Global Nuclear Decommissioning Services Market Size and Forecast 2024-2033|AECOM Technology Corporation, Babcock International Group PLC, Westinghouse Electric Company LLC, Studsvik AB, NUVIA Group

The Nuclear Decommissioning Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Nuclear Decommissioning Services Global Market Report 2024, The nuclear decommissioning services market size has grown strongly in recent years. It will grow from $6.85 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%.  The  growth in the historic period can be attributed to public awareness and perception, industry experience and expertise, government policies and funding, global nuclear energy trends, economic factors.

The nuclear decommissioning services market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.  The growth in the forecast period can be attributed to legacy site remediation, risk management, environmental concerns and remediation, waste management solutions, human capital and expertise.. Major trends in the forecast period include aging nuclear facilities, stringent regulatory standards, cost-effective solutions, complexity of decommissioning, public safety concerns.

Increased adoption of renewable sources of energy is significantly contributing to the growth of the nuclear decommissioning services market. Renewable energy comes from natural sources that replenish themselves more quickly than they are used up. Multiple factors such as the depletion of natural resources, rising fuel prices, rising pollution, and carbon levels are some of the root causes for the increased adoption of renewable energy sources. Nuclear energy is a non-renewable source of energy, and nuclear decommissioning services safely decommission these nuclear power plants and make them available for other uses. For instance, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in December 2022, the global renewable power capacity is expected to grow by 2 400 gigawatts (GW) over the 2022-2027 period. This increase is 30% higher than the amount of growth that was forecast in 2021, highlighting how quickly governments have thrown additional policy weight behind renewables. Renewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.Therefore, the increased adoption of renewable energy sources is expected to propel the growth of the nuclear decommissioning services market.

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The nuclear decommissioning services market covered in this report is segmented –

1) By Type: Pressurized Water Reactor (PWR) , Boiling Water Reactor (BWR) , Gas Cooled Reactor (GCR) , Other Types

2) By Capacity: Upto 800 MW, 800 MW-1000 MW, Above 1000 MW

3) By Application: Immediate Dismantling, Deferred Dismantling, Entombment

Technological advancement is a key trend in the nuclear decommissioning services market. Major players are increasingly adopting digitalization, robots, and machine learning technologies to handle nuclear decommissioning services. It includes robust visual imagining systems and robotic arms to reach spaces that humans cannot reach. For instance, in March 2021, Create Technologies Ltd., a Singapore-based computing and electronics engineering business services company, developed nuclear decommissioning technologies, the underwater robots. It collaborated on the project with another Cumbrian business, Fortis Remote Technology, which develops underwater gear specifically for the nuclear and offshore industries. These collaborative robots would enable tasks not previously achievable with conventional master-slave robots in underwater nuclear decommissioning operations. It is based on the Iris software created by Createc Robots for dry nuclear decommissioning robotics and combined with Fortis’ existing capabilities for modifying sensors and equipment for submerged operation, enabling safely encapsulating machinery to operate underwater.

The nuclear decommissioning services market report table of contents includes:

1. Executive Summary

2. Nuclear Decommissioning Services Market Characteristics

3. Nuclear Decommissioning Services Market Trends And Strategies

4. Nuclear Decommissioning Services Market – Macro Economic Scenario

5. Global Nuclear Decommissioning Services Market Size and Growth

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26. South America Nuclear Decommissioning Services Market

27. Brazil Nuclear Decommissioning Services Market

28. Middle East Nuclear Decommissioning Services Market

29. Africa Nuclear Decommissioning Services Market

30. Nuclear Decommissioning Services Market Competitive Landscape And Company Profiles

Top Major Players:

• AECOM Technology Corporation
• Babcock International Group PLC
• Westinghouse Electric Company LLC
• Studsvik AB
• NUVIA Group

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