Published Report - Spent Nuclear Fuel Waste Management Market Size Report � Outlook & Forecast 2030

  • Report Code : TIPAR00031429
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 150
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Spent Nuclear Fuel Waste Management Market Size Report – Outlook & Forecast 2030

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[Research Report] The spent nuclear fuel waste management market was valued at US$ 6,124.1 million in 2022 and is projected to reach US$ 6,632.6 million by 2030; it is expected to grow at a CAGR of 1.0% during 2022–2030.

Analyst Perspective:

The global spent nuclear fuel waste management market has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Globally, disposal of spent nuclear fuel waste is a critical issue for countries using nuclear technology. According to the World Nuclear Association, till 2016, 390,000 tonnes of spent nuclear fuel waste was generated. As per the types of spent fuel waste generated, low-level and intermediate-level wastes are disposed of in near-surface disposal sites in the world. Deep geological repositories (DGRs) are being developed around the world to dispose of spent nuclear fuel as it radioactively decays so that it can be properly stored and protected for thousands of years. The experiences of the five countries most advanced in their DGR planning - Finland, Sweden, Canada, Switzerland, and France - show that evidence of technical and operational competence, as well as public acceptance, is necessary to make progress towards one DGR.

In addition, Asia-Pacific has more than 145 operational nuclear power reactors and about 30–35 nuclear power reactors that are under construction. Moreover, the governments in the region have a firm plan to develop additional 50–60 nuclear reactors across the region. The growing rate of industrialization and urbanization in Asia-Pacific is one the major factors expected to generate huge demand for energy. As a result, the deployment of nuclear power plants is increasing, which is subsequently generating the demand for spent nuclear fuel waste management in the region.

Market Overview:

Spent nuclear fuel (SNF) waste management is a critical component of the nuclear energy industry, involving the safe and responsible handling of radioactive materials generated during nuclear power generation. Spent nuclear fuel (SNF) waste management encompasses a range of activities, including the collection, transport, storage, and disposal of radioactive waste materials generated in nuclear reactors. The primary goal is to securely store and ultimately dispose of this waste, minimizing the risk of environmental contamination and radiation exposure.

The spent fuel nuclear waste management market encompasses the handling and disposal of high-level radioactive waste materials generated by different reactor technologies termed as spent nuclear fuel waste. This spent nuclear fuel waste demands distinct treatment and storage solutions. With a diverse range of reactors in operation, the spent nuclear fuel waste management market is segmented into pressurized water reactors (PWR), boiling water reactors (BWR), and gas-cooled reactors.

The disposal phase further differentiates the spent fuel nuclear waste management market into near surface disposal and deep surface disposal by considering varying safety and environmental considerations. This market's future growth is closely linked to technological advancements in waste treatment, stringent regulatory compliance, and the development of secure, long-term storage solutions. As nuclear power continues to play a role in global energy strategies, the spent fuel nuclear waste management market is poised for expansion, addressing the specific needs of waste types, reactor types, and disposal strategies to ensure a sustainable and secure nuclear energy future.

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Published Report - Spent Nuclear Fuel Waste Management Market: Strategic Insights

Published Report - Spent Nuclear Fuel Waste Management Market

  • CAGR (2022 - 2030)
    1.0%
  • Market Size 2022
    US$ 6.12 Billion
  • Market Size 2030
    US$ 6.63 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Deployment of Nuclear Power Plant
  • Regulatory Framework & Safety
  • Importance of Automation in NWM
FUTURE TRENDS
  • Role of Nuclear Power in Future Energy Transition
OPPORTUNITIES
  • Ongoing Research and Innovation on Advanced Nuclear Waste Management Technologies

Key Players

  • Augean Plc
  • PERMA-FIX
  • SVENSK KäRNBRäNSLEHANTERING AB
  • Ansaldo Energia SPA
  • US Ecology Inc
  • Veolia Environment SA
  • EnergySolutions
  • BHI Energy
  • Waste Control Specialists LLC

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Reactor Type
  • Pressurized Water Reactor
  • Boiling Water Reactor
  • Gas-Cooled Reactor
  • Others
Disposal Type
  • Near Surface Disposal and Deep Surface Disposal
Geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Driver:

Growing Deployment of Nuclear Power Plants

The global growth in energy demand, driven by population growth and industrialization, necessitates the expansion of energy production. Nuclear power can provide a significant portion of the electricity needed to support this demand, contributing to a reliable energy supply. In addition, energy security is a fundamental factor driving the global expansion of nuclear power. Nations seek diverse and reliable energy sources to reduce their dependence on fossil fuels, ensuring a stable energy supply for economic growth and national security. Nuclear power provides a steady and consistent energy source, less susceptible to price fluctuations and supply disruptions compared to fossil fuels.

Different from North America and European countries, where growth in electricity generation capacity, and especially nuclear energy, has been limited for many years, some Asian countries are planning and constructing new nuclear power plants to meet their increasing needs for clean electricity. According to the World Nuclear Association, there are 148 nuclear reactors in operation, and 39 are under construction, which shows the significant growth of nuclear power generation in the next ten years and hence drives the growth of the spent nuclear fuel waste management market in the coming years. Owing to these advantages, governments across the world are investing in building nuclear power plants to generate energy without emitting carbon. For instance, the government in Ontario, Canada, invested over US$ 25 billion in refurbishing nuclear reactors at the Darlington and Bruce nuclear-generating stations from 2020–2033.

