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Nuclear Decommissioning Services Market Size, Share, Growth, Trends, Analysis, Forecast To 2033
Nuclear Decommissioning Services Market Size
As per the report, the nuclear decommissioning services market size 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 nuclear decommissioning services market size 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%.
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The Surge In Renewable Energy Adoption And Its Impact On The Nuclear Decommissioning Services Market
Increased adoption of renewable sources of energy is significantly contributing to the growth of the nuclear decommissioning services market. Renewable energy comes from natural sources that replenish themselves more quickly than they are used up. Multiple factors such as the depletion of natural resources, rising fuel prices, rising pollution, and carbon levels are some of the root causes for the increased adoption of renewable energy sources. Nuclear energy is a non-renewable source of energy, and nuclear decommissioning services safely decommission these nuclear power plants and make them available for other uses. For instance, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in December 2022, the global renewable power capacity is expected to grow by 2 400 gigawatts (GW) over the 2022-2027 period. This increase is 30% higher than the amount of growth that was forecast in 2021, highlighting how quickly governments have thrown additional policy weight behind renewables. Renewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.Therefore, the increased adoption of renewable energy sources is expected to propel the growth of the nuclear decommissioning services market.
The Technological Wave And Collaborative Robots In Action
Technological advancement is a key trend in the nuclear decommissioning services market. Major players are increasingly adopting digitalization, robots, and machine learning technologies to handle nuclear decommissioning services. It includes robust visual imagining systems and robotic arms to reach spaces that humans cannot reach. For instance, in March 2021, Create Technologies Ltd., a Singapore-based computing and electronics engineering business services company, developed nuclear decommissioning technologies, the underwater robots. It collaborated on the project with another Cumbrian business, Fortis Remote Technology, which develops underwater gear specifically for the nuclear and offshore industries. These collaborative robots would enable tasks not previously achievable with conventional master-slave robots in underwater nuclear decommissioning operations. It is based on the Iris software created by Createc Robots for dry nuclear decommissioning robotics and combined with Fortis' existing capabilities for modifying sensors and equipment for submerged operation, enabling safely encapsulating machinery to operate underwater.
The nuclear decommissioning services market covered in this report is segmented -
1) By Type: Pressurized Water Reactor (PWR) , Boiling Water Reactor (BWR) , Gas Cooled Reactor (GCR) , Other Types
2) By Capacity: Upto 800 MW, 800 MW-1000 MW, Above 1000 MW
3) By Application: Immediate Dismantling, Deferred Dismantling, Entombment
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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.
Contents of the report:
1. Executive Summary
2. Nuclear Decommissioning Services Market Report Structure
3. Nuclear Decommissioning Services Market Trends And Strategies
4. Nuclear Decommissioning Services Market - Macro Economic Scenario
5. Nuclear Decommissioning Services Market Size And Growth
…..
27. Nuclear Decommissioning Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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