Radioactive Waste Management Market - Expected to Offer Lucrative Opportunities to the Industry

Radioactive wastes are unavoidable residues generated via radioactive materials emitted from various hospitals, universities, non-nuclear industries, research & medicines and from nuclear power plant for generating electricity. The disposal and management of such wastes is an issue prevalent in all the countries. Various strategies and techniques for safe management of radioactive waste arising from the applications are well established and extensive experience has been obtained in different regions. However, radioactive waste remains an important element for many countries owing to the increasing concerns occurred by radioactive material.

International Atomic Energy Agency (IAEA) is an authority providing a regulatory framework for safety standards and offers an extensive range of services such as an operational safety, integrated nuclear infrastructure, and integrated regulatory services for protecting the environment and people from the dangerous effects of radioactive activities. IAEA organizes various conferences such as International Conference on Issues and Trends in Radioactive Waste Management. The objective behind the conferences is to foster the information exchange on current issues in the area of waste management and to promote strategies for the resolution. As per French Environmental Code (Art. L 542.1-1), radioactive waste is the final waste which cannot be treated under the existing economic & technical conditions. Treatment mostly involves extraction of any part of the waste which can recycle any hazardous substances. The radionuclides enclosed in radioactive waste that may be found in nature (radium-226) or manmade (caesium-137).

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There are two sources of nuclear wastes which include wastes from nuclear power plant as a by-product and from other miscellaneous applications such as research & medicine containing radioactive material. Nuclear waste is unsafe and is regulated by the government organizations. Most of the fuel utilized in nuclear power plants contains small uranium pellets stacked inside an alloy fuel and is stored in airtight containers filled with water. Nuclear wastes remains radioactive for long duration and it is difficult to locate a dumping facility for radioactive wastes.

Rising demand of nuclear plants for generating electricity, increasing environmental prevention standards, strict regulatory framework on radioactive waste management for protecting people and environment from hazardous effects are few factors expected to offer lucrative opportunities to the industry. Additionally, increasing stringent government regulations especially for long-term waste management solution and mandatory high investment in nuclear power projects for waste management generates vast opportunities for the market growth over the forecast period. However, transportation of waste poses an unacceptable risk to environment and people, complex regulatory structure and high cost involvement in waste treatment may hinder the market growth. In addition, lack of high level radioactive waste storage capacity and proper site selection are few of the challenges faced by the radioactive waste market.

Radioactive waste management market has been segmented by waste type, by reactor type and by applications. Based on waste type, the market has been segmented as high level waste, intermediate level waste, and low level waste. On the basis of reactor type, pressurized water reactors, boiling water reactors, gas-cooled reactors, and pressurized heavy water reactor are few sub-segments of the industry. Based on application, major market has been divided as industrial and utility.

North America, Asia Pacific, Europe, Middle East & Africa, and Latin America are the key regional segments in the global market. Europe region has been anticipated to hold largest market share followed by Asia Pacific region. Rising awareness regarding nuclear power application and massive investments in nuclear power projects are the major drivers for the nuclear waste management market growth in Europe region.

The key players operating in the industry include Holtec International, Nuclear Research and Consulting Group, SA Radiation Pty. Ltd., SA Radiation Pty. Ltd., Veolia Environmental Services, Ecology Services Inc., Bartlett Nuclear Inc., Areva Inc., Pangea Resources, WM Symposia, Swedish Nuclear Fuel and Waste Management Company, Chesapeake Nuclear Services Inc., American Waste Management Services Inc., Radiation Decontamination Solutions LLC, Mid-Counties Waste Management Services Ltd., and Cabrera Services Inc.

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