by Market Overview:
Nuclear decommissioning services help in dismantling of nuclear power plants or other nuclear facilities in a way that effectively manages waste and protects public health and safety. Some key activities under nuclear decommissioning services include planning, removal of spent nuclear fuel from reactors, decontamination, and demolition. The nuclear decommissioning process is complex and involves specialized services like waste management and contamination control given the hazards associated with radioactivity.
The 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 Dynamics:
Growing number of nuclear reactors reaching end of operational life across regions is a key driver bolstering demand for nuclear decommissioning services. For instance, in the U.S. around 50 reactors are more than 40 years old and in the coming years will be decommissioned. Similarly, nuclear plants in Europe are entering decommissioning phase. Additionally, stringent laws pertaining to nuclear safety and radioactive waste disposal are prompting countries and companies to adopt decommissioning of old and outdated plants, thus favoring market growth. However, high costs associated with nuclear decommissioning activities is a challenge, as dismantling and complete cleanup of a nuclear plant can cost between USD 1-5 billion. Nevertheless, development of improved decontamination and dismantling technologies is supporting efforts to reduce costs of decommissioning activities.
Segment Analysis
The nuclear decommissioning services market can be segmented into reactor type, strategy, and geography. Based on reactor type, the market is segmented into pressurized water reactor (PWR), boiling water reactor (BWR), pressurized heavy water reactor (PHWR), gas cooled reactor (GCR), and others. The PWR dominates the market as it accounts for over 50% of nuclear reactors globally. Based on strategy, it is segmented into immediate dismantling, deferred dismantling, and entombment. Immediate dismantling dominates as it offers safety benefits and lower long-term costs.
PEST Analysis
Political: Favorable government policies towards nuclear decommissioning in countries with ageing nuclear plants are driving market growth. Economic: Cost-effective nuclear decommissioning services are boosting market revenues. Social: Increasing public concerns over radioactive waste disposal are propelling demand. Technological: Advancements in robotic technologies for remote dismantling operations are supporting market expansion.
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 focus on immediate dismantling of retired reactors. Regionally, Europe dominates the market and is expected to continue its dominance, driven by the presence of large number of reactors nearing end of life in countries like UK, Germany, and France. The North American market is also expected to grow at a significant rate owing to increasing decommissioning of ageing plants in the US and Canada. 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. While Orana Group and AECOM offer integrated decommissioning services, Babcock and Westinghouse are engaged in reactor dismantling operations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
