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ALBANY, NY, April 26, 2019 (GLOBE NEWSWIRE) -- The nuclear waste management market is a niche sector with key players struggling to develop an efficient solution for final disposal of high level radioactive waste, says Transparency Market Research. Some of the prominent players operating in the global nuclear waste management market are Augean, BHI Energy, Veolia Environment Services, Bechtel Corporation, US Ecology, Inc., Waste Control Specialists, Nuclear Research and Consulting Group.
Among all the players, Areva SA, Bechtel Corporation and Veolia Environmental Services dominated the global nuclear waste management market in the year 2014 and together they accounted for a lion’s share of nearly 75% in the same year.
According to TMR, the global nuclear waste management market stood at US$1,382 mn in 2016.The market is projected to rise at a CAGR of 16.7% from 2017 and 2024. Rising at this CAGR, the nuclear waste management market is anticipated to surpass a valuation of US$5,627.5 mn by 2024.
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On the basis of geography, Asia Pacific is expected to dominate the global nuclear waste management market. This is mainly because of the rising prominence of China in the market. The nuclear waste from the country is expected to rise at an alarming rate in the coming years. To deal with huge amount of waste, the country is ramping up investments in Underground Research Laboratory (URL) in Xinchang site in Beishan, with operational repository to be operational before 2050. Based on waste type, the high level waste segment is expected to lead the nuclear waste management market in the coming years due to urgency of their disposal. The need to dispose high level waste is higher than others as it is extremely toxic in nature and has extremely hazardous impact on humans and the environment.
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A Shift from Fossil to Nuclear Fuels to Augment Growth
The nuclear waste management market is growing at a remarkable pace in recent years and is expected to continue the same in the coming years as well. This is mainly because of increasing adoption of nuclear energy over fossil fuels. Nuclear wastes mainly comprise of radioactive components. The process includes several measures used to recover, store, handle, and permanently dispose nuclear waste coming out from nuclear reactors.
One of the major factor expected to drive the global nuclear waste management market is a rising shift from fossil fuels to nuclear energy. Nuclear energy is an effective answer to several concerns associated with global warming occurring because of the excessive use of fossil fuels. Apart from this, increasing investments on innovative solutions for radioactive liquid purification and interim storage of spent fuel is expected to drive the nuclear waste management market. In addition to this, waste solidification, and final disposal of low and intermediate level radioactive waste are some other a vital factors likely to fuel the nuclear waste management market.
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Limited International Cooperation on Nuclear Waste Management to Impede Growth
Despite increasing demands, the growth in the nuclear waste management market is hindered by several factors such as limited budgets for research and development of advanced technologies to handle high level nuclear waste. This can be related with the fact that budget allocation for high level nuclear waste produce across the globe is extremely less than other Chinese energy projects.
Along with this, limited international cooperation on nuclear waste management between BRIUG (Beijing Research Institute of Uranium Geology) and global counterparts is likely to hamper growth.
Nevertheless, rising industrialization and urbanization across the globe is expected to offer lucrative opportunities to the growth of the nuclear waste management market.
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The review is based on report, titled “Nuclear Waste Management (Waste Type - Low Level Waste, Intermediate Level Waste, High Level Waste; Nuclear Reactor- Boiling Water Reactors, Gas Cooled Reactors, Pressurized Water Reactors, Pressurized Heavy Water Reactors) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The report segments the global nuclear waste management market as:
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