What is the global market size of Nuclear Decommissioning Services Market?

Global Nuclear Decommissioning Services Market size was valued at USD 6.05 billion in 2021 and is poised to grow from USD 6.36 billion in 2022 to USD 9.55 billion by 2030, at a CAGR of 5.2% during the forecast period (2023-2030)

Who are the key vendors in the Global Nuclear Decommissioning Services Market?

Global Nuclear Decommissioning Services Market has witnessed significant growth in recent years, driven by the increasing number of nuclear power plants reaching the end of their operational lives, growing concerns over safety and environmental risks, and the need to effectively manage radioactive waste. The market is highly competitive, with several key players dominating the industry. Some of the prominent players offer a wide range of decommissioning services, including project management, engineering, waste management, and site remediation. These companies compete based on their expertise, technological capabilities, experience, and global reach. Additionally, partnerships, collaborations, and strategic acquisitions are common strategies employed by market players to expand their market share and strengthen their competitive position in the global nuclear decommissioning services market. 'AECOM (US)', 'Areva SA (France)', 'Babcock International Group PLC (UK)', 'Bechtel Corporation (US)', 'BWX Technologies Inc. (US)', 'EDF (Electricité de France) (France)', 'Fluor Corporation (US)', 'GE Hitachi Nuclear Energy (US)', 'Holtec International (US)', 'Jacobs Engineering Group Inc. (US)', 'Magnox Ltd. (UK)', 'Orano (formerly Areva) (France)', 'Sellafield Ltd. (UK)', 'Studsvik AB (Sweden)', 'Techsnabexport (TENEX) (Russia)', 'Toshiba Corporation (Japan)', 'United States Enrichment Corporation (US)', 'URS Corporation (US)', 'Westinghouse Electric Company LLC (US)', 'Wood Group (UK)'

What is the key driver of Global Nuclear Decommissioning Services Market?

Decommissioning nuclear facilities is a complex and costly process, requiring specialized expertise, advanced technologies, and extensive safety measures. The high costs associated with decommissioning can act as a significant restraint, particularly for countries with limited financial resources. The lack of adequate funding and budget constraints can hinder the progress of decommissioning projects and delay their completion.

What is the key market trend for Global Nuclear Decommissioning Services Market?

Adoption of Robotics and Automation: The nuclear decommissioning industry is witnessing an increasing adoption of robotics and automation technologies. These technologies allow for safer and more efficient dismantling and decontamination processes, reducing human exposure to radiation and minimizing the overall project duration. For example, remotely operated robots equipped with cameras and sensors can access and perform tasks in hazardous environments, enhancing operational safety.

Which region accounted for the largest share in Global Nuclear Decommissioning Services Market?

North America, with its well-established nuclear power industry, holds a significant share of the global decommissioning services market. The region is witnessing a surge in nuclear plant retirements, leading to a higher demand for decommissioning services. The United States, in particular, boasts a considerable market share, with several large-scale decommissioning projects underway. For instance, the ongoing decommissioning of the Pilgrim Nuclear Power Station in Massachusetts, one of the oldest operating nuclear power plants in the United States, has created a substantial market opportunity. The decommissioning process involves complex engineering solutions, waste management, and dismantling, making it an attractive market for specialized service providers.

Nuclear Decommissioning Market Size, Share, Growth Analysis, By Reactor Type (Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR)), By Strategy (Immediate Dismantling, Deferred Dismantling), By Capacity (Upto 100 MW, Above 1000 MW), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20N2026 | Region: Global | Published Date: April, 2024
Pages: 265 | Tables: 63 | Figures: 75

