Top 3 Drivers for Global Nuclear Decommissioning Services Market | Technavio
November 14 2017 - 1:43PM
Business Wire
Technavio market research analysts forecast the global
nuclear decommissioning services market to grow at a CAGR of close
to 35% during the forecast period, according to their latest
report.
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Technavio has published a new report on
the global nuclear decommissioning services market from 2017-2021.
(Graphic: Business Wire)
The report has further categorized the global nuclear
decommissioning services market into different segments based on
reactor type (pressurized water reactor and boiling water reactor)
and geography (EMEA, APAC, and the Americas).
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Technavio analysts highlight the following three market drivers
that are contributing to the growth of the global nuclear
decommissioning services market:
- Worldwide shutdown of older
reactors
- Shift in energy landscape
- Regulatory changes post nuclear plant
accidents and the support of the government
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Worldwide shutdown of older reactors
During the recent years, there has been continuous
decommissioning of nuclear power plants. One of the reasons for
this decommissioning is non-economic viability. After the Fukushima
plant disaster in 2011, nuclear power was phased out by a large
extent in many countries such as Germany, Japan, France, and the
US. For the old plants to continue operations, several safety norms
and installation of equipment were made necessary. This was done to
prevent incidents like the Fukushima accident. But, this investment
led to closure of some of the plants as it was too expensive to
operate.
According to Thanikachalam Chandrasekaran, a
lead analyst at Technavio for power research, “By the end of 2016,
about 163 nuclear power plants were under different phases of
decommissioning. The decommissioning process of some plants started
earlier than the scheduled end date. It is predicted that
non-economic viability was the factor for the shutdown of 71% of
the total number of plants. The technological learning curve in
renewable and gas power plants has made them cheaper. This has made
nuclear power unprofitable. Therefore, the global nuclear
decommissioning services market is expected to be fueled by the
closure of older nuclear reactors.”
Shift in energy landscape
There has been a tremendous growth in renewable energy capacity
as it is supported by lucrative policies, incentives, and rebates.
The shares of renewable and alternative sources of energy in the
global energy market are rising continuously as significant
investments have been made in low carbon technologies over the
years. The continuous investment has generated advances in
technology that are bringing renewable energy costs to competitive
levels. In countries such as the US, old nuclear power plants are
being phased out due to low profitability.
“The focus on renewables has increased and
the focus on nuclear power has decreased because of the adoption of
smart grid and energy storage, along with the reduction in
renewable technology costs. Additionally, the growth of the global
nuclear decommissioning services market in short to mid-term future
is predicted to be fueled by the decommissioning of older
unprofitable nuclear power plants,” says Thanikachalam.
Regulatory changes post nuclear plant accidents and the
support of the government
Decommissioning is a process where a nuclear plant must be
upgraded or shut down like other power plants as it wears out or
the operating license expires. Nevertheless, the decommissioning of
nuclear power plants gained high-interest post the fatal nuclear
accidents such as the Chernobyl disaster in 1986 in Ukraine and the
Fukushima accident in 2011.
According to the International Nuclear and Radiological Event
Scale (INES) that was introduced by the International Atomic Energy
Agency (IAEA), both accidents are classified as a level 7 incident
because they released a high scale of radioactive material, thereby
having a negative impact on the environment and humans.
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