The 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 dismantle nuclear power plants and manage radioactive waste safely and efficiently after the plants are shut down permanently. These services aid in dismantling, decontaminating, and restoring nuclear plants to greenfield status. They help manage nuclear fuel, reduce safety and environmental risks, and save costs related to maintaining shutdown sites securely.

Market key trends:
One of the major trends driving the nuclear decommissioning services market growth is increasing government focus on accelerating nuclear decommissioning projects. Governments across the globe are developing policies and roadmaps to facilitate fast-track decommissioning projects considering environmental and economic factors. For instance, in February 2022, the UK government announced plans to accelerate decommissioning activities and bring forward closure dates of some nuclear plants by up to five years. The revised strategies aim to save around USD 2 billion in decommissioning and waste management costs. Such initiatives are fueling demand for advanced nuclear decommissioning services.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the nuclear decommissioning services market is low due to high start-up capital requirements and stringent regulations.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of a wide range of nuclear decommissioning service providers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are several raw material and component suppliers in the market.

Threat of new substitutes: Threat of new substitutes is low as there are no close substitutes for nuclear decommissioning services.

Competitive rivalry: The competitive rivalry in the market is high due to presence of several global players.

SWOT Analysis
Strength: The nuclear decommissioning services market is driven by stringent nuclear safety regulations. Experienced workforce and availability of advanced dismantling technologies are other strengths.

Weakness: High initial investment and longer duration of decommissioning projects are weaknesses. Worker safety issues and securing radioactive waste are other weaknesses.

Opportunity: Growing number of nuclear power plants reaching end-of-life and rising focus on renewable energy present opportunities. Developing economies investing in nuclear infrastructure offer potentials.

Threats: Budget constraints of governments and utilities along with time overruns pose threats. Public opposition to nuclear energy and geographic concentration of suppliers are threats too.

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 number of aging nuclear reactors. Europe dominated the market share in 2023 due to presence of large number of nuclear power plants in countries like France and UK. The Asia Pacific region is projected to grow at fastest pace during the forecast period owing to increasing investments in nuclear infrastructure in China, India and Japan.

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. They provide integrated solutions ranging from planning, waste management to dismantling and site remediation.

Read more: https://www.ukwebwire.com/nuclear-decommissioning-services-market-share-forecast/