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LONDON, GREATER LONDON, UNITED KINGDOM, October 4, 2024 /EINPresswire.com/ -- The nuclear decommissioning services market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Nuclear Decommissioning Services Market And Its Annual Growth Rate?
The nuclear decommissioning services market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Nuclear Decommissioning Services Market
Increased adoption of renewable sources of energy is significantly contributing to the growth of the nuclear decommissioning services market. Renewable energy comes from natural sources that replenish themselves more quickly than they are used up. Multiple factors such as the depletion of natural resources, rising fuel prices, rising pollution, and carbon levels are some of the root causes for the increased adoption of renewable energy sources. Nuclear energy is a non-renewable source of energy, and nuclear decommissioning services safely decommission these nuclear power plants and make them available for other uses.
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Which Market Players Are Driving the Nuclear Decommissioning Services Market Growth?
Key players in the market include 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.
What Are the Emerging Trends Shaping the Nuclear Decommissioning Services Market Overview?
Major companies collaborate and get into partnerships to strengthen their position in the market. A business strategic partnership refers to a structured affiliation between two or more commercial enterprises, typically established via one or more business agreements or contracts.
How Is The Global Nuclear Decommissioning Services Market 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
Geographical Insights: Europe Leading The Nuclear Decommissioning Services Market
Europe was the largest region in the market share in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Nuclear Decommissioning Services Market Definition
The nuclear decommissioning service is the administrative and technical process used to decommission, clean, and demolish a nuclear power plant at the end of its life to make the land safe and available for other purposes. Decommissioning is the process of removing all of the fuel from a nuclear power station, shutting it down, and bringing the site back to a predetermined end state that is ready for repurposing. Nuclear decommissioning services are crucial to ensuring the long-term safety of people and the environment.
Nuclear Decommissioning Services Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global nuclear decommissioning services market report covering trends, opportunities, strategies, and more
The Nuclear Decommissioning Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on nuclear decommissioning services market size, nuclear decommissioning services market drivers and trends and nuclear decommissioning services market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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