Nuclear Waste Management Market size is anticipated to witness expansion between the period 2021 to 2027 driven by the mounting number of nuclear power plants and the rising adoption of large-scale energy-producing technologies. The influx of severe regulations and norms to limit nuclear emissions has triggered the increase in investments in nuclear power projects. The growing need for permanent nuclear-decommissioning projects and disposal options is another trend leading to market growth.
On the basis of waste type, the nuclear waste management market is identified across high-level waste, low-level waste, and intermediate-level waste. Out of these, the market demand from the low-level waste segment is anticipated to grow at a notable momentum through 2027 owing to the increasing requirement for proper storage and limited human exposure. This waste is typically stored on-site through licensees. The radioactivity of the wastes spans from just above background levels that are found in nature to highly radioactive volumes in certain cases, including parts from inside the reactor vessel within a nuclear power plant.
In terms of application, the nuclear waste management market share is segmented into residential and utility. The product penetration across the residential sector is likely to expand with the increasing disposal of low-level wastes. This includes contaminated protective clothing and shoe covers, equipment and tools, reactor water treatment residues, mops, filters, and wiping rags.
Regionally, Europe is expected to collect significant gains for the nuclear waste management market driven by the availability of an optimum number of nuclear reactors. The growing government support in the region will also play a crucial role in regional growth. For instance, in January 2021, the ERDO (European Repository Development Organisation) was introduced by Denmark, Norway, and the Netherlands to address the challenges pertaining to safely managing long-lived radioactive wastes. In addition, the massive generation of electricity with the help of nuclear reactors will contribute towards the market progression in Europe.
Asia Pacific nuclear waste management industry is slated to garner traction from 2021 to 2027 given the surge in the number of nuclear power investments. The booming population, the rise in the count of nuclear reactors, and the jump in NWM services are other significant prospects for the market growth.
WM Symposia, Chesapeake Nuclear Services, BHI Energy, Waste Control Specialists (Valhi, Inc.), Nuclear Research and Consulting Group, Augean, Stericycle, and Bechtel (Bechtel Group, Inc.) are some of the prominent market players offering nuclear waste management solutions.
These entities are consistently placing their efforts on inorganic marketing strategies, like capacity expansions and investments along with partnership-oriented initiatives, such as mergers, partnerships, and acquisitions, to bring innovations in their offerings and to increase revenue sales.
For instance, in November 2019, NGR (the Nuclear Research and Consultancy Group) secured approval from the ANVS (Nuclear Safety and Radiation Protection) for its Radioactive Waste Management Programme (RWMP) for processing and disposing of the radioactive wastes coming from the Petten research reactor across the Netherlands.
In another instance, Valhi, Inc., in August 2020, announced that Waste Control Specialists LLC, its wholly owned subsidiary, had decided to issue a draft for the near-surface disposal license of Class A, B, and C low-level radioactive waste (LLRW) at the subsidiary’s site in Andrews County, Texas.
The ongoing COVID-19 pandemic significantly hit the global economy and contributed to various lifestyle and business changes considering the imposition of lockdowns and social distancing norms. The demand for nuclear waste management also embarked on some hindrance with the temporary decline in carbon emissions given the stalled industrial and commercial activities. However, the emergence of techniques like deep borehole disposal amidst the outbreak will complement the market expansion.