Market Size of Spent Fuel and Nuclear Waste Management Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 1.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spent Fuel And Nuclear Waste Management Market Analysis
The spent fuel and nuclear waste management market is expected to record a CAGR of 1.5% during the forecast period, 2022-2027. During the COVID-19 pandemic, the market did not witness any major negative impact. The nuclear power plant has the ability to generate electricity with lower carbon emissions as compared to fossil fuels. Although the amount of waste generated by nuclear power is very small relative to other thermal electricity generation technologies, proper and safe management of nuclear waste is of utmost importance for the nuclear power plant operators. Factors such as increasing adoption of cleaner energy sources to meet carbon emission targets and nuclear plant life extensions due to supporting government policies are expected to drive the market. However, the high initial cost and a high payback period are likely to hinder the spent fuel and nuclear waste management market during the forecast period.
- The low-level waste segment dominated the market in the past and is likely to dominate the market during the forecast period.
- Major countries in Middle East & Africa, accompanied by a few major companies, are investing in non-fossil fuel-based power generation technologies, especially in small nuclear reactors. Saudi Arabia plans to achieve 30-50% of local content for its nuclear program before 2030. Similarly, Jordan and a few more countries are in the initial phase of nuclear power plant construction, which is likely to provide an opportunity to grow the global spent fuel and nuclear waste management market in the coming future.
- Asia-Pacific is expected to witness significant growth in the global spent fuel and nuclear waste management market, owing to the presence of several major developing nations such as China and India.
