Nuclear Waste Management Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The global Nuclear Waste Management Market to reach USD 7.4 Billions, registering a CAGR of 2.8% during the forecast period of 2022 to 2030.
Nuclear waste management is a crucial aspect of the nuclear energy industry, and its importance cannot be overstated. In this report, MRFR has explored the various types of nuclear waste, the importance of nuclear waste management, the organizations and companies involved in nuclear waste management, and the methods used to manage nuclear waste.
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Segment Analysis
The global nuclear waste management market is mainly segmented into waste type, reactor type, and application. On the basis of waste type, the nuclear waste management market has been sub-segmented into low-level waste, intermediate-level waste, and high-level waste. On the basis of reactor type, the nuclear waste management market has been segmented into pressurized water reactor, boiling water reactors, gas-cooleed reactors, and pressurized heavy water reactor. On the basis of application, the nuclear waste management market has been segmented into industrial and utility.
Regional Analysis
The global nuclear waste management market has been segmented on the basis of region into North America, Europe, Asia-Pacific, South America, and Middle East Africa.
The existing infrastructure and major players in North America provide with ample opportunities for significant growth in the forecast period. Moreover, these major players are closely working with the key safety industry standard-setting associations and energy regulatory commissions to facilitate the growth of the market in the region. Such associations include the US Nuclear Regulatory Commission (NRC), the US Department of Energy (DOE), and the US Environmental Protection Agency (EPA). Furthermore, the US dominates the region with over 104 operating commercial nuclear reactors at 56 nuclear power plants in 28 states.
The amount of spent fuel produced in the European Union (EU) has fluctuated a lot, but on average, it climbed by 1.5 percent each year, totaling 3 300 tonnes of heavy metal (tHM). This increase was primarily due to the rise in the electricity produced by nuclear power plants as capacity and demand increased (nuclear electricity production increased at an annual average rate of 1.3 percent over the same period). The EU recently passed a legislation on nuclear waste management. It provides for the management of spent fuel and nuclear waste responsibly and safely. It is built on a set of internationally recognized principles, including protecting current and future generations without imposing undue obligations on future generations.
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Key Players:
MRFR recognizes the following companies as the key players in the global nuclear waste management market— Enercon (US), Veolia (France), US Ecology Inc. (US), Posiva Oy (Finland), Stericycle Inc. (US), John Wood Group PLC (UK), Perma-Fix (US), Bechtel Corporation (US), Fluor Corporation (US), BHI Energy (US), Waste Control Specialists LLC (US), Augean PLC (UK), Chase Environmental Group Inc. (US), DMT (Germany), Holtec International (US), and Westinghouse Electric Company LLC (US) among others.
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