Artificial Intelligence is fastest growing segment fueling the growth of Nuclear Decommissioning Services Market
Market Overview:
Nuclear
decommissioning services involve dismantling of retired nuclear power plants
and managing radioactive waste in a safe manner. These services help reduce
radiological hazards at retired nuclear sites and allow reuse of cleared land.
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 key trends:
Use of artificial intelligence is one of the key trends gaining traction in
the nuclear decommissioning services market. AI helps optimize project planning
and resource allocation for complex nuclear decommissioning projects. AI-based
simulations and data analysis help estimate project timelines more accurately.
It also aids in remote monitoring and automation of routine tasks like
radiation monitoring and waste sorting. This improves safety and efficiency of
decommissioning processes.
Segment Analysis
The global nuclear decommissioning services market is segmented into reactor
type, strategy, and geography. Based on reactor type, the market is classified
into pressurized water reactor (PWR), boiling water reactor (BWR), and gas-cooled
reactor among others. The PWR segment held the largest market share in 2022
owing to the wider use of PWR over other reactors globally. Based on strategy,
the market is bifurcated into immediate dismantling, deferred dismantling, and
entombment. The immediate dismantling segment dominated the market in 2022 as
it is the most viable and flexible strategy leading to early release of sites
for other uses.
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 aging nuclear power plants
across the world.
Regional analysis - Europe dominated
the global market in 2022 and is expected to maintain its dominance during the
forecast period. This is attributed to increasing number of decommissioned and
old nuclear power plants in Western European countries like Germany, UK, and
Belgium. The Asia Pacific region is expected to grow at the fastest pace during
the forecast period due to growing decommissioning activities in Japan and
Taiwan.
Key players - 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, and Sogin
S.p.A among others. AECOM captured the largest market share in 2022 owing to its
expertise and experience in nuclear decommissioning projects globally.
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