Overview and Scope
Spent fuel and nuclear waste management refers to the comprehensive set of practices, strategies, and technologies employed to handle, store, transport, treat, and dispose of the by-products generated during the operation and decommissioning of nuclear facilities. The primary objective is to contain and isolate radioactive materials to prevent them from harming people or the environment.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the spent nuclear fuel waste management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spent nuclear fuel waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the spent nuclear fuel waste management market report are Veolia Environment SA, Bechtel Corp., Fluor Corporation, Westinghouse Electric Company LLC., SNC Lavalin Group Inc, John Wood Group, Posiva Oy, US Ecology lnc., Enercon Services Inc., Magnox Technologies Pvt Ltd, EnergySolutions, Holtec International, Posiva Oy, Ansaldo Energia, BHI Energy, Augean PLC, Studsvik AB, Perma-Fix Environmental Services Inc., Svensk Kärnbränslehantering AB, Waste Control Specialists LLC, DermTech Inc, Chase Environmental Group
The spent nuclear fuel waste management market report table of contents includes:
- Executive Summary
- Spent Nuclear Fuel Waste Management Market Characteristics
- Spent Nuclear Fuel Waste Management Market Trends And Strategies
- Spent Nuclear Fuel Waste Management Market – Macro Economic Scenario
- Global Spent Nuclear Fuel Waste Management Market Size and Growth
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- Global Spent Nuclear Fuel Waste Management Market Competitive Dashboard
- Key Mergers And Acquisitions In The Spent Nuclear Fuel Waste Management Market
- Spent Nuclear Fuel Waste Management Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Spent Nuclear Fuel Waste Management Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Spent Nuclear Fuel Waste Management Market, Segmentation By Disposal Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Spent Nuclear Fuel Waste Management Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Veolia Environment SA Financial Performance
Table 76: Bechtel Corp. Financial Performance
Table 77: Fluor Corporation Financial Performance
Table 78: Westinghouse Electric Company LLC. Financial Performance
Table 79: SNC Lavalin Group Inc Financial Performance
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