Regulatory impositions for optimal use of efficient energy sources growing environmental concerns, lack of permanent disposal solutions is driving the global spent fuel and nuclear waste management market.

Covid-19 Impact & Market Status

The pandemic caused several operational and financial setback to global spent fuel and nuclear waste management market bringing down the growth estimates for 2022-2029 by almost 20%. The pandemic uncertainties, operational, supply chain, and financial disruption led to delays in construction progress, capacity addition, and financial challenges to the global spent fuel and nuclear waste management market players. This hampered the global spent fuel and nuclear waste management market. Wide-scale disruption of economic activity, supply chain disruption, and employee health concerns leading to closures of all the activities, are the key factors that hampered the global spent fuel and nuclear waste management market.

The impact of the COVID-19 outbreak on the workforce and supply networks did not cause nuclear power reactors to shut down. However, plant operators and regulators have maintained plant safety and security despite the pandemic affecting them in a variety of ways, including planned outages and maintenance schedules. Even during the epidemic, this resulted in an increase in radioactive waste, increasing the demand for nuclear waste management systems.

Nuclear Power Reactors Will Drive the Market

Nuclear power generating has emerged as the most reliable option for providing electricity needs while simultaneously reducing greenhouse gas emissions in the face of escalating environmental concerns and expanding energy demand. Nuclear power generation is a clean energy technique that can successfully meet rising electricity demand.

Significant Growth is Expected in Asia-Pacific

During the projection period, Asia-Pacific is expected to be the fastest expanding market. In North America and Europe, on the other hand, expansion in energy generating capacity, particularly nuclear power, has been slowed for many years. Several Asian countries are developing and building new nuclear power reactors to meet their growing need for clean electricity. China, Japan, South Korea, and India are predicted to lead the Asia-Pacific spent fuel and nuclear waste management market over the forecast period.

Low-Level Trash Will Most Likely Dominate The Market.

Any item that is fundamentally radioactive or has been polluted by radioactivity and is regarded to have no further utility is classified as radioactive nuclear waste. Low-level waste (LLW) from the nuclear fuel cycle has a radioactive composition of no more than 4 GBq/t alpha activity or 12 GBq/t beta-gamma activity. Before disposal, LLW is frequently compacted or burnt to reduce its bulk.

The global spent fuel and nuclear waste management system market is predicted to increase at a CAGR of 3.40 percent from 2022 to 2029, from US$ 20,048.26 million in 2021 to US$ 26201.18 million in 2029.

Nuclear power facilities provide electricity with lower carbon emissions. Compared to other thermal electricity generation technologies, nuclear power plant operators manage nuclear waste properly and safely.

Nuclear power plant advances allow for improved fuel utilisation and provide clean energy for about 10% of the world's electricity from approximately 440 power reactors.

Nuclear power generating has emerged as the most reliable option for providing electricity needs while simultaneously reducing greenhouse gas emissions in the face of escalating environmental concerns and expanding energy demand. Nuclear power generation is a clean energy technique that can successfully meet rising electricity demand. Nuclear power plant advances allow for improved fuel utilisation and provide clean energy for about 10% of the world's electricity from approximately 440 power reactors.

Factors such as greater usage of cleaner energy sources to meet carbon emission objectives, as well as nuclear plant life extensions due to favourable government policies, are projected to drive the the global spent fuel and nuclear waste management market.

During the forecast period, the global spent fuel and nuclear waste management market is likely to be limited by high startup costs and a long payback period.

Furthermore, various ongoing and future nuclear power plant clean-up projects, as well as several nuclear power reactor decommissioning activities, are some of the key drivers for this the global spent fuel and nuclear waste management market.

The major players in global spent fuel and nuclear waste management market are Westinghouse Electric Company, Holtec International, DMT, Chase Environmental Group, Augean PLC, Waste Control Specialists, BHI Energy, Fluor, Bechtel, Perma-Fix, John Wood Group, Stericycle, Posiva Oy, US Ecology , Veolia, and Enercon among others.

These key stakeholders of the global spent fuel and nuclear waste management market are working on policies, implementation frameworks, capacity constraints, and faster deployment nuclear waste management solutions. These players have major share in the global spent fuel and nuclear waste management market with innovative designs, best practices & business models, advanced technical standards, and excellent foundation.

Major Developments in Global Spent Fuel and Nuclear Waste Management Market: A Snapshot

• On August 20, 2020, the US Department of Energy stated that radioactive operations at the Savannah River Site's Salt Waste Processing Facility (SWPF) would begin (SRS). The one-of-a-kind plant will handle 31 million gallons of radioactive salt waste that is now held in subterranean tanks in South Carolina. Parsons Corporation planned and built the facility, and it is expected to run it initially. After hot commissioning is completed, it is planned to begin normal operations later this year.
• PreussenElektra, RWE, ENBW, and Vattenfall, all German utility companies, signed contracts with Orano in August 2021 for the repatriation of all German nuclear waste valued more than EUR 1 Million.

Spent Fuel and Nuclear Waste Management Market Scope

Key Segments of Global Spent Fuel and Nuclear Waste Management Market

Type Overview, 2019-2029 (USD Million)

• Low Level waste
• High Level Waste
• Intermediate Level Waste
• Others

Reactor Overview, 2019-2029 (USD Million)

• Pressurized
• Boiling
• Gas Cooled

Regional Overview, 2019-2029 (USD Million)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa