Nuclear Waste Management Market Likely To Touch New Heights By End Of Forecast Period 2030

 

Nuclear Waste Management Market Overview:

The global Nuclear Waste Management Market to reach USD 6,878.9 million, registering a CAGR of 2.8% during the forecast period of 2021 to 2027.

Factors such as the lack of permanent disposal alternatives and the high capacity required for permanent disposal are expected to drive the market growth during the forecast period. The increasing regulations for better usage of efficient fuels and environmental concerns are also likely to create growth opportunities for the vendors in the global market. However, the risks associated with the transportation of nuclear waste and the high cost of treatment are expected to hinder the market's growth.

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Segment Analysis

The global nuclear waste management market is mainly segmented into waste type, reactor type, and application. On the basis of waste type, the nuclear waste management market has been sub-segmented into low-level waste, intermediate-level waste, and high-level waste. On the basis of reactor type, the nuclear waste management market has been segmented into pressurized water reactor, boiling water reactors, gas-cooleed reactors, and pressurized heavy water reactor. On the basis of application, the nuclear waste management market has been segmented into industrial and utility.

Regional Analysis

The global nuclear waste management market has been segmented on the basis of region into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

The existing infrastructure and major players in North America provide with ample opportunities for significant growth in the forecast period. Moreover, these major players are closely working with the key safety industry standard-setting associations and energy regulatory commissions to facilitate the growth of the market in the region. Such associations include the US Nuclear Regulatory Commission (NRC), the US Department of Energy (DOE), and the US Environmental Protection Agency (EPA). Furthermore, the US dominates the region with over 104 operating commercial nuclear reactors at 56 nuclear power plants in 28 states.

The amount of spent fuel produced in the European Union (EU) has fluctuated a lot, but on average, it climbed by 1.5 percent each year, totaling 3 300 tonnes of heavy metal (tHM). This increase was primarily due to the rise in the electricity produced by nuclear power plants as capacity and demand increased (nuclear electricity production increased at an annual average rate of 1.3 percent over the same period). The EU recently passed a legislation on nuclear waste management. It provides for the management of spent fuel and nuclear waste responsibly and safely. It is built on a set of internationally recognized principles, including protecting current and future generations without imposing undue obligations on future generations.

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Key Players:

MRFR recognizes the following companies as the key players in the global nuclear waste management market— Enercon (US), Veolia (France), US Ecology Inc. (US), Posiva Oy (Finland), Stericycle Inc. (US), John Wood Group PLC (UK), Perma-Fix (US), Bechtel Corporation (US), Fluor Corporation (US), BHI Energy (US), Waste Control Specialists LLC (US), Augean PLC (UK), Chase Environmental Group Inc. (US), DMT (Germany), Holtec International (US), and Westinghouse Electric Company LLC (US) among others.