One of the key elements driving market growth worldwide is the increase in risk and safety concerns about nuclear decommissioning services. Less reliance on nuclear power as a result of increased attention being paid to renewable energy sources like wind, solar, and others is driving worldwide expansion in the nuclear decommissioning services industry. According to Energy Information Administration (EIA) predictions, the total amount of renewable energy used in the power industry would rise by 8.7% in 2016 and 6.5% in 2017. Between 2014 and 2017, it was predicted that solar PV capacity would rise from 10 GW to 27 GW. In 2016, 9% and 8% more wind capacity, or 5.6% of total generation, was predicted to be added in 2016 and 2017, respectively.
The global Nuclear Decommissioning Services Market was valued at US$ 171.74 billion in 2018 and is expected to register a CAGR of 7.0% in terms of revenue over the forecast period (2019 – 2027).
Leading Companies in the Nuclear Decommissioning Services Industry:
1. AECOM
AECOM is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. AECOM was incorporated in 1980 and is headquartered in Dallas, Texas. In January, 2023 AECOM, the world’s trusted infrastructure consulting firm, announced that its high complexity material testing laboratory in Ontario, Canada has been qualified by the Ministry of Transportation of Ontario (MTO).
2. Babcock International Group Plc
Babcock International Group PLC, together with its subsidiaries, provides value-add services for aerospace, defense, and security. Babcock International Group PLC was founded in 1891 and is headquartered in London, the United Kingdom. In December, 2022 Babcock, in partnership with AES and TLD (part of Alvest Group), will set up operations on five military bases in France.
3. Westinghouse Electric Company LLC
Since 1884, Westinghouse Electric Company provides nuclear power technology and services to utilities worldwide. It has headquarters situated in Pennsylvania, US.
4. Enercon Services Inc.
Since 1984, ENERCON specialises in the turbine and technology development, production, sales and servicing of onshore wind energy converters.It has headquarters in Aurich, Germany.
5. KDC Contractors Limited
Kdc Contractors Ltd was founded in 1990. The Company's line of business includes providing wrecking and demolition services. It has headquarters in Manchester, United Kingdom.
6. Sogin S.p.A.
Since 1999, Sogin is the State-owned company responsible for the decommissioning of Italian nuclear plants and for the management of radioactive waste, including those produced by industrial, research and nuclear medicine activities. It has headquarters situated in Rome, Italy.
*Definition- The process of dismantling a nuclear facility so that it no longer has to be shielded from radiation is known as nuclear decommissioning.
