Recent Advancement & Scope in Nuclear Waste Management Market 2029
The incessant use of non-renewable resources has led to exploring alternative energy sources. Hence, nuclear energy use is constantly on the rise. Nuclear waste can be classified as high-level waste, low and intermediate-level waste, and exempt waste. High-level waste requires cooling and shielding, but low-level waste can be exempted from shielding.
• Considerable government support to the nuclear waste management market through stringent nuclear waste regulations and rules to curb harmful emissions may foster the growth of the nuclear waste management market. Varied nuclear-decommissioning projects may also prove to be beneficial for the nuclear waste management market. Furthermore, upcoming nuclear plant cleaning activities may also influence the nuclear waste management market to a great extent. In addition, contracts are constantly issued to key players in the nuclear waste management market for managing nuclear waste from various nuclear power plants. For instance, Viridor bagged a total nuclear waste management contract for delivering waste management services to the Hinkley Point C nuclear power plant.
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High-level waste (HLW) created due to the use of nuclear reactors has been identified as a major issue globally. Unlike industrial waste, the hazards associated with nuclear waste, such as its radioactivity, do weaken with time. The used nuclear fuel left after it has spent over 3 years in reactors, generating heat to produce electricity, is the most significant HLW produced during nuclear generation. A majority of nuclear waste management strategies are therefore targeted at disposing of high-level waste. Transparency Market Research (TMR) finds that HLW accounted for the dominant share of 35.9% in the global nuclear waste management market in 2015.
Stringent Emission Control Norms to Create Opportunities for Nuclear Management Market
Nuclear waste usually refers to materials or residues left after the burning of nuclear fuel in reactors. These residues mainly comprise radioactive materials that can cause acute radiation sickness. The rapidly growing population and the subsequently rising electricity demand, increasing dependence on fossil fuel, and increasing awareness regarding alternative energy sources are the key drivers of the global nuclear waste management market.
However, nuclear waste management requires high initial cost and has high payback period, which are inhibiting its growth trajectory to an extent. Nevertheless, the implementation of stringent government regulations aimed at curbing harmful emissions will boost opportunities for the market in the near future.
TMR forecasts the global nuclear waste management market to reach US$5,627.5 mn by 2024, rising at a CAGR of 16.7% between 2016 and 2024. The market stood at US$1,382 mn in 2016.
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Increasing Installation of Pressurized Water Reactors Fuels Demand for Nuclear Waste Management
Globally, the demand for waste management services is expected to be the highest from pressurized water reactors. Boiling water reactors are likely to exhibit the second highest demand for nuclear waste management in the global market. In 2015, the pressurized water reactors segment led the global nuclear waste management market holding a dominant share of 69.3%.
Likewise, the demand for nuclear waste management in boiling water reactors is also expected to rise in the forthcoming years. These reactors operate in lower fuel temperature and require lower pressure compared to pressurized water reactors. The boiling water reactors segment is thus poised to exhibit a greater CAGR than pressurized water reactors.
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Demand for Nuclear Waste Management to Considerably Increase in Europe and Asia Pacific
Regionally, North America, Asia Pacific, and Europe constitute the most lucrative markets for nuclear waste management. Currently, Europe exhibits the highest opportunities for nuclear waste management, followed by Asia Pacific. Both these regions together have more number of nuclear reactors, thereby contributing significantly to the mounting concern of nuclear waste. This is expected to give major impetus to the nuclear waste management market in the regions. Europe held a share of 41.3% in the global market in 2015.
The increasing investments in nuclear power projects in the region are expected to boost opportunities for nuclear waste management further in Europe. The prospects for the market in North America however are expected to remain moderate due to the shale gas boom witnessed in the region. With China planning to double its nuclear capacity by 2020, Asia Pacific is expected to emerge as the one of the most lucrative regions for enterprises operating in the global market. Growth opportunities for nuclear waste management in Asia Pacific are likely to exceed than that exhibited by Europe by 2024 due to the increasing investment in planner nuclear projects in the region.
Growth witnessed by the market in Rest of the World was sluggish in 2015. The presence of developing or economically unstable countries limits the growth of the nuclear waste management market in Rest of the World.
The global nuclear waste management market is led by companies such as Areva SA, Veolia Environment Services, Bechtel Corporation, US Ecology, Inc., Augean Plc., and others.
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