDON, UNITED KINGDOM, October 21, 2024 /EINPresswire.com/ -- The nuclear power reactor decommissioning market has experienced robust growth in recent years, expanding from the market is expected to expand from $6.39 billion in 2023 to $7.2 billion in 2024, representing a compound annual growth rate (CAGR) of 12.6%. This growth during the historical period can be attributed to factors such as aging infrastructure, changes in the regulatory landscape, and evolving public perception.
What Is The Estimated Market Size Of The Global Nuclear Power Reactor Decommissioning Market And Its Annual Growth Rate?
The nuclear power reactor decommissioning market is projected to continue its strong growth, reaching the market is projected to grow from $6.39 billion in 2023 to $11.29 billion in 2028, with a compound annual growth rate (CAGR) of 11.9%. The anticipated growth during the forecast period is driven by factors such as the global energy transition, various economic influences, government policies, and increasing safety and security concerns.
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Growth Driver Of The Nuclear Power Reactor Decommissioning Market
The increasing awareness of environmental issues is likely to drive the growth of the nuclear power reactor decommissioning market in the future. Environmental sensitivity highlights the rising consciousness about ecological concerns. Nuclear power plants (NPPs) are valued for their ability to generate carbon-free electricity, given their reliability, significant compliance with clean air standards, and substantial power generation capacity. Decommissioning involves the removal of nuclear fuel from a power plant and the process of terminating its operating licenses.
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Which Market Players Are Steering The Nuclear Power Reactor Decommissioning Market Growth?
Key players in the market include Babcock International Group PLC, GE Hitachi Nuclear Energy LLC, Fluor Corporation, Westinghouse Electric Company, AECOM Technology Corporation, NorthStar Group Services Inc., Studsvik AB, Bechtel Group Inc., James Fisher and Sons PLC, Orano Group, WS Atkins PLC, Enercon Services Inc., Areva S. A., SNC Lavalin Infrastructure Pvt. Ltd., Tokyo Electric Power Company Holdings Incorporated, Nuvia Group Ltd., Jacobs Engineering Group Inc., NAC International Inc., Nukem Technologies GmbH, Global Dominion Access S. A., Holtec International Inc., EnergySolutions LLC, Deep Isolation Inc., Waste Control Specialists LLC, Empresa Nacional de Residuos Radiactivos S. A., Ansaldo Nucleare S. p. A, Rosatom State Nuclear Energy Corporation, Sellafield Ltd., GNS Gesellschaft für Nuklear-Service mbH, Sogin S. p. A
What Are The Key Trends That Influence Nuclear Power Reactor Decommissioning Market Share And Analysis?
Leading companies in the nuclear power reactor decommissioning market are intensifying their efforts to implement technological advancements to boost profitability. These advancements encompass innovative techniques and tools that improve the efficiency, safety, and cost-effectiveness of dismantling and managing decommissioned nuclear facilities.
How Is The Global Nuclear Power Reactor Decommissioning Market Segmented?
1) By Product: Single Chamber, Multi 1) By Reactor Type: Pressurized Water Reactor, Pressurized Heavy Water Reactor, Boiling Water Reactor, High-temperature Gas-cooled Reactor, Liquid Metal Fast Breeder Reactor, Other Reactor Types
2) By Capacity: Below 100 MW, 100-1000 MW, Above 1000 MW
3) By Application: Commercial Power Reactor, Prototype Power Reactor, Research Reactor
Geographical Insights: Europe Leading The Nuclear Power Reactor Decommissioning Market
Europe was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the market share during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Nuclear Power Reactor Decommissioning Market Definition
Nuclear power reactor decommissioning is the process of taking nuclear power reactors out of service and revoking their operating licenses from the regulatory commission. This process involves dismantling the plant and rehabilitating the site to a designated end-state, making it suitable for potential future use.
Nuclear Power Reactor Decommissioning Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global nuclear power reactor decommissioning market report covering trends, opportunities, strategies, and more
The Nuclear Power Reactor Decommissioning Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on nuclear power reactor decommissioning market size, nuclear power reactor decommissioning market drivers and trends, nuclear power reactor decommissioning market major players and nuclear power reactor decommissioning market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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