New York, United States, 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 – The Global Forecast Value until 2027 is about to reach USD 6,878.9 million by 2027, registering a CAGR of 2.8% throughout the forecast period (2021-2027).
Nuclear Waste Management Market Overview
The global nuclear waste management market is expected to witness a significant boom. Growing awareness of the importance of nuclear waste management is a key driver.
Scope of Nuclear Waste Management Market Report:
| Market size
||$6,878.9 million (2027)
| Year of reference
| Forecast period
| Historical data
| Forecast units
||Value (USD million)
| Report cover
||Revenue forecasts, competitive landscape, growth factors and trends
| Segments Covered
||Waste type, reactor type, application and region
| Geographical areas covered
||North America, Europe, Asia-Pacific and Rest of the World (RoW)
| Main suppliers
||Veolia (France), Enercon (United States), US Ecology Inc. (United States), Stericycle Inc. (United States), Posiva Oy (Finland), John Wood Group PLC (United Kingdom), Bechtel Corporation ( USA), Perma-Fix (USA), Fluor Corporation (USA), Waste Control Specialists LLC (USA), BHI Energy (USA), Augean PLC (UK), DMT ( Germany), Chase Environmental Group Inc. (USA), Westinghouse Electric Company LLC (USA), and Holtec International (USA)
| Key market opportunities
||High capacity required for permanent elimination
| Key Market Drivers
||Lack of permanent elimination alternatives
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Strict standards and regulations introduced to control toxic nuclear emissions are having a positive impact on the market value, forcing more investment in nuclear projects. Increasing financial support from public and private sectors in an organized, consistent and timely manner to set up waste management facilities helps in the growth of the market, multiplying the total number of nuclear waste management plants.
In the process of generating electricity using nuclear reactors, a small amount of waste results, which must be managed according to regulations. Several management strategies are practiced for direct disposal or reuse in reactors to generate more low-carbon electricity. Additionally, increasing technological advancements are increasing the size of the market, 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 includes low-level waste, intermediate-level waste and high-level waste. The reactor type segment includes pressurized water reactors, boiling water reactors, gas-cooled reactors and pressurized heavy water reactors. The application segment includes industry and utilities. The regional segment includes North America, Europe, Asia Pacific, 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, well-established waste management and infrastructure companies offers many opportunities for significant growth. With more than 104 commercial nuclear reactors in operation at 56 nuclear power plants in 28 states, the United States accounts for the major regional market share.
In addition, industrial safety standards associations and energy regulatory commissions, such as the United States Department of Energy (DOE), the United States Nuclear Regulatory Commission (NRC), and the Agency Environmental Protection Agency (EPA), have a positive impact on market share in the region. Additionally, early adoption and widespread awareness of the benefits of advanced waste management solutions are driving the growth of the regional market.
Europe is another lucrative market for nuclear waste management. The increase in electricity generated by the capacity of nuclear power plants due to the increase in energy demand is a key driver of growth. The region is experiencing an increase in nuclear power generation, which has increased the amount of spent fuel, leading to the adoption of nuclear waste management legislation in the EU.
Legislation governing the responsible and safe management of spent fuel and nuclear waste is based on internationally recognized principles without imposing undue obligations on future electricity generations.
Most countries today use nuclear technology to generate electricity and radioactive materials for many other purposes. This, therefore, increases the need for an efficient process to manage the radioactive waste and spent nuclear fuel generated by these activities in a safe and efficient manner.
However, nuclear waste must be handled properly in order for it to be disposed of safely. Waste treatment includes collecting and sorting, reducing the volume of waste and changing its chemical and physical composition, and conditioning it to make it immobilized and packaged before storage and disposal. Much research is underway to develop new waste management solutions and techniques and improve existing ones.
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For example, on June 10, 2022, Delkia, a UK-based systems integrator, announced that it was working with Kawasaki, a robotics company, to develop and test software to control a robotic arm capable of protecting the staff when categorizing nuclear waste. Currently, processes, such as dismantling equipment and sorting contaminated materials, are done manually while wearing PPE suits.
This means that operators work and are in contact with potentially dangerous nuclear substances for approximately 8 to 9 hours a day. Therefore, Delkia and Kawasaki decided to develop this innovative robotic arm to protect workers and improve plant safety, ensuring maximum protection against radioactive materials.
In addition, manual management of nuclear waste is expensive and time-consuming, especially when many industries face labor shortage issues. The nuclear industry is increasingly looking for machines and tools to perform the tedious, repetitive and often dangerous tasks associated with waste categorization.
The model can sort and manage different categories of nuclear waste, making it safer and more cost effective than current processes. The software will control the robot’s safety-critical movements and functions. Therefore, a robot-driven waste categorization process is certainly highly desirable in the nuclear industry.
Nuclear Waste Management Market Competitive Analysis
The Dominant Key Players in the Nuclear Waste Management Market Covered are:
- Veolia (France)
- Enercon (USA)
- US Ecology Inc. (USA)
- Stericycle Inc. (USA)
- Posiva Oy (Finland)
- John Wood Group PLC (UK)
- Bechtel Corporation (USA)
- Perma-Fix (USA)
- Fluor Corporation (USA)
- Waste Control Specialists LLC (USA)
- BHI Energy (USA)
- Augean PLC (UK)
- DMT (Germany)
- Chase Environmental Group Inc. (USA)
- Westinghouse Electric Company LLC (USA)
- Holtec International (USA)
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The nuclear waste management market is witnessing several strategic partnerships, along with other strategies such as expansion, mergers and acquisitions, collaboration, and service and technology launches. Major players in the industry are investing heavily in research and development activities and promoting their expansion plans.
For example, on March 04, 2022, on June 07, 2022, Skanska Talonrakennus Oy, a Finnish contractor responsible for the construction of the spent fuel encapsulation plant in Olkiluoto, announced that it had entered the installation phase and handed over the building to a Finnish waste management company – Posiva, for the installation of the nuclear systems and the commissioning of the encapsulation plant treatment systems.
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