Nuclear Decommissioning Services Market Overview, Analysis And Forecast To 2030

[sara James]

The global Nuclear Decommissioning Services Market size is expected to be valued at USD 9.42 billion by 2030, according to a new report by Grand View Research, Inc., exhibiting a 5.1% CAGR during the forecast period. Global nuclear phase-out and rising support from government’s post-nuclear accidents are among the major factors expected to fuel market growth in upcoming years.

The rise in public safety concerns due to hazardous consequences of nuclear accidents is set to actuate market demand in the coming years. In addition, increasing sustainability concerns are likely to positively impact market growth. The transitioning trend toward renewable energy, owing to various government initiatives and regulations is also projected to promote nuclear decommissioning services throughout the forecast period. Due to the Covid-19, the nuclear sector faced a few challenges such as unavailability of the workers, restrictions on the number of on-site workers, and disruption in supply chains.

With extensive research and development underway, various novel decommissioning technologies to enable the efficient dismantling of nuclear facilities have been developed. Furthermore, in order to enable sustainable development, government authorities are providing various incentives and support schemes for the efficient dismantling of nuclear plants.

Based on reactor type, Pressurized Water Reactors (PWR) grabbed the maximum share in the global market in 2021 and this trend is expected to continue during the forecast period. Increasing demand for PWRs, due to their ease of operation and stability features, the segment is expected to register a strong growth rate from 2022 to 2030. Based on the decommissioning strategy, the immediate dismantling segment accounted for the largest share of 43.7% in 2021 and it is expected to maintain its position throughout the forecast period.

Europe has emerged as the leading region owing to the increasing shut down of nuclear facilities in various countries such as Germany, U.K., France, and Lithuania. The presence of stringent government regulations in Europe to regulate dismantling processes is anticipated to propel market growth. Technological advancements and government support to phase out nuclear plants are likely to fuel the market in North America. Countries like the U.S., Germany, Japan, and South Korea are rapidly developing markets for nuclear decommissioning services.

Related Press Release@ Nuclear Decommissioning Services Market Report

Nuclear Decommissioning Services Market Report Highlights

• The market is likely to register a CAGR of 5.1%, in terms of value, from 2022 to 2030 on account of growing environmental concerns and the promotion of renewable energy against conventional sources of energy
• By type of reactor, the PWR segment is expected to exhibit the highest CAGR from 2022 to 2030, owing to a high preference for these reactors
• Europe was valued at USD 2.84 billion in 2021 and is expected to witness significant nuclear decommissioning in the future, with Germany and U.K. as major markets
• The key market players mainly focus on innovation to improve service quality and meet global demand 
• In December 2021, Westinghouse Electric Company LLC announced the signing of a contract with Germany-based RWE Nuclear GmbH, a company concerned with operations of nuclear power plants, for dismantling two reactors in the Gundremmingen nuclear facility. The company aims to provide risk-free and efficient services to RWE Nuclear GmbH with its expertise