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 estimated to expand at ~9.00% CAGR during the
forecast period.
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.
Key
Players:
The key players of 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, among
others.
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Industry
Segmentation:
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. In
Middle East, there are new nuclear plants coming up in order to cater to
increasing energy demand.
Regional Outlook:
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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