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. The global nuclear
waste management market is projected to grow at a moderate growth rate during
the forecast period, very small amount of waste being generated by nuclear
power as compared to other thermal electricity generation technologies.
However, there are various nuclear projects that are coming up, especially in
Middle East & Africa that might positively drive the nuclear waste management
market in the coming years.
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Industry
Highlights
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. However, the increasing focus on nuclear power
generation in the Middle East is likely to offer lucrative business
opportunities in the nuclear waste management market. Middle East is adopting
nuclear power generation in order to meet the rising electricity demand in the
region due to rising population and economic growth.
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Prominent
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.
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.
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