Global Nuclear Waste Management market is projected to grow at a CAGR of 1.6% By 2032: Visiongain Reports Ltd
Visiongain has published a new report entitled the Nuclear Waste Management Market Report 2022-2032. It includes profiles of Nuclear Waste Management and Forecasts Market Segment (Value (USD Million), Volume (Thousand MT)) Market Segment by Solution, (Storage Management, Disposal Management, Other Solutions) Market Segment by Type, (Very-Low-Level Waste (VLLW), Low-Level Waste (LLW), Intermediate-Level Waste (ILW), High Level Waste (HLW), Other Waste Type) Market Segment by Source, (Decommissioning/ Remediation, Nuclear Reactor Operations, Military and Defense Programs, Nuclear Applications, Nuclear Fuel Reprocessing/Fabrication, Not Determined) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global nuclear waste management market was valued at US$36,545 million in 2021 and is projected to grow at a CAGR of 1.6% during the forecast period 2022-2032.
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There is great deal of radioactive waste generated globally that drives the waste management market
Tens of thousands of metric tonnes of radioactive waste collected by commercial power plants and years of national military operations continues to age at various locations across the world. The stockpile grows as the hazardous substance and the containers it is stored in await permanent disposal. Globally, the amount of HLW is rising by around 12,000 tonnes each year. Every year, a 1000-megawatt nuclear power station generates around 27 t of spent nuclear fuel (unprocessed). The quantity of ash generated by coal power stations in the United States is estimated to be 130,000,000 t per year, with fly ash releasing 100 times more radiation than a comparable nuclear power plant.
Russian Military Strategists See Ukraine’s Nuclear Power Reactors As Weapons In Their Fight Against Kiev
Currently, Russian military strategists see Ukraine’s nuclear power reactors as weapons in their fight against Kiev. However, as a country with a large number of nuclear power plants, Russia is eroding rules from which it continues to benefit. Nuclear reactors are “Trojan horses” worldwide, possibly serving as targets for cyber operations, sabotage, or other types of assault. As a result, Moscow has a significant stake in enforcing a strong rule against targeting nuclear power stations.
How has COVID-19 had a significant negative impact on the Nuclear Waste Management Market?
Remote working has been established for those employees who are not obliged to work on-site as a result of COVID-19 in countries where it is suggested or necessary. This has resulted in a reduction in the number of employees on site, which aids in the implementation of social distancing techniques. Many nations have continued to operate in various aspects of the nuclear business. However, depending on the situation with Covid-19 where they are located, non-essential operations may have been halted.
In April, 2020, Kazatomprom, Kazakhstan’s state-owned uranium production company, announced that, in order to comply with local lockdown requirements and reduce the risk of a localised outbreak, all of Kazatomprom’s subsidiaries would reduce the number of on-site staff to the bare minimum and all non-essential employees would return home. Reduced workforce levels led in decreased wellfield development activities and, as a result, lower production quantities. By the end of August, Kazatomprom had restored regular employment levels at its uranium mines. During the Covid-19 epidemic, production at the Cigar Lake uranium mine in northern Saskatchewan, Canada, was temporarily halted and the plant was placed in safe care and maintenance mode. This lowered the number of people on site from about 300 to 35, allowing for better physical separation and more safety procedures. The Rössing uranium mine in Namibia’s Erongo area has ceased normal mining activities and is now in a period of reduced mining operations.
The Magnox reprocessing facility at the Sellafield site in Cumbria, UK, was shut down as a precaution to properly prepare it for restart. The Magnox reprocessing plant reprocesses fuel from the UK Magnox reactors, which were the country’s first generation of reactors. In August, the factory restarted. The La Hague reprocessing factory in the northwest of France was also shut down, although activities have since restarted.
The overall effect was that, when nuclear activities in various regions of the world were reduced, nuclear generation decreased throughout that time period. However, in the same period, the waste management of existing radioactive waste was also interrupted, which was more hazardous.
How this Report Will Benefit you?
Visiongain’s 516 page report provides 414 tables and 393 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global nuclear waste management market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Nuclear Waste Management. Get the financial analysis of the overall market and different segments including waste type, solution, source, value, volume and capture higher market share. We believe that high opportunity remains in this fast-growing nuclear waste management market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
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What are the current market drivers?
The toxic nature makes extremely important to handle nuclear waste
Nuclear power is distinguished by the great quantity of energy generated from a tiny amount of fuel, as well as the minimal amount of waste created throughout the process. However, because much of the waste produced is radioactive, it must be handled with caution as a hazardous substance. All stages of the nuclear fuel cycle generate some radioactive waste, and the cost of controlling and disposing of this waste is included in the cost of energy (i.e., it is internalised and paid for by the electricity consumers). Nuclear waste management include reducing all types of radioactive waste, categorising it, and selecting the best disposal solutions. One of the most pressing issues in the nuclear business is what to deal with radioactive waste. It must be controlled in ways that preserve human health while also having a minimal impact on the environment. All waste generated by nuclear power plants is controlled. Optimising nuclear waste management from the start is critical for a successful, cost-effective procedure.
With time the radioactivity of the waste reduces along with the reducing hazard associated
In contrast to other industrial hazardous wastes, the main hazard associated with HLW – radioactivity – reduces over time. At the moment, interim storage facilities provide an acceptable environment for the containment and management of existing waste, and the decay of heat and radioactivity over time gives a strong incentive to keep HLW for a length of time until its final disposal. Indeed, after 40 years, the radioactivity of burned fuel has dropped to one-thousandth of what it was when it was unloaded. Interim storage facilities also allow a country to store spent fuel until it generates enough to justify the creation of a repository.
Where are the market opportunities?
Nuclear waste storage in deep geological repository
The deep geological repository consists of an underground network of tunnels and placement chambers for spent nuclear fuel containers. Several nations are presently in the process of finding adequate deep final repositories for high-level waste and wasted fuel. The basic idea is to find a large, stable geologic formation and excavate a tunnel, or use large-bore tunnel boring machines (similar to those used to drill the Channel Tunnel from England to France) to drill a shaft 500 metres (1,600 ft) to 1,000 metres (3,300 ft) below the surface where rooms or vaults can be extracted for the disposal of high-level radioactive waste. The objective is to keep nuclear waste out of the human environment for good. Many individuals are still concerned about the quick suspension of stewardship for this disposal system, implying that ongoing management and monitoring would be more sensible.
Innovation of new technologies and methods of reducing as well as disposing radioactive waste
Advanced technologies provide methods for decreasing the amount of nuclear waste. New types of nuclear power reactors are capable of transitioning to a closed fuel cycle. It means that nuclear waste would not be buried as is; rather, it would be chemically dissolved and the recyclable component would be re-processed into fresh fuel. As a consequence, several of the most stable radioactive compounds might be utilised in novel applications.
The major players operating in the nuclear waste management market are Fluor Corporation, Toshiba Corp, Bechtel Group Inc., Augean PLC, Perma-Fix Environmental Services, Inc., Veolia Environnement SA, Studsvik AB, Enercon Services Inc., EnergySolutions Inc., US Ecology, Stericycle Inc., Holtec International, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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