According to the new research report published by The Insight Partners, titled “Nuclear Waste Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Waste Type, Reactor Type, and Disposal Options,” the market was valued at US$ 20,048.26 million in 2021 and it is projected to reach US$ 25,339.64 million by 2028; it is expected to grow at a CAGR of 3.40% from 2021 to 2028.
The demand for energy is surging hugely owing to the increasing rate of population and urbanization across the world coupled with the growing rate of industrialization, especially in Asia Pacific. Moreover, growing carbon emission is one of the major concerns, with which the modern age is dwelling with. Governments across the world are actively initiating various efforts to incorporate multiple sources of clean energy into the energy mix of their respective country’s energy mix. Meanwhile, due to geographic and climatic challenges, solar and wind power cannot generate stable and consistent amount of energy. However, nuclear power plants are a reliable and stable source for energy generation as they can be deployed at any geographic terrain and can generate significant amount of energy throughout the year as compared to solar and wind. Owing to these advantages, governments across the world are investing in building nuclear power plant to generate energy, without emitting carbon. For instance, government in Ontario, Canada invested over US$ 25 billion in refurbishing nuclear reactors at the Darlington and Bruce nuclear generating stations from 2020–2033. In 2019, South Africa announced commitment to the development of nuclear energy as it has outlined a plan to develop 1 GW of new nuclear capacity by 2030 coupled with extending the lifecycle of current plant. China currently has 19 under construction nuclear reactors and 37 planned nuclear reactors that are capable of producing 19.9 GWe and 41.7 GWe of energy, respectively. Moreover, to meet the energy mix target of 2030, i.e. 20% from nuclear, the Japanese government restarted 7 nuclear reactors since 2015. The government also planned to restart 16 more nuclear reactors. Thus, positive outlook of governments across the world for the deployment of nuclear power plants for energy generation drives the growth of the nuclear waste management system market.
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According to reports from operators and regulators received through the International Atomic Energy Agency’s (IAEA) COVID-19 Operational Experience Network (OPEX) and International Reporting System for Operating Experience, nuclear power reactors were not forced to shut down due to the impact of COVID-19 outbreak on the workforce or supply chains. Operators and regulators have maintained plant’s safety and security even though the pandemic has impacted them in numerous ways, such as planned outages and maintenance plans, according to the IAEA. This has led to an increase in nuclear waste even during the pandemic thus growing the need for nuclear waste management systems.
Augean Plc; Perma-Fix Environmental Services, Inc.; Svensk Kärnbränslehantering AB; Ansaldo Energia; US Ecology, Inc.; Veolia Environmental Services; Bechtel Corporation; BHI Energy; and Waste Control Specialists, LLC are among the major companies operating in the nuclear waste management systems market.
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