Nuclear Decommissioning Services Global Market Report 2024

The global nuclear decommissioning services market has grown strongly in recent years. It will grow from $6.85 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historical period can be attributed to several factors, including increased public awareness and perception regarding nuclear energy, industry experience and expertise, supportive government policies and funding, evolving global trends in nuclear energy usage, and various economic factors influencing the industry's trajectory.

The global nuclear decommissioning services market is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be linked to several factors, including the remediation of legacy sites, heightened focus on risk management, addressing environmental concerns and remediation efforts, advancements in waste management solutions, and the importance of human capital and expertise in the nuclear energy sector. Key trends expected in this period involve addressing aging nuclear facilities, adherence to stringent regulatory standards, seeking cost-effective solutions, managing the complexity of decommissioning processes, and addressing public safety concerns within the industry.

The nuclear decommissioning services market experiences significant growth due to the increased adoption of renewable energy sources. This shift stems from concerns like natural resource depletion, rising fuel costs, pollution, and escalating carbon levels, prompting a shift toward renewable energy. Notably, a report by the International Energy Agency in December 2022 predicts a surge of 2,400 gigawatts in global renewable power capacity by 2027. This anticipated growth, 30% higher than the 2021 forecast, reflects governments' amplified support for renewables. With renewables projected to dominate global electricity expansion, surpassing coal by early 2025, this surge in renewable energy adoption drives the growth of the nuclear decommissioning services market.

Public resistance toward nuclear energy significantly propels the nuclear decommissioning services market. This opposition represents collective skepticism, disagreement, or negative sentiment within communities regarding nuclear energy projects. Such sentiments stem from concerns about safety, environmental impact, and health risks related to nuclear power plants. Notably, Gallup Inc.'s May 2022 publication revealed a split opinion among Americans, with 51% in favor of nuclear energy and 47% opposing it. This contrasted with solid support from 2004 to 2015 but indicates recent hesitation, marking a shift in public sentiment. As concerns grow, nuclear decommissioning services offer a regulated process to dismantle facilities, addressing public fears and driving the market for decommissioning services.

Technological advancement emerges as a pivotal trend in the nuclear decommissioning services market. Leading players increasingly leverage digitalization, robotics, and machine learning to handle decommissioning processes, utilizing advanced visual imaging systems and robotic arms for intricate tasks. For instance, Create Technologies Ltd. introduced underwater robots in March 2021, collaborating with Fortis Remote Technology to develop specialized equipment for underwater nuclear decommissioning. These collaborative robots enable tasks previously inaccessible with conventional underwater robots, leveraging innovative software and modified sensors for submerged operations, revolutionizing the safety and efficiency of underwater decommissioning processes.

Strategic partnerships and collaborations among major companies strengthen their foothold in the nuclear decommissioning services market. These partnerships, structured via business agreements or contracts, enhance capabilities and share best practices. For instance, in July 2023, Huntington Ingalls Industries Inc., a US-based military shipbuilding company, partnered with Babcock International Group, a UK-based aerospace, defense, and nuclear engineering services company. This collaboration aims to optimize existing nuclear decommissioning contracts for U.S. ships and U.K. submarines, leveraging shared capabilities to enhance both organizations’ proficiency for the benefit of U.S. and U.K. programs.

In May 2022, TriArtisan Capital Advisors, a private equity firm based in the United States, completed the acquisition of EnergySolutions for an undisclosed sum. This strategic move empowers TriArtisan Capital Advisors by enhancing its portfolio within the realm of nuclear decommissioning services. EnergySolutions, an international nuclear services company headquartered in the U.S., specializes in offering comprehensive nuclear decommissioning services.

Major companies operating in the nuclear decommissioning services market report are AECOM Technology Corporation, Babcock International Group PLC, Westinghouse Electric Company LLC, Studsvik AB, NUVIA Group, Onet Technologies SAS, Sogin SpA, GE Hitachi Nuclear Energy, Bechtel Group Inc., KDC Contractors Limited, Energysolutions Inc., Ansaldo Nuclear Engineering Services Limited, Gd Energy Services Ltd., Orana Group, NorthStar Group Services Inc., James Fisher & Sons PLC, BWX Technologies Inc., Cavendish Nuclear Ltd., Jacobs Engineering Group Inc., Dominion Energy Inc., E.ON SE, EDF Energy Holdings Limited, Exelon Corporation, Fluor Corporation, Holtec International Corp., Magnox Ltd., NAC International Inc., NUKEM Technologies GmbH, Ontario Power Generation Inc.

Europe was the largest region in the nuclear decommissioning services market share in 2023. The regions covered in the nuclear decommissioning services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nuclear decommissioning services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Various types of nuclear decommissioning services include pressurized water reactors (PWR), boiling water reactors (BWR), gas-cooled reactors (GCR), and other reactor types. Pressurized water reactors function by pressurizing and circulating water without boiling it before pumping it into the reactor core. They play a key role in decommissioning nuclear plants, generating electricity, and powering nuclear submarines. With different capacities, ranging from up to 800 MW, 800 MW-1000 MW, and above 1000 MW, these reactors serve immediate dismantling, deferred dismantling, and entombment applications.

This report provides nuclear decommissioning services market statistics, including nuclear decommissioning services industry global market size, regional shares, competitors with a nuclear decommissioning services market share, detailed nuclear decommissioning services market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear decommissioning services industry. This nuclear decommissioning services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The nuclear decommissioning services market includes revenues earned by entities by providing residual radioactivity, dismantling the structures, and removing contaminated materials. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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