Nuclear Waste Management Market to Grow Due to Introduction of Multiple Nuclear Decommissioning Projects Globally
The global market for radioactive waste management technologies and services was worth $18.2 billion in 2014 and should reach nearly $18.8 billion by 2015. This market should continue rising up to nearly $21.3 billion by 2020 at a five-year compound annual growth rate (CAGR) of 2.5%.
The report also comprises country-specific and regional data for all the major segments and presents their forecast from 2014 to 2024. The chief companies engaged in the market for nuclear waste management have also been presented through this study. The report begins by presenting a snapshot of the market. This section comprises the value chain analysis, the key drivers, opportunities, trends, and challenges in the market.
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As per the report, the strict regulations and norms introduced globally for the reduction of harmful emissions are amongst the major factors fuelling the growth of the market for nuclear waste management. In addition, the introduction of a number of planned nuclear decommissioning projects will also provide impetus to the development of the market for nuclear waste management.
Furthermore, the soaring demand for electricity, owing to the increasing global population, will also positively impact the development of the market. The growing dependence upon fossil fuels and the rising awareness about alternative sources of energy will further stimulate the growth of the market. On the other hand, as per the report, the high cost of initial investment may restrain the development of the global nuclear waste management market.
In the next section of the study, the segmentation of the market for nuclear waste management has been presented. The market has been categorized in terms of nuclear reactor type, waste type, and geography. On the basis of waste type, the market is segmented into high-level, intermediate-level, and low-level waste. By nuclear reactor type, the report segments the market into gas cooled reactors, boiling water reactors, pressurized heavy water reactors, and pressurized water reactors.
Geographically, the report segments the global nuclear waste management market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the Europe nuclear waste management market held the largest share of 41.3% in 2015. Europe was trailed by the region of Asia Pacific, which constituted a share of 30.1% the same year. The increasing awareness about the requirement for nuclear power and the growing investments within nuclear power projects are the prime factors propelling the growth of this market in Europe. However, there was a slow growth of this market in RoW in 2015 and this regional segment is likely to remain behind other regions in terms of nuclear power in the coming years.
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According to the study, Augean Plc., Areva SA, Bechtel Corporation, Perma-Fix Environmental Services, Inc., BHI Energy, Stericycle, Inc., Swedish Nuclear Fuel and Waste Management Co., US Ecology, Inc., Waste Control Specialists, LLC, and Veolia Environmental Services, among others, are the major players dominant in the market.
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