July 15, 2024
Nuclear Decommissioning Services Market

The growing emphasis on renewable energy is anticipated to openup the new avanue for Nuclear Decommissioning Services Market

The Nuclear Decommissioning Services Market is estimated to be valued at US$ 217.34 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Nuclear decommissioning services involve dismantling of retired nuclear power plants and managing the radioactive waste safely and securely. This includes removing or cleaning up all radioactive components, structures and portions of the plant. The services include planning, cleaning, dismantling, demolishing and waste management. Countries around the world are heavily investing in nuclear decommissioning since many of the aging nuclear plants are nearing end of operation life and need to be safely decommissioned.

Market Dynamics:

Two key drivers contributing to the growth of nuclear decommissioning services market are increasing number of retired nuclear power plants and stringent regulations regarding nuclear waste disposal. Many nuclear power plants worldwide have exceeded or are approaching their operational design life of 40-60 years. Over 70 retired nuclear power reactors globally require decommissioning. This is creating significant demand for specialized nuclear decommissioning services. Additionally, strict rules concerning the safe storage and disposal of nuclear waste generated during decommissioning are enforced by governments and international organizations. This makes nuclear decommissioning an expensive, time-consuming and complex process, thereby increasing reliance on expert decommissioning service providers.

Segment Analysis

The global nuclear decommissioning services market is segmented by reactor type into pressurized water reactor (PWR), boiling water reactor (BWR), gas-cooled reactor (GCR), and others. The PWR segment currently dominates the market due to the large number of commercial PWR reactors in operation globally, particularly in countries like the United States, France, China, and Russia.

PEST Analysis

Political: Many countries are opting for gradual phase out of nuclear power plants owing to stringent government regulations regarding nuclear safety. Regulations in countries like Germany are driving growth in decommissioning services.
Economic: The high estimated costs of decommissioning nuclear plants is a major driver for growth of specialized service providers in the market. Long term contracts ensure steady revenues for key players.
Social: Growing public concerns over safety of aging nuclear facilities is a key factor necessitatingshutdown and decommissioning of older plants. This is supporting market expansion.
Technological: Advancements in remote technology tools enable efficient decontamination and dismantling of reactor components remotely, reducing manpower needs and radiation exposure risks.

Key Takeaways

The Global Nuclear Decommissioning Services Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing number of reactors nearing the end of their operating life across regions.

Regional analysis
The market in Europe is the fastest growing regional market followed by Asia Pacific. Stringent regulations regarding safety of nuclear plants and phase out plans in countries like Germany, UK and Japan are driving growth of decommissioning services. Many plants in USA are also slated for decommissioning over the next decade.

Key players
Key players operating in the nuclear decommissioning services market are Orana Group, AECOM, Babcock International Group Plc, Westinghouse Electric Company LLC, Enercon Services Inc., KDC Contractors Limited, NUVIA Group, Onet Technologies SAS, Sogin S.p.A., and others. Orana Group, AECOM and Babcock International Group Plc are among the top players based on their extensive experience and large number of ongoing decommissioning contracts.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it