Nuclear Decommissioning Market Trends

Growth Drivers

• Growing consumption of renewable energy - It is predicted that over 34% of power generation capacity across the world will be satisfied by renewable energy. This growth in the consumption of renewable energy is poised to be encouraged by rising oil prices, growing carbon levels, and more. Hence, even authorities are launching various initiatives to boost the adoption of renewable energy.
• Closing down of outdated nuclear power plant - The global nuclear decommissioning market revenue is set to witness a significant rise, led by the rising number of outdated nuclear power plants which has surpassed lifespans. A large number of power plant facilities were developed across the world many decades ago to satisfy the growing need for electricity. However, these power plants have now exited the stage where their operation has been estimated to not be safe and economically viable. Therefore, the need to decommission these plants in an efficient, safe, and environmentally responsible manner has grown. As a result, the demand for nuclear decommissioning has increased since it is believed to efficiently handle the dismantling and disposal of radioactive materials. It also helps in making sure that these plants are shut down in conformity with stringent regulatory standards.
• Surging environmental issues - The increasing environmental concern is forecasted to drive the nuclear decommissioning market expansion. A large number of people are becoming aware of the adverse effects of radioactive waste on the environment. For instance, if the radionuclides from power plants are released into the marine environment, they may notably affect the reproductivity of marine life. Hence, people are significantly demanding the safe means of disposing of this waste. Decommissioning eliminates the nuclear fuel from a nuclear power plant and guides in eliminating the risk of termination of operating licenses.

Challenges

• Growing issue in managing & disposing of waste from nuclear plants - The decommission services facilities deal with radioactive material with complex structures which impose various technology challenges. As a result, managing and disposing of waste becomes difficult which will affect the nuclear decommissioning market’s growth.
• Surging price challenge - The nuclear decommissioning sector experiences several hindrances including high costs of the decommissioning process. Decommissioning includes activities such as waste management, decontamination, and site restoration, which require substantial financial resources. This need could be troublesome for both public and private organizations. Additionally, decommissioning costs may impose challenges related to uncertainties in factors such as technological advancements, regulatory requirements, and unforeseen complications during the decommissioning process.
• Lack of awareness among the population