Segmental Analysis:

Based on reactor type, the spent nuclear fuel waste management market is segmented into pressurized water reactors, boiling water reactors, gas-cooled reactors, and others. Pressurized water reactor accounted for more than 80.0% of revenue in the spent nuclear fuel waste management market in 2022 and is expected to be the key segment during the forecast period. Currently, there are 359 operable pressurized water nuclear reactors in the world, and these are expected to generate more power as compared to other nuclear reactors, which in turn is expected to generate most of the spent nuclear fuel among nuclear reactor types. Simple design and low complexity are among the prime features boosting the adoption of pressurized water reactors. Also, they are considered the safest and most controllable systems. Meanwhile, as the primary and secondary loops are separated, the probability of contamination of the pressurized water reactor is very low, thus leading to small waste generation volumes.

Regional Analysis:

According to The Insight Partners analysis, in 2022, Europe registered the highest market share of 37.1% and is expected to decline at a CAGR of 3.4% during the analyzed timeframe, owing to planned shutdown and sluggish nuclear reactor capacity additions in the coming years.  

European countries are engaged in adopting key strategies towards carbon reduction goals and the security & safety of their people from spent nuclear fuel waste generation. To meet the European Union’s ambitious climate-neutral goal for 2050, many countries in the region are moving toward carbon-free energy generation and utilization.

Currently, nuclear power fulfills ~25% of the region’s energy needs, and it accounts for ~50% of low-carbon electricity generated in the region. From 2006 to 2022, countries such as Romania, Hungary, Czechia, the Netherlands, Slovenia, and Finland raised their nuclear energy generation capacity; however, on the contrary, countries such as Germany, Slovakia, Bulgaria, France, Spain, and Sweden have recorded a decrease in energy procurement from nuclear power plants as these countries are more inclined toward nuclear decommissioning in the future. In addition, the aging of nuclear power plants in this region is also expected to slow the spent nuclear fuel waste management market from 2022 to 2030.

Spent Nuclear Fuel Waste Management Market Report Scope

Report Attribute Details
Market size in 2022 US$ 6.12 Billion
Market Size by 2030 US$ 6.63 Billion
Global CAGR (2022 - 2030) 1.0%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Reactor Type
  • Pressurized Water Reactor
  • Boiling Water Reactor
  • Gas-Cooled Reactor
  • Others
By Disposal Type
  • Near Surface Disposal and Deep Surface Disposal
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Augean Plc
  • PERMA-FIX
  • SVENSK KäRNBRäNSLEHANTERING AB
  • Ansaldo Energia SPA
  • US Ecology Inc
  • Veolia Environment SA
  • EnergySolutions
  • BHI Energy
  • Waste Control Specialists LLC
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Key Player Analysis:

    Augean Plc, Perma-Fix Environmental Services, Inc., Svensk Kärnbränslehantering AB, Ansaldo Energia, US Ecology, Inc., Veolia Environmental Services, Bechtel Corporation, EnergySolutions, BHI Energy, and Waste Control Specialists, LLC are among the key players operating in the spent nuclear fuel waste management market.

    Recent Developments: 

    Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global spent nuclear fuel waste management market. A few recent developments by key the spent nuclear fuel waste management market players are listed below:

    Year

    News

    Country

    2022

    EnergySolutions LLC received approval from the Nuclear Regulatory Commission for the acquisition of Dominion Energy Kewaunee, Inc. and the transfer of the Kewaunee Power Station operating license.

    North America

    2020

    Veolia North America, a subsidiary of Veolia Group, signed an agreement to expand its hazardous waste treatment and recycling activity business by buying Alcoa USA Corporation’s Hazardous Waste Treatment Site located in Gum Springs, U.S.

    Europe

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Reactor Type, Disposal Type and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What are market opportunities for the spent nuclear fuel waste management market?

    Ongoing research and innovation on advanced nuclear waste management technologies in potential regions such as Europe and North America, where the adoption of the above-mentioned technology is matured at an exponential rate is expected to be the key opportunity in the market.

    Which region to dominate the spent nuclear fuel waste management market in the forecast period?

    Regions such as North America, Europe, and Asia-Pacific will boost the growth of the spent nuclear fuel waste management market during the forecast period. This growth is owing to the rise in investment on construction of nuclear power plant projects is expected to drive the growth of the market in the coming years.

    What is the future trend for the spent nuclear fuel waste management market?

    Key role of nuclear power in future energy transition is anticipated to stimulate the spent nuclear fuel waste management market growth in the coming years.

    What are reasons behind the spent nuclear fuel waste management market growth?

    Rise in demand for power generation from less carbon emitting sources, rise in deployment of nuclear power plants, regulations towards safe and secure disposal of spent nuclear waste management, contributing to the growth of the spent nuclear fuel waste management market.

    Who are the major vendors in the spent nuclear fuel waste management market?

    Augean Plc, Perma-Fix Environmental Services, Inc., SKB, US Ecology, Inc., and Veolia Group are the key market players operating in the global spent nuclear fuel waste management market.

    The List of Companies - Spent Nuclear Fuel Waste Management Market

    1. Augean Plc
    2. PERMA-FIX
    3. SVENSK KäRNBRäNSLEHANTERING AB
    4. Ansaldo Energia SPA
    5. US Ecology Inc
    6. Veolia Environment SA
    7. EnergySolutions
    8. BHI Energy
    9. Waste Control Specialists LLC
    10. Bechtel Corp.

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