Spent Nuclear Fuel Dry Storage Cask Market to Reach USD 3.74 Billion by 2034, Growing from USD 2.31 Billion in 2025 - SRI

London, UK - August 2026 | Strategic Revenue Insights Inc. - The scale of the storage problem this market solves is already staggering: the U.S. Department of Energy's FY 2026 budget justification puts commercial reactors' accumulated spent nuclear fuel at roughly 95,000 metric tons, with the potential for another 85,000 metric tons by 2070, and notes that about a quarter of that fuel now sits at sites with no operating reactor left onsite.

https://www.strategicrevenueinsights.com/industry/spent-nuclear-fuel-dry-storage-cask-market

That backlog, growing steadily even as some of the plants that produced it shut down, is the foundation of demand that Strategic Revenue Insights Inc. now values at USD 2.31 billion in 2025, forecasting growth to USD 3.74 billion by 2034 at a CAGR of 5.50% over the 2026 to 2034 period. The findings are led by analyst Lukas Schmidt, with the research combining primary interviews with nuclear utilities, government waste management officials, and cask manufacturers alongside secondary data spanning Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

Key Takeaways

The Spent Nuclear Fuel Dry Storage Cask market is valued at USD 2.31 billion in 2025 and is projected to reach USD 3.74 billion by 2034, growing at a CAGR of 5.50% from 2026 to 2034.

Metal Casks hold the largest market share on durability and widespread adoption, while Dual-Purpose Casks are the fastest-growing segment as utilities seek combined storage-and-transport flexibility.

NRC-proposed Part 72 modernization, aimed at streamlining licensing for new cask designs, could shorten approval cycles and support faster commercialization of new configurations.

North America leads the market on its extensive nuclear power infrastructure, while Asia Pacific is the fastest-growing region on rising nuclear power investment.

Holtec International, Orano, and NAC International rank among the leading competitors, alongside active players GNS and Westinghouse Electric.

Full report access: https://www.strategicrevenueinsights.com/industry/spent-nuclear-fuel-dry-storage-cask-market

Aging Fleets and a Modernizing Regulatory Pathway Are Reshaping Cask Demand

The core driver of this market is structural: as nuclear power plants age and reactors reach the end of operational life, the volume of spent fuel requiring safe, long-term containment keeps climbing, and much of it remains stored at reactor sites, including a meaningful share where the reactor itself is no longer running. The NRC has noted that at-reactor dry storage becomes the standard response once pool-capacity limits are reached, and decommissioned sites continue to store spent fuel onsite pending transport or permanent disposal. That pattern is visible in recent contract activity, including Orano's April 2025 award to transfer used fuel from wet storage into vertical dry storage systems at a southern U.S. facility, and Holtec's December 2025 turnkey contract to build indoor dry storage facilities for Taiwan Power Company's Chinshan and Kuosheng plants.

Regulatory change is also reshaping how quickly new cask designs can reach the market. In July 2026, the NRC proposed changes to Part 72 intended to modernize spent-fuel licensing, including removing the separate rulemaking step currently used to codify each certificate of compliance after safety review, while preserving the underlying safety review itself. Alongside that, the NRC has continued to widen the certified performance envelope of existing systems: Holtec's HI-STORM UMAX Amendment No. 5 added two new design versions with lid features meant to reduce salt-air exposure, and TN Americas' NUHOMS EOS Amendment No. 5 added a new heat-load-zone configuration that raises the maximum heat load to 54 kW per dry shielded canister, both improving fit across varied site conditions and fuel-management strategies.

Federal funding and international procurement are reinforcing the pipeline from both ends. The DOE's FY 2026 request includes funding for Integrated Waste Management and Used Nuclear Fuel Disposition programs, covering work such as preparing a high-burnup research cask shipment to Idaho National Laboratory and launching a Spent Nuclear Fuel Center for Applied Research in Storage and Transportation to address extended-storage challenges. Outside the U.S., Holtec's Taiwan contract and its February 2026 delivery of used-fuel management equipment, including the transport-capable HI-STAR 149 cask, to India's NPCIL show that international utilities are actively procuring new dry-storage infrastructure for aging fleets and decommissioning programs.

