North America Nuclear Power Reactor Decommissioning Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Nuclear Power Reactor Decommissioning Market Analysis
The North American nuclear power reactor decommissioning market is expected to register a CAGR of over 9% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, an increasing number of nuclear reactors reaching operational retirement is expected to drive the growth of the nuclear power reactor decommissioning market in North America.
- On the other hand, technical drawbacks of string inverters are expected to hamper the growth of the market during the forecast period.
- Nuclear phase-out policies in countries such as the United States and Canada will likely create lucrative growth opportunities for the North American nuclear power reactor decommissioning market during the forecast period.
- The United States dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing decommissioning of its old nuclear plants.
North America Nuclear Power Reactor Decommissioning Market Trends
This section covers the major market trends shaping the North America Nuclear Power Reactor Decommissioning Market according to our research experts:
Commercial Power Reactor Expected to Dominate the Market
- Commercial power reactors are nuclear reactors mainly used for generating electricity. Most of these reactors are being installed in nuclear power plants. Renewable energy from solar and wind is much cheaper and cleaner, thus increasing the demand for installing these reactors.
- The countries in the region, such as the United States and Canada, are decommissioning their old and outdated nuclear power plants, which may drive the North American nuclear power reactor decommissioning market during the forecast period.
- In 2021, North America's total electricity produced by nuclear energy was 923.0 terawatt-hours (TWh), almost the same as in 2020, i.e., 940.1 TWh. The slow-growing or flatness of the nuclear energy curve in the region shows that the nuclear power reactors' decommissioning will surpass the installation of new nuclear plants in the region.
- In May 2022, Entergy Corporation shut down its Palisades nuclear plant on Lake Michigan. The nuclear power plant had an 800 MW power generation capacity. The fuel was removed from the reactor's vessel and placed in the spent fuel pool to cool. After the cooling process, the fuel will be transported to the secured Independent Spent Fuel Storage Facility on the station property. The company also aims to complete the decommissioning of the nuclear plant by 2041.
- Hence, due to such factors, the commercial power reactor sector may dominate the North American nuclear power reactor decommissioning market during the forecast period.
United States Expected to Dominate the Market
- The United States is one of the largest nuclear power producers globally, accounting for almost 30% of the global nuclear power generated in 2021. The country's nuclear reactors produced 778.15 terawatt hours (TWh) of electricity in 2021, representing a slight increase of 0.35% over the previous year's value. The ready-to-retire old nuclear plants are likely to drive the nuclear power reactor decommissioning market.
- In 2021, nuclear power plants in the United States generated around 778.15 terawatt hours of electricity, the lowest output recorded in one decade. The number of nuclear power reactors has been decreasing since 1990, when it peaked at 112 units.
- Over the past decade, intense competition from electricity generation using low-cost shale gas has hurt the competitiveness of the country's nuclear power industry. Record low wholesale electricity prices and the high cost of life extension (PLEX) upgrades have also led to early nuclear plant retirements.
- As the era of nuclear power in the United States comes to an end, the decommissioning of nuclear power plants is becoming a significant industry. Private companies are acquiring these plants, taking over their licenses, liability, decommissioning funds, and waste contracts. Around 41 reactors with a combined capacity of 19.97 GWe were shut down, with the latest being the Palisades nuclear plant in Michigan, which shut down in May 2022. In December 2021, HoltecInternational received approval from the Nuclear Regulatory Commission to acquire the Palisades plant in Covert, Michigan, to decommission and dismantle the plant. An additional 198 reactors are expected to shut down by 2030.
- The nuclear reactor fleet of the United States is now aging. The US Nuclear Regulatory Commission (NRC) is considering applications for extending operating licenses beyond 60-80 years with its subsequent license renewal (SLR) program. However, some plant owners recently opted for early retirements of their nuclear units at 45-50 years.
- Hence, due to such factors, the United States is expected to dominate the North American nuclear power reactor decommissioning market during the forecast period.
North America Nuclear Power Reactor Decommissioning Industry Overview
The North American nuclear power reactor decommissioning market is moderately fragmented in nature. Some of the major players in the market (in no particular order) include Babcock International Group PLC, NorthStar Group Services Inc., James Fisher & Sons PLC, Fluor Corporation, and Enercon Services Inc.
North America Nuclear Power Reactor Decommissioning Market Leaders
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Babcock International Group PLC
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NorthStar Group Services, Inc.
