Global Nuclear Waste Management System Market 2023-2030
Global Nuclear Waste Management System Market Size, Share & Trends Analysis Report Market by Waste Type (Low-level Waste, Intermediate-level Waste, and High-level Waste), by Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, Pressurized Heavy Water Reactor, Gas Cooled Reactor, and Others), and by End-User (Utility and Industrial) Forecast Period (2023-2030)
The global nuclear waste management system market is anticipated to grow at a considerable CAGR of 2.1% during the forecast period. The stringent standards and regulations to limit radioactive emissions is a key factor driving the growth of the global nuclear waste management system market. According to World Nuclear Association, the volume of high-level radioactive waste (HLW) produced by the civil nuclear industry is small. As per the estimation of the International Atomic Energy Agency (IAEA), 392,000 tonnes of heavy metal (tHM) in the form of used fuel have been discharged since the first nuclear power plants commenced operation. Of this, the agency estimates that 127,000 tHM have been reprocessed. The IAEA estimates that the disposal volumeb of the current solid HLW inventory is approximately 29,000 m3.
Nuclear power is the only large-scale energy-producing technology that takes full responsibility for all its waste and fully costs this into the product. Financial provisions are made for managing all kinds of civilian radioactive waste. The cost of managing and disposing of nuclear power plant waste typically represents about 5.0% of the total cost of the electricity generated. Most nuclear utilities are required by governments to put aside a levy (e.g. 0.1 cents per kilowatt hour in the US, 0.14 ¢/kWh in France) to provide for the management and disposal of their waste.
Segmental Outlook
The global nuclear waste management system market is segmented based on waste type, reactor type and end-user. Based on waste type, the market is segmented into low-level waste, intermediate-level waste, and high-level waste. Based on reactor type, the market is segmented into pressurized water reactor, boiling water reactor, pressurized heavy water reactor, gas cooled reactor, and other. Based on end-user, the market is sub-segmented into utility and industrial.
Low-level Waste Holds a Considerable Share in the Global Nuclear Waste Management System Market
Low-level waste (LLW) has a radioactive content not exceeding four giga-becquerels per tonne (GBq/t) of alpha activity or 12 GBq/t beta-gamma activity. LLW does not require shielding during handling and transport, and is suitable for disposal in near surface facilities.LLW is generated from hospitals and industry, as well as the nuclear fuel cycle. It comprises paper, rags, tools, clothing, filters, etc., which contain small amounts of mostly short-lived radioactivity. To reduce its volume, LLW is often compacted or incinerated before disposal.
As more than 90.0% of nuclear waste comes under the LLW category, more infrastructure is needed to store the radioactive waste properly and safely. Moreover, as nuclear power is getting popular due to clean and sustainable sources of energy, various countries are investing in nuclear power plants and related facilities, which is expected to drive the demand for the effective management of LLW.
Regional Outlook
The global nuclear waste management system market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global nuclear waste management system market.
Global Nuclear Waste Management System Market Growth by Region 2023-2030
Source: OMR Analysis
North America Held Considerable Share In the Global Nuclear Waste Management System Market
North America held considerable share in the global nuclear waste management system market. Growing partnership and collaboration to enhance the design and mechanism of nuclear power management system is a key factor driving the regional market growth. For instance, in February 2023, the researchers at the University of Toronto have collaborated with the Nuclear Waste Management Organization (NWMO) to optimize the design and layout of a new plant for processing used nuclear fuel packages. By leveraging a technique known as multidisciplinary design optimization, the project aims to further enhance Canada’s long-term management of used nuclear fuel. The presence of key players across the region is further contributing to the regional market growth.
Market Players Outlook
The major companies serving the global nuclear waste management system market include Fluor Corp., Bechtel Corp., Westinghouse Electric Company LLC, Veolia Environnement SA, and Perma-Fix Environmental Services, Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2023, Ghana has joined a pilot project done by IAEA for the disposal of sealed radioactive sources. The disposal facilities will bring the country close to its nuclear power ambitions.
The Report Covers
Market value data analysis of 2022 and forecast to 2030.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global nuclear waste management system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.