Global Nuclear Waste Management Market Highlights 2022 – 2030
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Nuclear Waste Management Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global nuclear waste management market includes the following segments:
By Reactor Type
- Pressurized Water Reactor
- Boiling Water Reactor
- Gas Cooled Reactor
- Pressurized Heavy Water Reactor
By Waste Type
- Low-Level Waste
- High Level Waste
- Intermediate Level Waste
By Application
- Utility
- Industrial
Growth Drivers
- Rising Population and Urbanization Globally
- Growing Investments to Develop Nuclear Weapons
Challenges
- Risks Related to Transportation of Nuclear Waste
Top Featured Companies Dominating the Market
- Perma-Fix Environmental Services, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Augean Plc
- Svensk Kärnbränslehantering AB
- US Ecology, Inc.
- Ansaldo Energia S.p.A
- Waste Control Specialists, LLC
- Bechtel Corporation
- Barlett Nuclear, Inc.
- BHI Energy
- Energy Solutions
