Soaring Demand Set to Propel Nuclear Decommissioning Services Market to $13.19 Billion by 2029

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What Is the Expected CAGR for the Nuclear Decommissioning Services Market Through 2025?
The market size for nuclear decommissioning services has seen rapid growth lately. Its size is projected to increase from $8.31 billion in 2024 to $9.84 billion in 2025, recording a compound annual growth rate (CAGR) of 18.5%. The substantial growth observed in the historic period is due to factors such as public awareness and perception, industry knowledge and skill, government legislations and financial support, global trends in nuclear energy, and economic elements.

What's the Projected Size of the Global Nuclear Decommissioning Services Market by 2029?
Over the forthcoming years, significant uptick is anticipated in the nuclear decommissioning services market, ballooning to a size of $13.2 billion in 2029 reflecting a compound annual growth rate (CAGR) of 7.6%. This surge during the prediction period is linked to factors such as remediation of legacy sites, risk management, environmental considerations and remediation, solutions for waste management, human resource and proficiency. In the same predictive timeframe, the key trends expected to be witnessed are ageing nuclear facilities, strict regulatory measures, economical solutions, the intricacy in decommissioning, and concerns regarding public safety.

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Top Growth Drivers in the Nuclear Decommissioning Services Industry: What's Accelerating the Market?
The expansion of the nuclear decommissioning services market is being considerably driven by the growing usage of renewable energy sources. These natural sources of energy have the capacity to regenerate at a quicker pace than their consumption rate. The escalation in the use of renewable energy can be attributed to several reasons including natural resources depletion, increased fuel costs, heightened pollution, and carbon levels. Nuclear energy, a non-renewable energy source, requires nuclear decommissioning services for safely dismantling nuclear power plants, thereby rendering them suitable for other applications. For example, the International Energy Agency, an independent intergovernmental organization based in Paris, predicted in a December 2022 report that global renewable power capacity will escalate by 2 400 gigawatts (GW) between 2022 and 2027. This anticipated rise is 30% more than what was projected in 2021, reflecting the swiftness with which authorities have increased their policy support for renewables. It is projected that renewables will constitute over 90% of global electricity growth in the forthcoming five years, surpassing coal and becoming the primary global electricity source by early 2025. Hence, the rising inclination towards renewable energy sources is likely to stimulate the expansion of the nuclear decommissioning services market.

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What Trends Will Shape the Nuclear Decommissioning Services Market Through 2029 and Beyond?
Product innovation is being identified as a crucial trend within the nuclear decommissioning services sector. Dominant market participants are increasingly incorporating digitalization and other technologies as part of their nuclear decommissioning services strategies. This encompasses advanced visual imaging systems and robotic arms, which allow access to areas unattainable by humans. For instance, September 2024 saw a new Coordinated Research Project (CRP) for the deployment of inventive digital technologies for Efficient Decommissioning of Nuclear Facilities, launched by The International Atomic Energy Agency, an intergovernmental organization based in Austria. The goal of this initiative is to promote international cooperation and aid countries in the planning and implementation of nuclear facility decommissioning. The CRP will assess emerging technologies aimed at enhancing efficiency and effectiveness, with particular emphasis on digital tools for planning, data management, and the utilization of robotics and automation. Moreover, it will offer a platform for benchmarking pioneering technologies and practical decommissioning strategies.

What Are the Main Segments in the Nuclear Decommissioning Services Market?
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

Subsegments:
1) By Pressurized Water Reactor (PWR): Decommissioning Of PWR Plants, Waste Management For PWR
2) By Boiling Water Reactor (BWR): Decommissioning Of BWR Plants, Waste Management For BWR
3) By Gas Cooled Reactor (GCR): Decommissioning Of GCR Plants, Waste Management For GCR
4) By Other Types: Fast Breeder Reactor (FBR), Small Modular Reactor (SMR), Research Reactor

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Which Top Companies are Driving Growth in the Nuclear Decommissioning Services Market?
Major companies operating in the nuclear decommissioning services market 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.

Which Regions Will Dominate the Nuclear Decommissioning Services Market Through 2029?
Europe was the largest region in the nuclear decommissioning services market share in 2024. The regions covered in the nuclear decommissioning services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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