Nuclear Waste Management Market Share, Emerging Trend, Global Analysis and Forecast 2023

 Dhanashree Pawar
  15th-Sep-2019
 29
AU1_1568614606_1.png Nuclear Waste Management Market

Nuclear Waste Management Market Synopsis

The global Nuclear Waste Management Market is expected to grow at 3.00% CAGR during the forecast period. Nuclear waste management includes proper diagnosis of the nuclear waste left behind. The main purpose of nuclear waste management is the proper disposal of nuclear waste that comes out of the nuclear reactor and is dangerously radioactive and left un-attended for longer period of time. The main objective of nuclear waste management is disposing off nuclear waste in order to protect environment.

Nuclear waste management refers to storage of hazardous waste far away from public in disposal facilities. This nuclear waste is a radioactive and toxic by-product of nuclear weapon manufacturing, nuclear medicine, and nuclear power plants. Nuclear waste management helps the end-users to reduce the volume of waste and costs related to waste management of nuclear power plants by optimizing the entire process beginning from waste collection to final disposal. The companies in nuclear waste management offers solutions related to new builds, nuclear power plants under decommissioning, and operating nuclear power plants.

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The global nuclear waste management market is set to witness significant growth due to increasing energy demand in developing countries and rising population in China. According to International Energy Agency’s (IEA) World Energy Outlook 2018, the energy demand is expected to grow by more than 25% between 2017 and 2040. Also, the nuclear power is expected to hold share of 15% in the total power generation by 2040. All these factors are expected to drive the nuclear waste management market. However, rising renewable power generation is one of the major restraints for the global nuclear waste management market.

Segmental Analysis

The nuclear waste management market has been segmented based on application industrial, utilities, and others.

Among these applications, utility segment is the largest segment in the nuclear waste management market due to nuclear waste generated by nuclear power plant.

Based on application, the market has been segmented as industrial, utility, and others. Utility segment is expected to dominate the market during the forecast period due to nuclear waste generated by nuclear power plant.

In Middle East, there are new nuclear plants coming up in order to cater to increasing energy demand.

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Regional Analysis

Region wise, Middle East & Africa held the largest market share of the global Nuclear Waste Management Market in 2017. there are activities going on in various regions related to implementation of nuclear power plants. For instance, China has been witnessing a huge investment amounting to USD 390 billion majorly going towards nuclear power. Also, the US has been generating over 90,000 metric tons of nuclear water that needs disposal. The commercial sector in the US, alone has generated waste more than any other country in the world. Moreover, the US government’s nuclear weapon program has generated nuclear fuel as well as high-level radioactive waste that accounts for about 14,000 metric tons. All these factors are driving the nuclear waste management market in order to manage the waste.

Key Players

The key players of the global nuclear waste management market are Enercon Services, Inc., Veolia Environment SA, Studsvik AB, Posiva Oy, Magnox Technologies Pvt. Ltd, Perma-Fix Environmental Services, Chase Environmental Group, Bechtel Group Inc., Fluor, and BHI Energy.

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