Market Segmentation

By Cask Type, the market is segmented into Metal Casks, Concrete Casks, and Dual-Purpose Casks. Metal Casks hold the largest share on durability and widespread industry adoption, while Dual-Purpose Casks are the fastest-growing segment as utilities and waste management operators value their combined storage-and-transportation capability.

By Storage Type, the market covers On-Site and Centralized Interim Storage. On-Site storage remains the most common approach for its convenience and cost-effectiveness, while Centralized Interim Storage is a fast-growing category as countries look to consolidate spent fuel from multiple reactors under enhanced security and long-term storage protocols.

By Application, the market spans Pressurized Water Reactor Fuel and Boiling Water Reactor Fuel. PWR Fuel accounts for the largest share, reflecting the large number of reactors using this fuel type, while BWR Fuel remains a significant and steadily growing segment as advanced cask technologies expand to serve this fuel category.

By End User, the market is segmented into Nuclear Utilities, Government Agencies, and Waste Management Operators. Nuclear Utilities are the primary end users given their direct responsibility for managing spent fuel, while Government Agencies and Waste Management Operators are increasingly significant as they invest in advanced cask technologies and centralized interim storage to optimize national waste management strategies.

Regional Outlook

North America dominates the Spent Nuclear Fuel Dry Storage Cask market, supported by its extensive nuclear power infrastructure and high demand for spent fuel management solutions, reinforced by DOE inventory data and NRC regulatory activity. Asia Pacific is the fastest-growing region, driven by increasing investments in nuclear power and infrastructure development, and is also the site of recent procurement activity such as Holtec's Taiwan contract. Europe is represented in the competitive landscape by GNS, a subsidiary of German utility company E.ON known for its cask solutions in the European market. Latin America and Middle East & Africa are named among the report's tracked regions as part of its global coverage.

Competitive Landscape

The Spent Nuclear Fuel Dry Storage Cask market is led by a group of established nuclear technology and fuel-cycle specialists. Holtec International is known for advanced cask technologies and a comprehensive storage solutions portfolio, with a strong North American presence it is actively expanding into other regions, underscored by its recent Taiwan and India contract wins. Orano is recognized for its expertise in nuclear fuel cycle management and sustainability commitments, reflected in its recent vertical-cask transfer award. NAC International is a leading provider of spent fuel management solutions with a strong research and development focus. GNS, a subsidiary of E.ON, is a major European player known for high-quality cask solutions and a commitment to safety and reliability. Westinghouse Electric is a global nuclear technology leader with a strong Asia Pacific presence, pursuing growth through strategic partnerships. Hitachi Zosen, Mitsubishi Heavy Industries, TN Americas, BWX Technologies, and Doosan Enerbility round out the competitive set, each contributing through innovative products and strategic initiatives, with TN Americas' recent NUHOMS EOS amendment a notable example of ongoing product development.

Market Restraints

Stringent regulatory requirements are a key restraint, as compliance with nuclear safety standards can be complex and costly and poses a barrier to entry for new market players, even as ongoing NRC modernization efforts aim to streamline parts of that process. High initial costs associated with developing and deploying dry storage casks present a related challenge, potentially deterring investment and limiting market expansion.

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Frequently Asked Questions

How big is the spent nuclear fuel dry storage cask market?
The market was valued at USD 2.31 billion in 2025 and is projected to reach USD 3.74 billion by 2034, growing at a CAGR of 5.50% from 2026 to 2034.

What is driving demand for spent nuclear fuel dry storage casks?
Key drivers include the increasing number of aging nuclear reactors, demand for efficient waste management, and advancements in cask technology.

Which region leads the spent nuclear fuel dry storage cask market?
North America leads the market due to its extensive nuclear power infrastructure, while Asia Pacific is the fastest-growing region on rising nuclear power investment and infrastructure development.

Who are the leading companies in the dry storage cask market?
Leading companies include Holtec International, Orano, and NAC International, alongside active competitors such as GNS, Westinghouse Electric, and TN Americas.

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