The market for the global spent fuel and nuclear waste management market is expected to grow at a CAGR of 1.5% during the forecast period of 2020 – 2025, owing to the increasing demand for nuclear energy. The nuclear power plant has the ability to generate electricity with lower carbon emissions, as compared to that of fossil fuels. Although the amount of waste generated by nuclear power is very small relative to other thermal electricity generation technologies, proper and safe management of nuclear waste is of utmost importance for the nuclear power plant operators. Further, the global spent fuel and nuclear waste management market demand is increasing primarily due to the uptake in the nuclear power plant decommissioning projects from 2020. However, the high initial cost and has a high payback period is likely to hinder the global spent fuel and nuclear waste management market during the forecast period.
- Various ongoing and upcoming nuclear power plant clean-up activities across the globe along with numerous nuclear power reactor decommissioning activities are some of the major drivers for this market.
- Major countries in Middle East & Africa accompanied by a few major companies are investing in the non-fossil fuel-based power generation technologies, especially in a small nuclear reactor. Saudi Arabia plans to achieve 30-50% of local content for its nuclear program before 2030. Similarly, Jordan and a few more countries are in the initial phase of nuclear power plant construction which is likely to provide an opportunity to grow the global spent fuel and nuclear waste management market in the coming future.
- Asia-Pacific is expected to be the fastest-growing region in the global spent fuel and nuclear waste management market, owing to the presence of several major developing nations such as China, India, etc.
Key Market Trends
Nuclear Power Reactor to Drive the Market
- In the wake of growing environmental concerns and surging demand for power, nuclear power generation has become the most dependable option that can cater to the requirements of electricity and offset greenhouse gas emissions. The nuclear power generation is a clean power technology, which can meet the increasing demand for electricity efficiently. But nuclear power plant generates a lot of nuclear waste which is usuallyreferred to materials or residues left after the burning of nuclear gasoline in reactors. these residues specifically incorporate radioactive materials which can purpose acute radiation sickness
- The technology advancement in the industry of nuclear power plant provides better fuel utilization and provide clean energy about 10% of the world's electricity from about 440 power reactors. Moreover, globally there are many nuclear power plants with age exceeding 30 years.
- Most of the country’s nuclear power were built between 1967 and 1990. Further, from 1977 to 2013, no new construction of the nuclear plant was undertaken, due to the increased popularity of the economic attractiveness of gas-based power generation. Consequently, there was a decreasing trend of investments in the nuclear sector, which aided the decommissioning of nuclear power plants. As a result, spent fuel and nuclear waste also need deep and permanent burial for protection from radioactive radiation.
- These trends in turn expected to drive the global spent fuel and nuclear waste management market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific has a strong focus on nuclear power due to growth in population, industrialization, and urbanization in the region. China and India are focusing on nuclear power plant life extension while discovering the potential for new nuclear power plants. In Asia, there are about 130 operable nuclear power reactors, out of which 35 are under construction and counties planning to build an additional 70-80. Many more are proposed.
- The Chinese nuclear sector is expected to continue to expand at a robust rate, with capacity increasing by an annual average of 10.3% between 2018 and 2027, resulting in more than 95GW of installed nuclear capacity. China's government targets to have 58GW of nuclear capacity operating by 2020-2021, and 150GW by 2030.
- Moreover, India has also attained independence in its nuclear fuel cycle. The Indian government is dedicated to growing its nuclear power capacity as part of its huge infrastructure development program. The government expects nuclear capacity to reach about 22.5 GWe by the year 2031. At the end of 2019, seven reactors were under construction in India, with a combined capacity of 5.4 GWe.
- These trends in return, expect the growth in the number of the nuclear power plant in the region which require good management of nuclear waste for protection from environmental concerns. Hence, the global spent fuel and nuclear waste management market likely to propel during the forecast period in the region.
The spent fuel and nuclear waste management market is moderately fragmented due to few companies operating in the industry because of the complex technology. The key players in this market include Fluor Corporation, Bechtel Group Inc., Chase Environmental Group, Perma-Fix Environmental Services, Magnox Technologies Pvt Ltd, and others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support