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James Fisher & Sons PLC
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Fluor Corporation
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Enercon Services Inc.
*Disclaimer: Major Players sorted in no particular order
North America Nuclear Power Reactor Decommissioning Market News
- In May 2022, Entergy Corporation shut down its Palisades nuclear plant on Lake Michigan. The nuclear power plant had an 800 MW power generation capacity. The fuel was removed from the reactor's vessel and placed in the spent fuel pool to cool. After the cooling process, the fuel will be transported to the secured Independent Spent Fuel Storage Facility on the station property. The company also aims to complete the decommissioning of the nuclear plant by 2041.
- In March 2022, Hyundai Engineering & Construction and Holtec signed an agreement to participate jointly in decommissioning a nuclear plant in the United States. The Indian Point Energy Center nuclear power plant in Buchanan, New York, was shut down in April 2021 after 45 years of operation. Hyundai Engineering & Construction would oversee the decommissioning project, dismantling activated parts from the nuclear reactors and moving used nuclear fuel from pools into a dry storage system.
North America Nuclear Power Reactor Decommissioning Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Reactor Type
5.1.1 Pressurized Water Reactor
5.1.2 Pressurized Heavy Water Reactor
5.1.3 Boiling Water Reactor
5.1.4 High-temperature Gas-cooled Reactor
5.1.5 Liquid Metal Fast Breeder Reactor
5.1.6 Other Reactor Types
5.2 Applications
5.2.1 Commercial Power Reactor
5.2.2 Prototype Power Reactor
5.2.3 Research Reactor
5.3 Capacity
5.3.1 Below 100 MW
5.3.2 100-1000 MW
5.3.3 Above 1000 MW
5.4 Geography
5.4.1 United States
5.4.2 Canada
5.4.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaborations, and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Babcock International Group PLC
6.3.2 James Fisher & Sons PLC
6.3.3 NorthStar Group Services Inc.
6.3.4 Fluor Corporation
6.3.5 Enercon Services Inc.
6.3.6 Bechtel Group Inc.
6.3.7 Orano Group
6.3.8 Manafort Brothers Incorporated
6.3.9 Cutting Technologies Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Nuclear Power Reactor Decommissioning Industry Segmentation
Decommissioning is the last step in the life cycle of a nuclear power facility. Decommissioning transforms the nuclear facility into an end-state compliant with national regulatory requirements. Previously, nuclear plants were designed for 30-40 years of operating life, which had to be decommissioned after their operational life. However, newer plants are designed for 40-60 years of operating life. At the end of the life of any power plant, the reactor needs to be decommissioned, cleaned up, and dismantled so that the site is available for other users.
The North American nuclear power reactor decommissioning market is segmented by reactor type, application, capacity, and geography. By reactor type, the market is segmented into pressurized water reactor, pressurized heavy water reactor, boiling water reactor, high-temperature gas-cooled reactor, liquid metal fast breeder reactor, and other reactor types. By application, the market is segmented into commercial power reactors, prototype power reactors, and research reactors. By capacity, the market is segmented into below 100 MW, 100 - 1000 MW, and above 1000 MW. The report also covers the market size and forecasts for the North American nuclear power reactor decommissioning market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| 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 |
| Applications | |
| Commercial Power Reactor | |
| Prototype Power Reactor | |
| Research Reactor |
| Capacity | |
| Below 100 MW | |
| 100-1000 MW | |
| Above 1000 MW |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Nuclear Power Reactor Decommissioning Market Research FAQs
What is the current North America Nuclear Power Reactor Decommissioning Market size?
The North America Nuclear Power Reactor Decommissioning Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in North America Nuclear Power Reactor Decommissioning Market?
Babcock International Group PLC, NorthStar Group Services, Inc., James Fisher & Sons PLC, Fluor Corporation and Enercon Services Inc. are the major companies operating in the North America Nuclear Power Reactor Decommissioning Market.
What years does this North America Nuclear Power Reactor Decommissioning Market cover?
The report covers the North America Nuclear Power Reactor Decommissioning Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the North America Nuclear Power Reactor Decommissioning Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Nuclear Power Reactor Decommissioning Industry Report
Statistics for the 2024 North America Nuclear Power Reactor Decommissioning market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Nuclear Power Reactor Decommissioning analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
