Nuclear waste management involves radioactive waste storage, treatment and disposal activities to safely isolate it from the environment. This includes spent nuclear fuel and other radioactive waste. The effective and responsible management of nuclear waste is important to address concerns about health, safety, environmental and non-proliferation issues.
The global Nuclear Waste Management market is estimated to be valued at US$ 5.79 Bn in 2024 and is expected to exhibit a CAGR of 2.1% over the forecast period from 2024 to 2031.
Nuclear waste management offers solutions for treatment, processing and storage of high-level radioactive waste generated from nuclear reactors, research laboratories and medical facilities. It reduces radiation levels and makes waste safer to transport and store. The Global Nuclear Waste Management Market is growing due to increasing nuclear waste volumes and stricter regulations for safe disposal. Ageing nuclear power plants also necessitate special facilities for decommissioning waste. Growing energy demand and expanding nuclear energy capacity in various countries are further stimulating market growth.
Key Takeaways
Key players operating in the Nuclear Waste Management are Veolia, Enercon, TÜV SÜD, Orano Group, SKB International, Fortum, US Ecology Inc., Posiva Oy, Stericycle Inc., John Wood Group PLC, Perma-Fix, Bechtel Corporation, Fluor Corporation, BHI Energy, Waste Control Specialists LLC, Augean PLC, Chase Environmental Group Inc., DMT, Holtec International, Westinghouse Electric Company LLC.
Growing demand in the market: The rising volumes of nuclear waste from power plants and other nuclear facilities have increased demand for safe storage and disposal solutions. Countries actively generating spent fuel require proper infrastructure to manage waste in an eco-friendly manner and prevent leakage of radiation.
Global expansion of market: Leading market players are expanding their geographical reach through strategic partnerships and infrastructure development contracts. They install nuclear waste recycling facilities and final repositories in new markets to benefit from their growing nuclear energy needs. International standards and guidelines also facilitate cross-border nuclear waste transportation.
Market Key Trends
Long-term storage is a key driver in Nuclear Waste Management Market Demand. Countries are establishing dedicated underground geological disposal facilities to safely isolate high-level radioactive waste for over 100,000 years. Advances focus on developing multibarrier engineered storage systems with robust container materials. Reversible deep borehole disposal is another novel concept gaining prominence. The industry is also working on advanced nuclear fuel cycles and transmutation technologies to reduce the toxicity and volumes of ultimate nuclear waste.
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