Nuclear Decommissioning Market News

In May 2022, the nuclear power reactor at Palisades on Lake Michigan was shut down by Entergy Corporation. The nuclear power facility may produce 800MW of electricity. The reactor's fuel was taken out and put in the spent fuel pool to cool. The fuel will be moved to the secure independent spent fuel storage facility on station grounds after cooling. The business also wants to finish decommissioning the nuclear reactor by 2041.
In April 2022, in the United States, BHI Energy is a provider of services for power generation and delivery. Westinghouse Electric Company LLC announced the signing of a deal for the acquisition of BHI Energy. With this acquisition, Westinghouse Electric Company LLC hopes to increase its knowledge and capabilities in the modification and upkeep of nuclear plants as well as other similar services.
In March 2022, a contract was struck by Hyundai Engineering & Construction and Holtec to work together to decommission a nuclear power station in the United States. After 45 years of service, the Indian Point Energy Center nuclear power facility in Buchanan, New York, was shut down in April 2021. The decommissioning project, which involved removing active components from nuclear reactors and transporting old nuclear fuel from pools into a dry storage system, will be managed by Hyundai Engineering & Construction.

Nuclear Decommissioning Market Report Snapshots

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Global Nuclear Decommissioning Market size was valued at USD 4.1 billion in 2019 and is poised to grow from USD 4.3 billion in 2023 to USD 6.1 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our nuclear decommissioning market reports, some of the leading nuclear decommissioning market manufacturers are as follows: Areva Group (France), Babcock International Group PLC. (UK), Studsvik AB (Sweden), AECOM (US), Westinghouse Electric (US), Orano Group (Paris), Bechtel Corporation (US), Magnox Ltd. (UK), NUVIA Group (France), Onet Technologies (UK). 'AECOM ', 'Ansaldo Energia ', 'Sogin s.p.a ', 'Bechtel ', 'BHI Energy ', 'EDF Energy ', 'EnergySolutions ', 'Fluor Corporation ', 'GE Hitachi Nuclear Energy ', 'GNS Gesellschaft für Nuklear-Service ', 'Holtec International ', 'Jacobs Engineering Group ', 'Magnox Ltd ', 'NDA Group ', 'Orano ', 'Rosatom ', 'Studsvik AB ', 'Swedish Nuclear Fuel and Waste Management Company ', 'Toshiba ', 'Westinghouse Electric Company '

Due to the growing support from governments in many nations following nuclear accidents, the need for nuclear decommissioning has seen a phenomenal increase. The public and governments are applying increasing pressure, making nuclear phase-out urgently necessary.

Nuclear power stations have been shut down as a result of policy-level measures taken by governments around the world. Many governments have plans to limit the amount of nuclear energy in their country' energy mix. States in Western Europe with a significant renewable energy portfolio and severe worries about the environmental impact and potential risk of operating commercial nuclear power facilities frequently have such regulatory rules.

In 2021, Europe held the greatest market share for nuclear decommissioning services worldwide. As nuclear decommissioning efforts are supported by strict government rules in Europe, this region's market is expanding. Within the next five years, decommissioning and decontamination (D&D) are expected to become the largest market in the world. By 2025, more than half of the 223 nuclear power stations in the European Union will be shut down. In the United States, the market for nuclear decommissioning services is anticipated to reach US$1.9 billion in 2022. The industry is expected to grow significantly since many nuclear power plants, particularly in industrialised nations, are nearing the end of their useful lives. Additionally, the economic appeal of nuclear power is declining due to growing environmental awareness and improved affordability of renewable energy sources like solar and wind.

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Nuclear Decommissioning Market Size, Share, Growth Analysis, By Reactor Type (Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR)), By Strategy (Immediate Dismantling, Deferred Dismantling), By Capacity (Upto 100 MW, Above 1000 MW), By Region - Industry Forecast 2024-2031

Nuclear Decommissioning Market News

Nuclear Decommissioning Market Report Snapshots

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What is the global market size of Nuclear Decommissioning Market?

Who are the key vendors in the Nuclear Decommissioning Market?

What is the key driver of Nuclear Decommissioning Market?

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Which region accounted for the largest share in Nuclear Decommissioning Market?

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