The Spent Nuclear Fuel Waste Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Spent Nuclear Fuel Waste Management Global Market Report 2024, The spent nuclear fuel waste management market size has grown marginally in recent years. It will grow from $6.06 billion in 2023 to $6.18 billion in 2024 at a compound annual growth rate (CAGR) of 1.9%. The growth in the historic period can be attributed to nuclear power expansion, decommissioning of nuclear facilities, government regulations, public and environmental concerns, research and development initiatives.
The spent nuclear fuel waste management market size is expected to see marginal growth in the next few years. It will grow to $6.46 billion in 2028 at a compound annual growth rate (CAGR) of 1.1%. The growth in the forecast period can be attributed to recognition of long-term liabilities, increasing energy demand, growing safety concerns, economic considerations, climate change mitigation. Major trends in the forecast period include shifting disposal strategies, technology integration and advancements, public engagement and policy development, economic viability and private investment, strategic partnerships.
The increasing energy demand is expected to propel the growth of the spent nuclear fuel waste management market going forward. The energy demand refers to the total amount of energy required by a specific system or population within a defined timeframe. In situations where energy security becomes a major concern, countries might prioritize spent fuel management to reduce reliance on unstable foreign energy sources. This could lead to increased investment in reprocessing or other advanced waste management technologies. For instance, in August 2023, according to ExxonMobil, a US-based oil and gas company, global demand for energy is expected to reach about 660 quadrillion British thermal units (Btu) in 2050, reflecting a growth of about 15% compared to 2021. Therefore, the increasing energy demand is driving the growth of the spent nuclear fuel waste management market.
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The spent nuclear fuel waste management market covered in this report is segmented –
1) By Type: Low-level Waste, Intermediate-level Waste, High-level Waste
2) By Disposal Type: Near Surface Disposal, Deep Surface Disposal
3) By Source: Nuclear Fuel Cycle, Research, Medical, and Industrial Source, Military And Defense Programs
4) By Application: Boiling Water Reactors, Gas Cooled Reactors, Pressurized Water Reactors, Pressurized Heavy Water Reactors, Other Applications
Major companies operating in the spent fuel nuclear waste management are developing strategic partnerships to strengthen their position in the market. A strategic partnership is a collaborative relationship between two or more organizations, typically businesses that is formed to achieve mutually beneficial goals that would be difficult or impossible to achieve alone. For instance, in July 2023, Skanska, a Sweden-based construction company, signed a collaboration agreement with Svensk Kärnbränslehantering AB (SKB), a Sweden-based nuclear fuel and waste management company for the expansion of the existing final repository for short-lived radioactive waste (SFR) in Forsmark. Further, in August 2021, Orano SA, a France-based nuclear fuel cycle company, signed contracts with PreussenElektra, RWE, ENBW, and Vattenfall, Germany-based nuclear energy companies for the return of German waste. The return of the waste to Germany is expected to contribute to the safe and responsible management of radioactive materials and spent nuclear fuel.
The spent nuclear fuel waste management market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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.
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Veolia Environment SA
- Bechtel Corp.
- Fluor Corporation
- Westinghouse Electric Company LLC.
- SNC Lavalin Group Inc.
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