Global Nuclear Decommissioning Services Market 2019-2023| Key Insights and Forecasts| Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2018--The global nuclear decommissioning services market is expected to post a CAGR of over 13% during the period 2019-2023, according to the latest market research report by . However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the global nuclear decommissioning services market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the shutdown of nuclear plants. Every power plant has an operating license for a fixed period of time approved by the respective government body. Nuclear power plants need decommissioning past the time period of the operating license. As per the WNA, nuclear power plants generally have an operating license of about 30 years, and an additional time of two decades is provided on the renewal of license. Once the license expires, the nuclear plants need to be upgraded or shut down.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the use of robotics in decommissioning services as one of the key emerging trends in the global nuclear decommissioning services market:
Global nuclear decommissioning services market: Use of robotics in decommissioning services
Decommissioning is a complex and tedious process and requires utmost priority and safety. According to the IEA, nearly 200 operating reactors are expected to retire by 2040 with the majority of shutdowns expected to come from EU, the US, Japan, and Russia. The industry will need a lot of effort to maintain the unprecedented rate of decommissioning. High risk is involved in the processes involved in decommissioning, and any minor incident could lead to severe hearth disorders for professionals involved in the process.
“The 1970s saw construction of the early reactors which were not properly planned for easy decommissioning, making the process more difficult. High risks is involved in the process of dismantling and decommissioning. As a result, players are turning toward deploying robots to carry out the complex work involved to avoid the risks for the humans involved in the process. Companies such as Orano and Studsvik are already using robots from remote locations,” says a senior analyst at Technavio for power.
Global nuclear decommissioning services market: Segmentation analysis
This market research report segments the global nuclear decommissioning services market by reactor type (PWR and BWR) and geographical regions (APAC, EMEA, and the Americas).
The PWR segment held the entire market share in 2018, accounting for 100% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 with a market share of nearly 73%. This region is expected to dominate the market through 2023, with an increase in its market share by nearly 13%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 11/20/2018 09:35 AM/DISC: 11/20/2018 09:35 AM