The global Nuclear Decommissioning Services Market is estimated to be valued at US$ 217.34 Bn or Billion 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 refer to the process of dismantling a nuclear facility and rendering it safe for release from regulatory control at the end of its service life. It involves activities such as planning, preparation, processing, dismantling, demolition, and waste handling. These services ensure safety and limit risks during and after decommissioning a nuclear facility.
Market key trends:
One of the key trends in the nuclear decommissioning services market is the growing preference for deferred decommissioning. Deferred decommissioning involves placing a nuclear facility in a safe storage condition upon retirement from service with the final stage of dismantling and site clearance activities being delayed for up to several decades depending on the reactor design and radiological conditions. This approach offers several advantages such as reducing immediate radiation exposure and waste volumes by allowing shorter-lived radionuclides to decay to lower specific activity levels. It also provides flexibility to choose from improved dismantling technologies and waste management strategies that are expected to evolve over time.
Market key trends:
The global nuclear decommissioning services market has been witnessing significant growth over the past few years. One of the key trends in the market is the growing number of aging nuclear power plants across the world. Many nuclear power plants that were built in the 1970s-80s have reached the end of their operational life cycles and are due for decommissioning. This has significantly ramped up demand for nuclear decommissioning services.
SWOT Analysis
Strength: Presence of experienced decommissioning service providers with proven track records.
Weakness: High initial costs associated with decommissioning nuclear plants.
Opportunity: Growing number of plants scheduled for decommissioning worldwide in the coming years presents lucrative growth opportunities.
Threats: Stringent regulations surrounding nuclear decommissioning and waste disposal pose major challenges.
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 aging nuclear power plants scheduled for decommissioning. The market size for 2023 is US$ 217.34 Bn.
North America region currently dominates the global nuclear decommissioning services market owing to large number of aging nuclear plants in countries like US and Canada. The region is estimated to undergo decommissioning of about 23 reactors between 2023-2030. Europe is also a major regional market with countries like UK, Germany and Russia undergoing many decommissioning projects over the coming decade.
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. Companies are investing in expanding their expertise and services to capitalize on the increasing decommissioning opportunities globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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