Nuclear Decommissioning Services Market Share, Size And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Nuclear Decommissioning Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to public awareness and perception, industry experience and expertise, government policies and funding, global nuclear energy trends, economic factors.

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%. The growth in the forecast period can be attributed to legacy site remediation, risk management, environmental concerns and remediation, waste management solutions, human capital and expertise. Major trends in the forecast period include aging nuclear facilities, stringent regulatory standards, cost-effective solutions, complexity of decommissioning, public safety concerns.

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Market Drivers and Trends:

Public opposition to nuclear energy is expected to propel the growth of the nuclear decommissioning services market. Public opposition to nuclear energy refers to the collective resistance, disagreement, or negative sentiment expressed by a segment of the public or communities regarding the development, operation, or expansion of nuclear energy projects and facilities. Nuclear decommissioning services play a crucial role in addressing public opposition to nuclear energy. As concerns about safety, environmental impacts, and health risks associated with nuclear power plants grow, public opposition often emerges. In response, nuclear decommissioning services offer a systematic and regulated process for safely shutting down and dismantling nuclear facilities, alleviating public fears about the long-term consequences of nuclear energy. For instance, in May 2022, Gallup Inc., a US-based management consulting company published an article according to which Americans are evenly split on whether nuclear energy should be a source of electricity in the U.S., with 51% in favor and 47% opposed. In 2018, the two camps were tied at 49%, while in 2016, the majority (54%) opposed nuclear power. Americans' relatively limited support for nuclear energy in recent years contrasts with more solid backing from 2004 to 2015 when the majority preferred nuclear energy. Therefore, public opposition to nuclear energy is driving the nuclear decommissioning services market.

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.

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Major Key Players of the Market:

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.

Nuclear Decommissioning Services Market 2024 Key Insights:

• 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%.
• The Surge In Renewable Energy Adoption And Its Impact On The Nuclear Decommissioning Services Market
• The Technological Wave And Collaborative Robots In Action
• Europe was the largest region in the nuclear decommissioning services market share in 2023

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