Europe Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Waste Type ( Low-Level Waste, High Level Waste, Intermediate Level Waste and Others ), Reactor Type ( Pressurized Water Reactor, Boiling Water Reactor, and Gas Cooled Reactor ), and Disposal Options ( Near Surface Disposal and Deep Geological Disposal )
The nuclear waste management system market in Europe is expected to grow from US$ 4,985.32 million in 2021 to US$ 6,280.26 million by 2028; it is estimated to grow at a CAGR of 3.4% 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. 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 are investing in building nuclear power plant to generate energy, without emitting carbon. Additionally, the development of nuclear weapons is among the other factors expected to fuel the demand for nuclear waste management systems in Europe during the forecast period.
Based on reactor type, the boiling water reactor segment led the Europe nuclear waste management system market in 2020. Boiling water reactor is a light water nuclear reactor used for electricity generation. Unlike pressurized water reactor, the water is directly pumped into the fission reaction chamber to convert water into steam that propels the turbines to generate electricity. The steam is cooled using a condenser, and the water is then pumped into the reactor core, completing the loop. Moreover, the benefits of boiling water reactors are lower operational temperature and lesser irradiation levels than pressurized water reactors.
The impact of the COVID-19 outbreak pandemic differed from country to country across Europe as selected countries witnessed an increase in the number of COVID-19 confirmed cases and subsequently imposed strict and long lockdown periods or social isolation. However, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of the strong healthcare system. To protect citizens from infection, the European governments made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. During the pandemic, Europe was one of the regions that were highly dependent on the nuclear power plants to fulfill their electricity requirements. As many components of the infrastructure cannot function without a consistent supply of electricity, electricity generation and delivery, two of the most crucial elements of economic and social infrastructure, are required to remain reliable during the pandemic. In the EU, more than 100 nuclear power reactor units are operational, and their continuous operation in the pandemic is critical for maintaining grid stability and ensuring needed power supply in conjunction with other power generation sources. This high reliability on nuclear power plants for electricity needs has increased the requirement of disposal of nuclear waste produced from them.
The overall Europe nuclear waste management system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe nuclear waste management system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe nuclear waste management system market. Ansaldo Energia S.p.A., Augean PLC, Bechtel Corporation, Energysolutions, Perma-Fix, Svensk Kärnbränslehantering AB, and Veolia are among key players operating in the market.
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