The nuclear decommissioning market is projected to grow from an estimated $4.84 billion (£3.73bn) in 2016 to $8.55 billion (£6.59bn) by 2021, a growth rate of 12.1%.
Factors such as nuclear accidents and rising political pressure for early closure of nuclear power plants are driving the market, according to a new report.
Deferred dismantling is the fastest growing segment of the market, which is when plants are confirmed to close decades in advance rather than immediately.
Following the Fukushima meltdown, the German Government has committed to phase out its nuclear power plants in this way by 2022. The EU is now focusing on building renewable power generation and hence the majority of Europe’s nuclear power plants are also adopting the strategy, states MarketsandMarkets.
Boiling water reactor decommissioning is currently the largest segment, adds the market research firm. This is because it is the most common kind of nuclear plant and most facilities being phased out are this type.
Europe is estimated to dominate the market, thanks to committed governments and stringent regulations. America will also see a significant growth in the market as the nuclear plants in the region are very old and nearing decommission, creating huge opportunities.