The spent nuclear fuel waste management market size is projected to reach US$ 6,632.6 million by 2030 from US$ 6,124.1 million in 2022. The market is expected to register a CAGR of 1.0% in 2022–2030. The growing government policies and mandates favoring nuclear waste management and aiming to achieve the new zero carbon emission targets are among the key factors driving the spent nuclear fuel waste management market.

Spent Nuclear Fuel Waste Management Market Analysis

The global spent nuclear fuel waste management market is expected to experience considerable growth during the analyzed timeframe owing to the rising number of nuclear projects as well as the increasing regulations towards the management of spent nuclear fuel waste. Additionally, the development of deep geological disposal for nuclear waste management is at an advanced stage and is expected to meet the goal of environmental sustainability. The growing investment in overall nuclear waste management infrastructure for facilitating better management of utilized nuclear fuel, is boosting the spent nuclear fuel waste management market in the world.

Spent Nuclear Fuel Waste Management Market Overview

With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for nuclear power generation. This has resulted in driving the demand for spent nuclear fuel waste management market across the globe. In some countries, advanced and innovative technologies are already being used to reprocess spent fuel and recycle usable materials, such as plutonium and uranium, through the production and use of MOX fuel. In some countries, other more complex reprocessing technologies are being developed to also recycle fertile and long-lived radionuclides in order to make the nuclear fuel cycle sustainable and to minimize the amount and radiotoxicity of the waste that ultimately has to be disposed of. These recycling technologies are intended to support the use of fast reactor fuels in the long term.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

Spent Nuclear Fuel Waste Management Market: Strategic Insights

Market Size Value in	US$ 6,124.1 million in 2022
Market Size Value by	US$ 6,632.6 million by 2030
Growth rate	CAGR of 1.0% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

 Speak to Analyst

Spent Nuclear Fuel Waste Management Market Drivers and Opportunities

Growing Establishment of Nuclear Power Facilities

The rise in demand for energy with the rapid industrialization and urbanization across the world is expected to drive the growth of nuclear power generation which in turn is expected to fuel the need for increasing establishment of nuclear power facilities in the coming years. Today, there are about 440 nuclear reactors in operation in 32 countries and Taiwan, with a total capacity of about 390 GWe. In 2022, this provided 2,545 TWh, around 10% of the world's electricity. Many countries with existing nuclear energy programs are planning to build or are in the process of building new power reactors. Despite the large number of these emerging economies, they are not expected to make a major contribution to expanding nuclear capacity in the foreseeable future - the main growth will occur in countries where the technology is already well established. Thus, the rising need for energy across the globe is anticipated to fuel the growing establishment of nuclear power plants from 2022 to 2030, which in turn is expected to propel the spent nuclear fuel waste management market in the coming years.

Key Role of Nuclear Power in Future Clean Energy Transition and Energy Security

The share of nuclear power in total global power generation is about 10%, rising to almost 20% in advanced economies. Historically, it has been one of the world's largest providers of carbon-free electricity. Although it faces key challenges in some countries, it has significant potential to contribute to the decarbonization of the energy sector. In addition, nuclear power plants contribute to energy security in a variety of ways, keeping power grids stable and complementing decarbonization strategies, as they can adapt their output to a certain extent in response to the key changes in demand and supply. As the share of variable renewable energies, such as wind power and photovoltaics (PV), increases, the need for such services will increase. Hence, the important role of nuclear power in future clean energy transition and energy security is expected to create opportunities for key companies operating in the spent nuclear fuel waste management sector from 2022 to 2030.

Spent Nuclear Fuel Waste Management Market Report Segmentation Analysis

Key segments that contributed to the derivation of the spent nuclear fuel waste management market analysis are reactor type and disposal type.

• Based on reactor type, the spent nuclear fuel waste management market has been divided into pressurized water reactors (PWR), boiling water reactors (BWR), gas-cooled reactors, and others. The pressurized water reactors (PWR) segment held a larger market share in 2022.
• Based on the disposal type, the spent nuclear fuel waste management market has been divided into near-surface disposal and deep-surface disposal. The deep surface disposal segment held a larger market share in 2022.

Spent Nuclear Fuel Waste Management Market Share Analysis by Geography

The geographic scope of the spent nuclear fuel waste management market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Europe has dominated the spent nuclear fuel waste management market in 2022. The European region includes Germany, France, Spain, Russia, the UK, and the Rest of Europe. The rise in demand for energy is owing to the increase or variation in oil and gas prices due to geopolitical tensions across the regions of Europe and the Middle East. Recently, Belgium decided to extend the operation of two current reactors from 2025 to 2035, which will cover around 15% of electricity needs. In addition, the Finland Olkiluoto 3 unit officially began operation in April 2023, the first new nuclear reactor in Western Europe in 15 years. Moreover, France agreed in 2022 to build six new large nuclear reactors that will meet about 10% of electricity needs, with the option to build eight more. The commissioning of the first reactor is planned for 2035.

Spent Nuclear Fuel Waste Management Market Report Scope

Spent Nuclear Fuel Waste Management Market News and Recent Developments

The spent nuclear fuel waste management sector is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for spent nuclear fuel waste management market and strategies:

• In July 2023, Perma-Fix Environmental Services partnered with the United Association of Plumbers and Steamfitters Local Union 598. This partnership aimed at providing waste treatment options which is expected to accelerate the Hanford tank remediation action.
• In January 2020, Veolia North America, a subsidiary of Veolia Group, signed an agreement to expand its hazardous waste treatment and recycling activity business by buying Alcoa USA Corporation's hazardous waste treatment site located in Gum Springs, U.S.

Spent Nuclear Fuel Waste Management Market Report Coverage and Deliverables

The “Spent Nuclear Fuel Waste Management Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, & country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter’s Five Forces analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis