Nuclear Decommissioning Market Size, Share, Growth Analysis, By Reactor Type(Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Gas Cooled Reactor (GCR)), By Strategy(Immediate Dismantling, Deferred Dismantling, Entombment), By Region - Industry Forecast 2024-2031

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).

Nuclear decommissioning is the process of dismantling a nuclear facility so that it does not need to be shielded from radiation any longer. Technical, monetary, and social barriers to nuclear decommissioning exist. In order to ensure that radioactive materials are stored on-site safely or transported elsewhere for storage, it is necessary to address the removal of radioactive materials, which is a labor-intensive, expensive, and time-consuming process that also poses environmental dangers.

The global retirement of older nuclear reactors due to ageing and the shift toward renewable energy sources due to their low environmental impact are projected to be the main factors propelling the market's expansion in the ensuing years. The Covid-19 presented a variety of difficulties for the nuclear industry, including a lack of labour, limitations on the number of on-site staff, and disruptions in supply lines. Due to the shortage of workers and specialists, travel restrictions and government regulations hampered the completion of some nuclear decommissioning programmes. The project's completion deadlines ran the possibility of being delayed.

US Nuclear Decommissioning Market is poised to grow at a sustainable CAGR for the next forecast year.