Nuclear Decommissioning Market to Reach Valuation of USD 8.1 Billion by 2030 – Growth in the Usage of Nuclear Decommissioning Market in Innovation and Technology Drives the Market

In terms of revenue, the Global Nuclear Decommissioning Market is expected to reach USD 8.1 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 4.9% from 2023 to 2030.

It is anticipated that the primary reasons driving the market's rise in the coming years will be the global retirement of older nuclear reactors owing to ageing and the switch to renewable energy sources due to their low environmental effect. The Covid-19 faced the nuclear sector with several challenges, including a labour shortage, restrictions on the number of staff members who could work on-site, and disruptions in supply lines. Certain nuclear decommissioning operations were unable to be completed because of a lack of employees and professionals, travel limitations, and governmental prohibitions. The deadlines for the project's completion ran the risk of being postponed. The necessity for nuclear decommissioning has grown dramatically because of governments in many countries increasing their assistance in the wake of nuclear accidents.

Key Highlights from the Report

· There are various methods for decommissioning nuclear sites, such as secure enclosure, postponed decommissioning, and encapsulation. Each of these methods has benefits and drawbacks. However, due to the global increase in nuclear reactor shutdowns, notably in Europe, the sector has been dominated by the quick decommissioning of reactors shortly after the shutdown.

· In order to give better performance, providers of Nuclear Decommissioning continue to emphasize innovation and technological breakthroughs in dismantling processes. Throughout the foreseeable period, such developments, along with competitive pricing, are probably going to help them increase their market share. To overcome obstacles encountered during the decommissioning of nuclear sites, businesses are heavily investing in research and development.

· In terms of region, Europe held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This is due to the increasing product accessibility and a higher adoption rate.

Market Dynamics

The global retirement of older nuclear reactors due to ageing and the shift towards 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 programs.

Due to the increased support from governments in many nations following nuclear accidents, the need for nuclear decommissioning has seen a phenomenal increase. The public and governments are applying increasing pressure, making nuclear phase-out urgently necessary. Growing safety concerns, particularly in areas like Europe and North America, are projected to have a favorable effect on market expansion. Nuclear decommissioning can take years since radioactive material deteriorates slowly over time. A reactor's lifespan is often predicted to be between 40 and 60 years, beyond which it becomes challenging to operate them. When a plant ages or its operational permit expires, decommissioning entails the complete cleanup of radioactive. With industry operators, various decommissioning techniques for nuclear sites are available. They consist of encapsulation, delayed disassembly, and immediate dismantling. Deferred dismantling is recommended as the majority of the materials can be reused and the overall dose is quite low. Several of the largest competitors in the market are always looking for ways to use new technology to provide better services with higher levels of efficiency. In 2021, Europe retained the highest position in terms of market share for Nuclear Decommissioning with a 45.0% share. It is estimated to grow the second-fastest after North America, with a CAGR of 5% during the forecasted period. It was valued USD 2.75 billion in 2021, and by 2030, it's anticipated to be worth USD 4.26 billion. The United States, a large market in the region, is expected to be impacted by the closure of multiple reactors by 2025. The expansion of Nuclear Decommissioning in Japan and other Asian countries is predicted to cause the market in the Asia-Pacific to expand throughout the course of the anticipated timeframe.

The Global Nuclear Decommissioning Market is Segmented as follows:

• Service Type
  • Immediate Dismantling
  • Safe Enclosure
  • Entombment
• Reactor Type
  • Pressurized Water Reactor
  • Boiling Water Reactor
  • Gas Cooled Reactor
  • Other Reactor Types
• Capacity
  • Below 100 MW
  • 100 MW - 1000 MW
  • Above 1000 MW
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Nuclear Decommissioning Market is:

Westinghouse Electric Corporation (U.S.), Babcock International Group (UK), GE Hitachi Nuclear Energy (U.S.), Jacobs (U.S.), Manafort Brothers Inc. (U.S.), BWX Technologies (U.S.), Bechtel Corporation (U.S.), AECOM (U.S.), NUVIA (U.S.), Beyond Nuclear (U.S.), Magnox Ltd. (UK)

The Global Nuclear Decommissioning Market Scope can be Tabulated as below: