The global nuclear decommissioning services market was valued at US$ 171.74 billion in 2018, according to Nuclear Decommissioning Services Market Report, by Reactor Type (Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Gas Cooled Reactor (GCR), and Others (Pressurized Heavy Water Reactor (PHWR), etc.)), by Decommissioning Strategy (Immediate Dismantling, Deferred Dismantling, and Entombment), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global nuclear decommissioning services market is projected to reach US$ 315.73 billion by 2027, exhibiting a CAGR of 7.0% during the forecast period. Increasing government initiatives backed by the rise of safety concerns regarding nuclear energy is expected to fuel growth of the global nuclear decommissioning services market. In 2013, considering the Fukushima accident, an International Research Institute for Nuclear Decommissioning (IRID) was established in Japan. IRID was expected to build the knowledge base for routine decommissioning. In January 2015, the IAEA (International Atomic Energy Agency) launched an International Project on Decommissioning and Remediation of Damaged Nuclear Facilities, the DAROD project, to help increase nuclear safety under the agency’s Nuclear Safety Action Plan. It was unanimously adopted by IAEA member states, following the 2011 Fukushima accident. However, nuclear waste management is expected to restrain growth of the global nuclear decommissioning services market. Decommissioning of a nuclear power plant involves safe disposition of large quantity of radioactive, hazardous, and conventional wastes. The wastes arising from decommissioning are hazardous and have to be stored or disposed safely, in order to protect the environment and future generations. As the cost of waste disposal is a large component of the total decommissioning budget, the optimal treatment and disposal option needs to be chosen for each type of waste.
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