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 help in dismantling nuclear power plants and managing nuclear waste safely and economically. These services play a crucial role in decontaminating nuclear facilities to ensure safety of environment and public health.
Market key trends:
One of the key trends in nuclear decommissioning services market is increasing focus on remote dismantling technology. Growing emphasis on safety of workers and general public during decommissioning activities is propelling the adoption of remotely operated machines and smart robotics. Advanced remote dismantling technologies help in handling radioactive materials safely from a distance without risking human health. This trend is expected to continue driving the nuclear decommissioning services market over the forecast period.
Segment Analysis
The global nuclear decommissioning services market is segmented into reactor type, strategy, and application. Based on reactor type, the light water reactor (LWR) segment dominates the market, accounting for around 60% share of the total market. LWRs dominate as they are the most widely used reactors across the world and several old LWR power plants will need to be decommissioned over the coming decade.
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 pressure from governments and regulatory bodies to safely decommission retired nuclear power plants and reduce risks of radioactive leaks.
Regional analysis
Europe dominates the global nuclear decommissioning services market with around 40% share, followed by North America. This is primarily due to the presence of a large number of nuclear power plants in countries such as UK, Germany, and Russia that are expected to be decommissioned in the coming decade. The United Kingdom accounts for the fastest growing market in the region.
Key players
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. Orana Group and AECOM captured the largest market share in 2022 owing to their extensive experience in nuclear decommissioning projects globally.
Read more: https://www.rapidwebwire.com/nuclear-decommissioning-services-market-insights-trends/
Comments
0 comment