Global Spent Fuel Storage Tank Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Spent Fuel Storage Tank Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Spent fuel storage tanks are containers dedicated to managing and transporting spent fuel components. It consists of a container body with structural support, neutron shielding, gamma shielding, decay heat export and fire and heat insulation functions, a component grid that restricts the movement of fuel assemblies, a neutron absorber that ensures subcritical safety, a shielding seal cover and a buffer damper. vibrators etc.

Market Overview:

The latest research study on the global Spent Fuel Storage Tank market finds that the global Spent Fuel Storage Tank market reached a value of USD 904.41 million in 2023. It’s expected that the market will achieve USD 1266.51 million by 2029, exhibiting a CAGR of 5.77% during the forecast period.

Promising Clean Energy Market

The 2023 Energy Technology Outlook Report released by the International Energy Agency (IEA) continues the characteristics of previous years, focusing on clean energy technologies and innovations aimed at achieving energy security, economic development and environmental sustainability. The geopolitical situation in 2022 will seriously disrupt the global clean energy and technology supply chain, which will not only push up the price of fossil energy, but also lead to a shortage of key minerals, semiconductors and other materials and components needed for clean energy technology. The resulting energy shortage has a negative impact on the global short-term economic development prospects, and may delay the advancement and development of some clean energy technologies, but it also accelerates the transition of human society from fossil energy to clean energy, making more funds invested in new technologies. Energy and clean energy technologies for energy efficiency. In 2022, global clean energy investment will increase by 10% on the basis of 2021, reaching US$1.4 trillion, accounting for 70% of the total investment growth in the energy sector. Nevertheless, the leading role of fossil fuels is still there, and its proportion in the primary energy structure is still as high as 80%. This poses a significant threat to achieving net-zero emissions targets and is driving accelerated deployment of clean energy technologies. At the same time, as the number of nuclear power plants increases year by year, the amount of spent fuel produced is huge, and the disposal of spent fuel has become urgent.

Domestic demand for localized replacement of spent fuel storage tanks

Thanks to the increase in energy demand and the outstanding advantages of nuclear power, the Nuclear Power Medium and Long-term Development Plan (2005-2020) established the strategic position of nuclear power in the sustainable development of my country's economy and energy, and the nuclear power industry has entered a large-scale development new stage. With the completion of nuclear power projects, the scale of my country's nuclear power installed capacity has continued to expand, and the power generation has increased simultaneously. According to the latest data released by the China Nuclear Energy Industry Association, in 2021, my country's commercial nuclear power installed capacity will reach 54.64 million kilowatts, and the country's annual nuclear power generation capacity will be 407.1 billion kilowatt-hours. At the same time, as the nuclear waste generated by the operation of nuclear power plants and the combustion of nuclear fuel is also increasing day by day with the rapid growth of nuclear power generation scale, the treatment of nuclear waste has become an important task in the field of hazardous waste treatment in the new era in my country, which also promotes domestic waste management. Demand for fuel storage tanks is growing.

Affected by high technical barriers and low domestic market demand, the nuclear power reprocessing industry chain has been dominated by foreign-funded manufacturers for a long time, which has also inhibited the generation of domestic demand to a certain extent. With the immediate release of nuclear power reprocessing during the 13th Five-Year Plan period, domestic nuclear power equipment companies have realized the high growth in this field, and their investment has increased significantly. At present, neutron absorbing materials have basically been replaced by localization. As for the equally crucial spent fuel storage tanks, localized substitution will also be accelerated. The degree of localization of the nuclear power reprocessing industry chain will be greatly improved, which will further stimulate the formation of the domestic market.

Region Overview:

Asia-Pacific had the highest growth rate of all regions.
Northern America is projected to account for a considerable share of the Spent fuel storage tank market and is expected to become the largest region by 2028.

Company Overview:

Gesellschaft Fur Nuklear-Service, Holtec International, and Orano are the top three players in the spent fuel storage tank market in 2023, accounting for a combined 37.30% market share.

With 40 years of nuclear experience, GNS is the world's leading supplier of spent fuel barrels, ILW and HLW, and also provides management and disposal services for spent fuel and all types of radioactive waste. CASTOR® and CONSTOR® types of spent fuel drums and MOSAIK® ILW drums are currently in use in several countries on four continents. This makes GNS the world's largest supplier of shielded shipping and storage barrels. The design and supply of treatment facilities and a wide range of engineering support round out our product portfolio. In addition, GNS provides comprehensive solutions for all stages of decommissioning of large components such as reactor pressure vessels and their internal components, from unloading to disassembly and packaging.

Holtec International is a key global supplier of equipment and systems to the energy industry in the nuclear, solar, geothermal and fossil power generation sectors. As a fully integrated supplier, Holtec has the in-house capabilities to design, engineer, analyze, build and deploy the innovative technologies the company delivers

Segmentation Overview:

The small nuclear power plant segment by type showed a value growth of 0.03% in 2022.
By type, large nuclear power plant segment accounted for the largest share of market in 2022.

Application Overview:

By application, the concrete structure segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Spent Fuel Storage Tank market covered in Chapter 3:

Holtec International
Ensa
Orano
NAC International
Gesellschaft Fur Nuklear-Service
Skoda JS AS

In Chapter 4 and Chapter 14.2, on the basis of types, the Spent Fuel Storage Tank market from 2019 to 2030 is primarily split into:

Concrete structure
Steel structure

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Spent Fuel Storage Tank market from 2019 to 2030 covers:

Large nuclear power plant
Small nuclear power plant

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)