Transparency Market Research has released a new market report titled Nuclear Waste Management Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024. According to this report, the global nuclear waste management market stood at US$1,382.0 Mn in 2015 and is expected to reach US$5,627.5 Mn by 2024 at a CAGR of 16.7% from 2016 to 2024.
Nuclear wastes are materials or residues of burning of nuclear fuel in the reactor. They consist of radioactive materials, which cause acute radiation sickness. Nuclear wastes comprise small uranium pellets deep inside alloy fuel rods. Disposal of high level radioactive by-products is necessary. This creates the need for nuclear waste management services. Nuclear waste can never be unshielded, so it is kept under water for a few years in order to minimize the radiation to a suitable level. After this process, final disposal of nuclear waste is done.
Nuclear waste management refers to disposal facilities which are widely used to store hazardous wastes away from the reach of general public. Time frame for storing waste depends upon the type of waste and radioactive isotopes. Nuclear waste management companies are also engaged in nuclear reactor decommissioning process and have disposal facilities and repositories for final disposal of nuclear waste during dismantling of nuclear reactors. The nuclear waste management market is highly fragmented with major players driving the market with agreements, acquisitions, and expansion of disposal facilities to develop a competitive position for themselves. A typical nuclear power plant has an average life of 30-35 years and is licensed to operate up to 35 years. If licenses are not renewed, the nuclear plant would go through a decommissioning process which involves disposal of radioactive wastes and dismantling of nuclear reactors. Nuclear power plant decommissioning has become a profitable business and majority of companies have started offering nuclear decommissioning services.
Research and development in demonstration and adoption of improved and efficient fuel cycle technology would reduce the heat, volume, and toxicity of nuclear wastes placed in repositories. Rapid population growth, high dependency on fossil fuels, decommissioning of old nuclear reactors, increasing electricity demand, strict government regulations to minimize harmful emissions, and high awareness among government institutions in different countries about proper radioactive disposal are the primary drivers for the nuclear waste management market.. Efficient nuclear waste management services would drive the market for nuclear waste management in the next few years.
Demand for electricity is increasing twice as fast as overall energy usage and it is expected to be doubled by 2030. For clean and quick energy requirements investments in nuclear power are expected to rise in the next few years. High dependency on fossil fuels has resulted in excess depletion of non-renewable energy resources, leading to a shift towards alternative sources of energy. The world currently lacks energy security and efficient access to electricity. Research and development activities, focusing on more efficient nuclear waste disposal systems would help overcome the challenge of safe disposal of hazardous nuclear wastes. Environmental and climate norms are focusing more on clean energy solutions. Clean and quick energy in line with low harmful emissions is among the top priorities of corporate environmental management programs. Toxicity of nuclear waste can be minimized through establishment of efficient disposal facilities and repositories.
The nuclear waste management market has been segmented in terms of waste type, nuclear reactor type and geography. By waste type, the nuclear waste management market has been segmented into low level waste, intermediate level waste, and high level waste. By nuclear reactor type, the market has been segmented into boiling water reactors, gas cooled reactors, pressurized water reactors, pressurized heavy water reactors, and others. High level waste type held the largest share (35.9%), followed by intermediate level waste type (32.9%) in 2015. By nuclear reactor type, pressurized water reactors held the largest share (69.3%) in 2015. The global nuclear waste management market is witnessing an influx of investments. Demand for nuclear waste management services is projected to increase significantly, as high investments in nuclear power are expected in the near future coupled with strict government regulations to minimize harmful emissions. The nuclear waste management market has been segmented as follows:
Nuclear Waste Management Market: By Waste Type
- Low Level Waste
- Intermediate Level Waste
- High Level Waste
Nuclear Waste Management Market: By Nuclear Reactor
- Boiling Water Reactors
- Gas Cooled Reactors
- Pressurized Water Reactors
- Pressurized Heavy Water Reactors
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