ID: MRFR/E&P/5759-CR | 143 Pages | Published By Anshula Mandaokar on May 2022
Governments around the world are increasing funding for military expenditures due to growing worries about national security. Countries like the US, China, Russia, France, the UK, India, Israel, South Korea, and Iran have developed nuclear weapons to better strengthen their armed forces. By the beginning of 2021, there were roughly 13,000 nuclear weapons worldwide, down from 13,400 in 2020 when some of the warheads were retired. The anticipated number of weapons deployed with operational troops has climbed from 3,720 to 3,825 during the past year, despite a drop in the quantity of nuclear weapons. The nuclear powers spent $72.6 billion on nuclear weapons in 2020, up US$1.4 billion from the previous year, according to the International Campaign to Abolish Nuclear Weapons (ICAN). There is enough low- and intermediate-level radioactive waste produced during the development and destruction of nuclear weapons. As a result, the market for nuclear waste management is developing as nuclear weapons are being developed and decommissioned at an increasing rate. Thus, this factor is driving the market CAGR.
Furthermore, the manufacturing of nuclear weapons for national defense and as fuel for nuclear power plants are only two examples of the various sectors that use radiation. These processes produce radioactive waste, which needs to be disposed of in a safe and efficient manner. The high-level nuclear waste must be disposed of in order to keep it safely separated for a very long time because it will continue to be extremely radioactive for tens of thousands of years. Due to the absence of a method for disposal in a repository, waste may need to be stored permanently. However, management of nuclear waste aids in the long-term disposal of this material.
Additionally, high-level, transuranic, and low-level waste are the three main categories of nuclear waste, and each category needs to be disposed of differently depending on the harm it poses to the environment and to human health. More money must be invested in nuclear power projects due to the strict norms and regulations being put in place to limit hazardous nuclear emissions worldwide. The treatment and disposal of radioactive waste from the US nuclear weapons programme are under the Department of Energy's (DOE) control. The nation's commercial nuclear power facilities have over 85,000 metric tonnes of spent nuclear fuel. This high-level trash must be disposed of by the DOE in a long-term geologic repository. Because utilities failed to properly dispose of the garbage, the US federal government has already paid billions of dollars in damages to them and may still owe tens of billions of dollars in future decades. Federal law requires that certain kinds of high-level mixed waste be vitrified, or immobilized in glass, and disposed of in a deep geologic deposit. Thus, it is anticipated that this aspect will accelerate nuclear waste management market revenue globally.
The Nuclear Waste Management Market segmentation has been segmented by waste type into Low-Level Waste, Intermediate-Level Waste and High-Level Waste. The high-level waste segment dominated the market growth for nuclear waste management in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. High-level waste only makes up 3% of the entire amount of nuclear waste, yet it includes 95% of the radioactive material. While low-level waste accounts for 90% of the entire volume, it contains only 1% radioactive material. While low-level waste can be managed without shielding, high-level waste needs cooling and shielding.
The Nuclear Waste Management Market segmentation, based on reactor type, Pressurized Water Reactor, Boiling Water Reactors, Gas-Cooled Reactors and Pressurized Heavy Water Reactor. The pressurized heavy water reactor segment dominated the nuclear waste management market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Since the 1950s, the CANDU PHWR reactor has been developed in Canada. Since the 1980s, it has been developed in India. The moderator needed for PHWRs is typically heavy water (D2O), but with the CANDU system, the moderator is enriched (i.e., water) rather than the fuel—a cost trade-off. PHWRs typically use natural uranium oxide as fuel.
The Nuclear Waste Management Market data, based on application, Industrial and Utility. The utility segment dominated the nuclear waste management market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Nuclear fuel has been used to produce power for around five years. After that, it is removed and securely held until a location for long-term disposal is identified. A nuclear reactor generates and regulates the release of energy that results from splitting the atoms of specific elements. Nuclear power reactors release energy that is used as heat to produce steam, which is then used to produce electricity.
By region, the study provides the market insights for nuclear waste management into North America, Europe, Asia-Pacific, and the Rest of the World. North America nuclear waste management market accounted for USD 2.5 billion in 2021 and is expected to exhibit a 43.10% CAGR during the study period. There are numerous chances for considerable growth in the nuclear waste management market in North America during the forecast period because to the region's established infrastructure and key players. Furthermore, these main firms are actively collaborating with the regional energy regulatory commissions and key safety industry standard-setting bodies to promote the expansion of the nuclear waste management business.
