Nuclear waste management refers to storage of hazardous waste far away from public in disposal facilities. This nuclear waste is a radioactive and toxic by-product of nuclear weapon manufacturing, nuclear medicine, and nuclear power plants. Nuclear waste management helps the end-users to reduce the volume of waste and costs related to waste management of nuclear power plants by optimizing the entire process beginning from waste collection to final disposal. The companies in nuclear waste management offers solutions related to new builds, nuclear power plants under decommissioning, and operating nuclear power plants. The global nuclear waste management market is projected to grow at a moderate growth rate during the forecast period, very small amount of waste being generated by nuclear power as compared to other thermal electricity generation technologies. However, there are various nuclear projects that are coming up, especially in Middle East & Africa that might positively drive the nuclear waste management market in the coming years.
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The global nuclear waste management market is set to witness significant growth due to increasing energy demand in developing countries and rising population in China. According to International Energy Agency’s (IEA) World Energy Outlook 2018, the energy demand is expected to grow by more than 25% between 2017 and 2040. Also, the nuclear power is expected to hold share of 15% in the total power generation by 2040. All these factors are expected to drive the nuclear waste management market. However, rising renewable power generation is one of the major restraints for the global nuclear waste management market. However, the increasing focus on nuclear power generation in the Middle East is likely to offer lucrative business opportunities in the nuclear waste management market. Middle East is adopting nuclear power generation in order to meet the rising electricity demand in the region due to rising population and economic growth.
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The key players of the global nuclear waste management market are Enercon Services, Inc., Veolia Environment SA, Studsvik AB, Posiva Oy, Magnox Technologies Pvt. Ltd, Perma-Fix Environmental Services, Chase Environmental Group, Bechtel Group Inc., Fluor, and BHI Energy.
Region wise, Middle East & Africa held the largest market share of the global Nuclear Waste Management Market in 2017. there are activities going on in various regions related to implementation of nuclear power plants. For instance, China has been witnessing a huge investment amounting to USD 390 billion majorly going towards nuclear power. Also, the US has been generating over 90,000 metric tons of nuclear water that needs disposal. The commercial sector in the US, alone has generated waste more than any other country in the world. Moreover, the US government’s nuclear weapon program has generated nuclear fuel as well as high-level radioactive waste that accounts for about 14,000 metric tons. All these factors are driving the nuclear waste management market in order to manage the waste.
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