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Nuclear Decommissioning Services Market to Surpass US$ 407.56 Bn by 2030

Nuclear Decommissioning Services Market to Surpass US$ 407.56 Bn by 2030 - Coherent Market Insights

Publish In: Mar 24, 2023

The Global Nuclear Decommissioning Services Market was valued at US$ 198.67 billion in 2022, according to Nuclear Decommissioning Services Market Report, by Reactor Type (Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Gas Cooled Reactor (GCR), and Others (Pressurized Heavy Water Reactor (PHWR), etc.)), by Decommissioning Strategy (Immediate Dismantling, Deferred Dismantling, and Entombment), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).

The global nuclear decommissioning services market is projected to reach US$ 407.56 billion by 2030, exhibiting a CAGR of 9.40% during the forecast period. Increasing government initiatives backed by the rise of safety concerns regarding nuclear energy is expected to fuel growth of the global nuclear decommissioning services market. In 2013, considering the Fukushima accident, an International Research Institute for Nuclear Decommissioning (IRID) was established in Japan. IRID was expected to build the knowledge base for routine decommissioning. In January 2015, the IAEA (International Atomic Energy Agency) launched an International Project on Decommissioning and Remediation of Damaged Nuclear Facilities, the DAROD project, to help increase nuclear safety under the agency’s Nuclear Safety Action Plan. It was unanimously adopted by IAEA member states, following the 2011 Fukushima accident. However, nuclear waste management is expected to restrain growth of the global nuclear decommissioning services market. Decommissioning of a nuclear power plant involves safe disposition of large quantity of radioactive, hazardous, and conventional wastes. The wastes arising from decommissioning are hazardous and have to be stored or disposed safely, in order to protect the environment and future generations. As the cost of waste disposal is a large component of the total decommissioning budget, the optimal treatment and disposal option needs to be chosen for each type of waste.

To know the latest trends and insights prevalent in this market, click the link below:

Browse 25 market data tables* and 15 figures* on "Nuclear Decommissioning Services Market” - Global forecast to 2030.

Key Trends and Analysis of the Nuclear Decommissioning Services Market:

  • Among decommissioning strategy, immediate dismantling segment accounted for the largest market share in 2022 in the global nuclear decommissioning services market. Immediate dismantling allows the facility to be removed from regulatory control i.e. from the field soon after shutdown or termination of regulated activities. Final dismantling or decontamination activities can begin within a few months or years, depending on the facility. Following removal from regulatory control, the site is then available for re-use. Immediate dismantling enables the maximum use of the residual life of the equipment and structures of the shutdown units, reduces maintenance costs, and makes use of existing radioactive waste management facilities.
  • In 2017, Russian nuclear utility Rosenergoatom decided that moving from the ‘deferred’ to ‘immediate’ dismantling approach for its reactors undergoing decommissioning would bring a 20% cost saving

Key Takeaways of the Market:

  • North America accounted for the significant revenue share in the global nuclear decommissioning services market in 2022. Increasing focus of major players in North America to incorporate nuclear decommissioning activities and rising government initiatives in order to adopt clean energy are the major drivers for growth of the nuclear decommissioning services market in this region. For instance, in August 2018, Comprehensive Decommissioning International, LLC (CDI), a joint company of SNC-Lavalin and Holtec International, finalized contract with Holtec Decommissioning International, Inc. to enter into two multi-year nuclear decommissioning contracts, each accounting for US$ 100 million.
  • Major players operating in the global 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

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