The global nuclear waste management market is estimated to gather a large amount of revenue and grow at a ~3% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing rate of population and urbanization, increasing investments of governments in developed and developing nations to establish nuclear power plants, and rising industrialization in emerging economies. According to the United Nations organization, as of 2019, about 13,400 nuclear weapons remain in the world. The highest number of nuclear weapons belong to Russia and the United States, numbering to 6,500 and 6,185 weapons respectively. Furthermore, there is a surge in concerns related to national security across the world, which is giving rise to the escalating development of nuclear weapons. This is turn is expected to raise the demand for nuclear waste management from these plants in the coming years. In addition, increase in carbon emissions globally is projected to offer abundant opportunities for the market growth in the near future.
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The market is segmented by waste type into low-level waste, high level waste, and intermediate level waste, out of which, the low-level waste segment is anticipated to hold the largest share in the global nuclear waste management market on account of the high generation of this type of nuclear waste from hospitals, manufacturing facilities and nuclear power stations. In addition, low-level waste is one of the easiest to handle and dispose, which is also predicted to drive growth to the market segment in the future. Moreover, on the basis of application, the utility segment is assessed to occupy the largest share over the forecast period owing to the increasing usage of nuclear sources to generate electricity and heat around the globe.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global nuclear waste management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of high population growth coupled with rising electricity demand in countries such as China and India. For instance, the total electricity consumption in India in the year 2020 reached a value of 860 KWh, which was around two-thirds of the Asian average. Along with these, growing implementation of nuclear power plants is also projected to drive market growth in the APAC region. Moreover, the markets in Europe and North America are also expected to grab significant shares during the forecast period owing to the rise in development of nuclear weapons in countries, namely the US, France, Russia and the UK, strong presence of market players, and growing environmental concerns for managing nuclear wastes in these regions.
The global nuclear waste management market is further classified on the basis of region as follows:
Our in-depth analysis of the global nuclear waste management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising population and urbanization globally and growing investment to develop nuclear weapons are the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Risks related to transportation of nuclear waste is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the high population growth coupled with rising electricity demand in China and India.
The major players in the market are Perma-Fix Environmental Services, Inc., Augean Plc, Svensk Kärnbränslehantering AB, US Ecology, Inc., Ansaldo Energia S.p.A, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by reactor type, waste type, application, and by region.
The utility segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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