NUCLEAR DECOMMISSIONING SERVICES MARKET ANALYSIS

Nuclear Decommissioning Services MarketSize and Trends

The global nuclear decommissioning services market size was valued at USD 198.67 billion in 2022 and is projected to register a CAGR of 9.40% during the forecast period. The worldwide shutdown of older nuclear reactors owing to aging and the transitioning trend toward renewable sources of energy due to minimal environmental impact is likely to be the major forces driving the growth of the market in the coming years. Due to the event of COVID-19, the nuclear sector faced a few challenges such as unavailability of the workers, restrictions on the number of on-site workers, and disruption in supply chains. Travel restrictions and government guidelines had an adverse impact on the progress of some nuclear decommissioning projects, owing to the limited availability of staff and experts. The end dates of project completion faced the risk of extension.

Market- Trends

Figure 1. Nuclear Decommissioning Services Market, By Application 2022

The pressurized water reactor segment accounted for the largest market share in the nuclear decommissioning services market in 2022. Pressurized water reactor (PWR) is a type of nuclear reactor used to generate electricity and propel nuclear submarines and naval vessels. It utilizes light water (ordinary water, as opposed to heavy water) as coolant and neutron moderator. According to the World Nuclear Association, PWR was originally designed for the U.S. Navy, however, it gained significant traction and became widely used reactor in nuclear power plants; with 297 in operation around the world as of 2018.