Further, the major countries studied in the market report for nuclear waste management are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe nuclear waste management market is expected to grow at a significant CAGR from 2022 to 2030. Although production of wasted fuel in the European Union (EU) has varied considerably, on average, it increased annually by 1.5 percent, amounting to 3,300 tonnes of heavy metal (tHM). The rise in electricity generated by nuclear power plants as capacity and demand increased was the main cause of this increase (nuclear electricity production increased at an annual average rate of 1.3 percent over the same period). Further, the UK nuclear waste management market held the largest market share, and the Germany nuclear waste management market was the fastest-growing market in the region.
Asia Pacific nuclear waste management market accounts for the second-fastest growing market share. A number of developing nations, like China and India, who are among the top 10 nuclear power producers, call this region home. Over the projection period, the market will develop as nuclear generation capacity increases and these economies' demand for electricity rises. Moreover, China nuclear waste management market held the largest market share, and the India nuclear waste management market was the fastest-growing market in this region.
Major market players are spending a lot on R&D to increase their product lines, which will help the nuclear waste management industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the global nuclear waste management industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, nuclear waste management industry has provided medicine with some of the most significant benefits. The nuclear waste management market major player such as Enercon (US), Veolia (France), US Ecology Inc. (US), Posiva Oy (Finland), Stericycle Inc. (US), John Wood Group PLC (UK), Perma-Fix (US), Bechtel Corporation (US), Fluor Corporation (US), BHI Energy (US), Waste Control Specialists LLC (US), Augean PLC (UK), Chase Environmental Group Inc. (US), DMT (Germany), Holtec International (US) and Westinghouse Electric Company LLC (US).
The corporate offices of the Finnish corporation Posiva Oy are located in the town of Eurajoki. It was established in 1995 by two Finnish nuclear plant operators, Teollisuuden Voima and Fortum, for the purpose of investigating and developing a strategy for disposing of spent nuclear fuel from their facilities. In April 2022, a modelling effort on the groundwater chemistry in the bedrock has been started by Posiva Oy in Finland. It resulted in the eventual disposal of old nuclear fuel utilising the most effective computers decades in the future. The company is in charge of removing used nuclear energy.
Also, the Irving, Texas-based Fluor Corporation is a worldwide American engineering and construction company. It is a holding company that offers services in the sectors of oil and gas, industrial and infrastructure, government, and power through its subsidiaries.
US Ecology Inc. (US)
Posiva Oy (Finland)
Stericycle Inc. (US)
John Wood Group PLC (UK)
Bechtel Corporation (US)
Fluor Corporation (US)
BHI Energy (US)
Waste Control Specialists LLC (US)
Augean PLC (UK)
Chase Environmental Group Inc. (US)
Holtec International (US)
Westinghouse Electric Company LLC (US)
February 2019: Viridor has obtained a contract for the whole management of nuclear waste, and it will provide integrated waste management services for the waste generated at Hinkley Point C.
December 2018: Magnox Ltd has given Wood a significant contract for the removal, processing, and disposal of radioactive waste from a decommissioned nuclear power plant in the UK. 47m3 of radioactive wet waste that has been kept in tanks at Dungeness A in Kent will be removed as part of the project.
Pressurized Water Reactor
Boiling Water Reactors
Pressurized Heavy Water Reactor
Rest of Europe
Rest of Asia-Pacific
Rest of the World
|Market Size 2021||USD 5.9 Billion|
|Market Size 2022||USD 6.1 Billion|
|Market Size 2030||USD 7.4 Billion|
|Compound Annual Growth Rate (CAGR)||2.80% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Waste Type, Reactor Type, Application and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Enercon (US), Veolia (France), US Ecology Inc. (US), Posiva Oy (Finland), Stericycle Inc. (US), John Wood Group PLC (UK), Perma-Fix (US), Bechtel Corporation (US), Fluor Corporation (US)|
|Key Market Opportunities||Concerns about the environment and rules for the best use of efficient fuels|
|Key Market Dynamics||Creation of nuclear weapons to propel market Lack of alternatives for permanent disposal will push the market|
The nuclear waste management market size was expected to be USD 5.9 billion in 2021.
The market for nuclear waste management is expected to register a CAGR of ~2.80% over the next ten years.
North America held the largest market share in the nuclear waste management market.
Enercon (US), Veolia (France), US Ecology Inc. (US), Posiva Oy (Finland), Stericycle Inc. (US), John Wood Group PLC (UK), Perma-Fix (US), Bechtel Corporation (US), Fluor Corporation (US) are the key players in the market for nuclear waste management.
The high-level waste category led the segment in the nuclear waste management market.
The utility category had the largest market share in the nuclear waste management market.