Nuclear Waste Management Market Estimated to Hit USD
New York, US, June 15, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Nuclear Waste Management Market Analysis by Waste Type, By Reactor Type (Pressurized Water Reactor, Boiling Water Reactors , Gas-Cooled Reactors, Pressurized Heavy Water Reactor), by Application (Industrial and Utility) by Region – Global Forecast to 2027” valuation is poised to reach USD 6,878.9 million by 2027, registering at 2.8% CAGR throughout the forecast period (2021–2027).
Nuclear Waste Management Market Overview
The global nuclear waste management market is expected to garner significant traction. The growing awareness of the importance of nuclear waste management is a key driving force.
Nuclear Waste Management Market Report Scope:
|Market Size||USD 6,878.9 million (2027)|
|forecast units||Value (USD Million)|
|report coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segment covered||Waste Type, Reactor Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|key vendors||Veolia (France), Enercon (US), US Ecology Inc. (US), Stericycle Inc. (US), Posiva Oy (Finland), John Wood Group PLC (UK), Bechtel Corporation (US), Perma-Fix (US ), Fluor Corporation (US), Waste Control Specialists LLC (US), BHI Energy (US), Augean PLC (UK), DMT (Germany), Chase Environmental Group Inc. (US), Westinghouse Electric Company LLC (US), and Holtec International (US)|
|Key Market Opportunities||High capacity required for permanent disposal|
|Key Market Drivers||Lack of permanent disposal alternatives|
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Stringent norms and regulations introduced to control toxic nuclear emissions impact the market value positively, mandating more investments in nuclear power projects. Increasing funding support by the public & private sectors in an organized, consistent, and timely manner to set up waste management facilities contribute to the market growth, multiplying the total number of nuclear waste management plants.
In the process of electricity generation using nuclear reactors results in a small amount of waste, which must be managed as directed by regulations. Several management strategies are practiced for the direct disposal or reuse in reactors to generate more low-carbon electricity. Besides, increasing technological advances boost the market size, improving waste management solutions and techniques.
Nuclear Waste Management Market Segments
The nuclear waste management market report is segmented into waste types, reactor types, applications, and regions. The waste type segment comprises low-level waste, intermediate-level waste, and high-level waste. The reactor type segment comprises pressurized water reactors, boiling water reactors, gas-cooled reactors, and pressurized heavy water reactors. The application segment comprises industrial and utility. The region segment comprises North America, Europe, Asia Pacific, the Middle East & Africa, and others.
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Nuclear Waste Management Market Regional Analysis
North America dominates the global nuclear waste management market. The strong presence of key technology providers, waste management companies, and well-established infrastructure, offers ample opportunities for significant growth. With over 104 operating commercial nuclear reactors at 56 nuclear power plants in 28 states, the US accounts for the leading share in the regional market.
Besides, industrial safety standard-setting associations and energy regulatory commissions, such as the US Department of Energy (DOE), the US Nuclear Regulatory Commission (NRC), and the US Environmental Protection Agency (EPA), impact the region’s market shares positively. Moreover, the early uptake and widespread awareness of the benefits of advanced waste management solutions boost the regional market growth.
Europe is another lucrative market for nuclear waste management. The rise in the electricity produced by nuclear power plant capacity due to increased energy demand is a key growth driver. The region witnesses increased nuclear electricity production, which has increased the amount of fuel spent, resulting in the passing of legislation on nuclear waste management in the EU.
The legislation guiding the management of spent fuel and nuclear waste responsibly and safely is built on internationally recognized principles without imposing and ue obligations on future electricity generations.
Most countries today use nuclear technology to generate electricity and radioactive material for many other purposes. This, as a result, increases the need for an effective process for managing radioactive waste and spent nuclear fuel generated from these activities safely and efficiently.
However, nuclear waste must be processed properly to make it safe for disposal. Waste processing comprises collection & sorting, reducing the volume of waste and changing its chemical & physical composition, and conditioning it to make it immobilized and packaged before storage & disposal. There are several researches ongoing to develop new waste management solutions & techniques and improve existing ones.
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For instance, on June 10, 2022, Delkia, a UK-based systems integrator, announced that it is working with Kawasaki, a robotics company, to develop and test software to control a robotic arm that can protect staff during nuclear waste categorization. Currently, processes, such as dismantling equipment and sorting of contaminated materials, are done manually by wearing PPE suits.
This means operators are working and in contact with potentially dangerous nuclear substances for about 8-9 hours daily. Therefore, Delkia and Kawasaki decided to develop this innovative robot arm to protect workers and enhance safety at the facility, ensuring maximum protection from radioactive materials.
Also, manual nuclear waste management is costly and time-consuming, especially when many industries face labor-shortage issues. The nuclear industry is increasingly looking for machinery & tools to perform the tedious, repetitive, and often dangerous tasks associated with a waste categorization.
The model can sort and manage different categories of nuclear waste, making it safer & more cost-effective than current processes. The software will control the movements and safety-critical functions of the robot. Therefore, a robot-led waste categorization process is certainly highly desirable in the nuclear industry.
Nuclear Waste Management Market Competitive Analysis
Dominant Key Players on Nuclear Waste Management Market Covered are:
- Veolia (France)
- US Ecology Inc. (US)
- Stericycle Inc. (US)
- Posiva Oy (Finland)
- John Wood Group PLC (UK)
- Bechtel Corporation
- Perma Fix (US)
- Fluor Corporation (US)
- Waste Control Specialists LLC (US)
- BHI Energy (US)
- Augean PLC (UK)
- DMT (Germany)
- Chase Environmental Group Inc. (US)
- Westinghouse Electric Company LLC (US)
- Holtec International (US)
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The nuclear waste management market witnesses several strategic partnerships, alongside other strategies such as expansion, mergers & acquisitions, collaboration, and service & technology launches. Major industry players make vast investments in research and development activities and foster their expansion plans.
For instance, on March 04, 2022, June 07, 2022, Skanska Talonrakennus Oy, a Finnish contractor responsible for the construction of the used fuel encapsulation plant at Olkiluoto, announced that it has entered the installation phase and handed over the building to a Finnish waste management company – Posiva, for the installation of the nuclear systems and commissioning of the process systems of the encapsulation plant.
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