Global Nuclear Waste Management Market 2017-2021
About Nuclear Waste Management
Nuclear waste is the residue left after the extensive use of nuclear fuel in a nuclear reactor. As the price of nuclear waste management varies according to the reactor fuel type and size of the reactor, the market sizing has been represented in million tons. Nuclear waste management involves logistics, decontamination, containment structures for waste management, the disposal of nuclear waste, engineering and design services for nuclear waste management.
Technavio’s analysts forecast the global nuclear waste management market to grow at a CAGR of 2.67% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global nuclear waste management market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Nuclear Waste Management Market 2017-2021
Technavio recognizes the following companies as the key players in the global nuclear waste management market: New AREVA, DMT, Holtec International, North Wind Group, Swedish Nuclear Fuel and Waste Management Company (SKB), and Veolia.
Other Prominent Vendors in the market are: Augean, Bechtel, BHI Energy, Chase Environmental Group, Ecology Services, EnergySolutions, Fluor, KIDOVA, VTT, Waste Control Specialists, and Westinghouse Electric Company.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is nuclear power growth in APAC. The economic development in APAC is resulting leading to an exponential demand for energy, which has subsequently led to the growth of the nuclear power industry. The growth in the demand for energy from Asian economies, such as China and India, coupled with the excessive amount of GHG emissions from coal-fired capacity has forced these countries to invest significantly in alternatives, such as nuclear power generation.”
According to the report, one driver in the market is growing energy demand in developing countries. In the last two decades, developing countries have witnessed a rapid economic growth, owing to globalization and industrialization, which has led to the increase in household income levels and growth in consumption patterns. In addition, the worldwide energy consumption is growing steadily, driven by the growth in the economy in developing nations. To meet the ever-growing energy demand, nuclear power is expected to become an indispensable source of power generation. The global energy consumption grew at the rate of 1.95% annually from 2009 to 2016. According to the U.S. Energy Information Administration, the global energy consumption is expected to witness an increase of 48% between 2012 and 2040.
Further, the report states that one challenge in the market is closure of nuclear reactors. There has been a strong awareness of the potential hazard of nuclear power by utilities and governments, owing to the complex nature of nuclear energy. However, many nuclear plants have had fatal accidents in the past, questioning the safety of nuclear power reactors. In March 2011, Japan's Fukushima nuclear power plant accident severely affected the renewed interest in nuclear power worldwide. This incident took place 25 years after the Chernobyl disaster in Ukraine. As a precaution, different countries worldwide have imposed stringent regulations on operations of nuclear reactors. At times, the upgrade required to run the reactors tend to be uneconomical, especially in the case of older nuclear reactors.
New AREVA, DMT, Holtec International, North Wind Group, Swedish Nuclear Fuel and Waste Management Company (SKB), Veolia, Augean, Bechtel, BHI Energy, Chase Environmental Group, Ecology Services, EnergySolutions, Fluor, KIDOVA, VTT, Waste Control Specialists, and Westinghouse Electric Company.