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Nuclear Waste Management Market Size, Share & Industry Analysis, By Waste Type (High level Waste, Intermediate-level Waste, Low-level Waste), By Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, Pressurized Heavy Water Reactor, Gas-Cooled Reactor, Others), By End-User (Utility, Industrial) and Regional Forecast, 2021-2028

Region : Global | Report ID: FBI101459 | Status : Ongoing

 

KEY MARKET INSIGHTS

The world’s energy is increasing at a rapid pace, and available resources are not enough to meet the growing demand. Extremely high consumption of fossil fuel is causing a rise in greenhouse gas emission. These valuable resources are on the extinction path owing to its massive consumption. An alternative energy source is the only effective answer to this worrying situation.


Nuclear energy is one of the highly established technology to produce electricity. It offers not only high reliability but also saves a significant amount of fossil fuel. Nuclear energy comes from splitting atoms by fission process in reactor to heat water into steam in a bid to turn turbine to generate electricity. Recent technological advancement and economic development are expected to increase installation of nuclear power plant.


But radioactive content present in nuclear fuel is very harmful and toxic. Radioactive waste generated from nuclear power plant, hospitals, industries and highly sophisticated technology required for its disposal. Increasing nuclear waste is serious concern and needs to be addressed immediately to avert any ecological disturbance. An advanced nuclear waste management system is very essential for proper disposal of nuclear waste.


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Nuclear waste management market is segregated into waste type, reactor type, and by end-user. Waste type is divided into high-level waste, intermediate level waste, and low-level waste. High-level waste comprises 3% of the total volume of waste arising from nuclear generation, but it contains 95% of radioactive content. While low-level waste makes 90% of the total volume, but the radioactive content in this accounts only 1%.


High-level waste requires shielding and cooling whereas low-level waste can be handled without shielding. Based on reactor type, the market is further bifurcated into a pressurized water reactor, boiler water reactor, pressurized heavy water reactor, gas-cooled, and others. Pressurized water reactor accounts more than 60% of the market while boiling water reactor accounts around 16% of the total nuclear reactor market.


The nuclear power plant is one of the sophisticated alternatives to the traditional thermal power plant to mitigate global warming as a single nuclear power plant generator large amount of electricity. The technology is readily available and reliable which anticipating the growth of the nuclear waste management market.


The available technology is in the nascent stage, which inhibits the total disposal and processing of nuclear waste. Radioactive content poses a risk to the life of human being and causes environmental degradation which inhibits the growth of the nuclear waste management market.


Key Players Covered


The major players in the nuclear waste management market are Augean PLC, US Ecology, Inc, JGC Corporation, Perma-Fix Environmental Services, Inc., Stericycle, Veolia, Wood, Orano, Bechtel Corporation, BHI Energy, Cabrera Services Inc, Chase Environmental Group, Inc., DMT, Ecology Services, Inc., Energy Solutions, Holtec International, Waste Control Specialists LLC, Cyclife, and Viridor.


Segmentation


























 ATTRIBUTE


 DETAILS

By Waste Type




  • High-level Waste

  • Intermediate-level Waste

  • Low-level Waste



By Reactor Type




  • Pressurized Water Reactor

  • Boiling Water Reactor

  • Pressurized Heavy Water Reactor

  • Gas-Cooled Reactor

  • Others



By End-User




  • Utility

  • Industrial



By Geography




  • North America (the USA and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Regional Analysis


The nuclear waste management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. A substantial amount of electricity generation in the U.S. is from nuclear power plant which produces nuclear waste. This nuclear waste poses a serious risk to human beings and environment. The United States alone has over 90,000 tons of nuclear waste which need immediate action for its processing and disposal that will proliferate the nuclear waste management market in North America. European Union issues a directive for disposal of nuclear waste while decommissioning of nuclear power plant. France, Russia, Ukraine, etc. accounts more than 60% of the total installed nuclear power plant in Europe. Stringent environment regulation for the protection of environment and recent technological advancement in processing of nuclear waste is accelerating the growth of the nuclear waste management market in Europe. The enormous demand for electricity owing to proliferating industrial and commercial sector. Government authorities are pushing nuclear energy project to meet the increasing demand. China, India, Japan, South Korea, and other countries in Asia accounts 138 operable reactors with many projects in under-construction status. A rise in installation of nuclear power plant and need of effective waste management system is expected to drive the nuclear waste management market in Asia Pacific. Nuclear electricity generation capacity in MEA is expected to grow by 14.1GWe in 2028. UAE and Saudi Arabia are planning to install their first nuclear power plant and might expand nuclear projects in future which fuel the nuclear waste management market in MEA.


Key Industry Developments



  • In February 2019, A total nuclear waste management contract has been secured by Viridor will deliver integrate waste management services from the waste arising from Hinkley Point C nuclear power plant.

  • In December 2018, A major nuclear waste disposal contract has been awarded by Magnox Ltd to Wood to retrieve, process, and dispose of radioactive waste from UK nuclear power station that is being decommissioned. The project involves the removal of 47m³ of radioactive wet waste stored in tanks at Dungeness A in Kent.

  • In February 2018, An agreement signed between Cyclife & Sogin for the treatment and disposal of 1800 tons of metal waste produced by the decommissioning of 3 nuclear power plants in Italy. A contract worth 28 million Euros involves encapsulation and sorting of waste on-site.


Nuclear Waste Management Market  Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

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