by The global 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 the process of safely closing down a nuclear facility and reducing the residual radioactivity at the site to a level that permits the release of the site from regulatory control. This involves removing or reducing radioactive substances and dismantling the nuclear facilities to safely store, condition, treat, or dispose radioactive waste. The services include fuel removal, radioactive dismantling, waste treatment and storage, and site rehabilitation. With growing nuclear plant retirements due to aging infrastructure and focus on renewable energy sources, the demand for nuclear decommissioning services is increasing globally. These services help ensure the safety of the surrounding environment and public from radioactive exposure post facility closure.
Market key trends:
One of the key trends in the nuclear decommissioning services market is the growing number of retired nuclear facilities worldwide requiring decommissioning. According to the World Nuclear Industry Status Report 2022, around 250 commercial nuclear power reactors have permanently shut down or are in the process of shutting down worldwide. This provides significant opportunities for service providers engaged in decommissioning activities. Another key trend is the development of innovative decommissioning technologies and strategies to reduce project timelines and costs. Technologies such as modular deconstruction, use of robotics, artificial intelligence, and 3D printing are enhancing the efficiency and safety of decommissioning processes. Additionally, growing preference for entombment over dismantlement strategies is emerging as it offers advantages in terms of cost savings and waste reduction over the long term.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the requirement of large initial investments and stringent regulations.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various service providers and standardized nature of services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative raw material suppliers and substitutes.
Threat of new substitutes: The threat of new substitutes is low as nuclear decommissioning services have limited substitutes.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players.
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 investments in nuclear decommissioning projects.
The North America region dominates the global nuclear decommissioning services market and is expected to continue its dominance over the forecast period. This is attributed to factors such as the presence of large number of nuclear power plants and growing focus toward early shutdown of old nuclear units in the US and Canada. The Asia Pacific region is expected to exhibit the fastest growth over the coming years due to increasing number of shutdowns in countries such as China, India, and Japan.
Key players operating in the nuclear decommissioning services market include 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. Major players are focusing on portfolio expansion and partnerships to gain higher revenue shares in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
