Nuclear Waste Recycling Market Outlook - 2027
Nuclear power is the largest energy producing sector along with hazardous waste production. The most broadly utilized strategy for disposal of nuclear waste is to cover it under the ground. High level of radioactive waste is severely poisonous and risky. However, it can be retreated as a resource. When the reactor fuel, for example, uranium or thorium is utilized in the reactor, it can be placed into another reactor as a fuel. In addition, reusing the utilized fuel to recover uranium and plutonium (Pu) avoids the wastage of a major resource.
COVID-19 scenario analysis:
- COVID-19 pandemic has affected the energy demand and energy generation, which further resulted in the lower nuclear waste generation.
- India, the world's fifth-biggest economy, at present creates 62 million tons of waste (both recyclable and non-recyclable) consistently but with the shutdown of many industries, there is decrease in energy demand. Moreover, it is expected to be the same till the end of first quarter of 2021.
- Nations in full lockdown are witnessing a normal decay of 25% in energy demand every week while those with partial lockdown are witnessing fall in energy demand of 18% for each week.
- Renewable sources of energy have experienced the strongest demand during the COVID-19 lockdown measures, and the global utilization of sustainable power source is relied upon to grow by 1% by 2020.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The global nuclear waste recycling market is expected to grow significantly over the estimated time frame. Increase in fuel demand in nuclear power plants mostly in developed nations, such as Japan, is expected to boost the market growth over the coming time frame.
Nuclear waste recycling process is predicted to yield maximum percentage of usable plutonium and uranium, which has a long half-life that empowers usable energy for a more drawn out period. Uranium is reused as new fuel for commercial nuclear power plants while seemingly perpetual radioactive component, for example, plutonium application has created a new fuel for advanced reactors to be grown economically. Nuclear waste recycling increases accessible uranium life, and is a proficient & compelling route that reduces waste amount. National energy security is expected to be an important driver for the growth of the nuclear waste recycling market over the forecast time frame.
Increase in demand for the product and expansion of the market
Increase in energy requirements in nuclear power plants is expected to expand the development in the nuclear waste recycling market. Rise in nuclear decommissioning ventures combined with increase in awareness of elective sources of energy is expected to boost the market growth. High investment in the nuclear power sector and environment protection concerns drive the nuclear waste recycling market during the analyzed time frame. However, nuclear waste and maintenance materials are difficult to handle. In addition, lack of awareness toward handling of nuclear waste is expected to hamper the growth of the market during the forecast period.
Nuclear waste is radioactive and should be arranged over an extended time frame for effective neutralization. Proper administrative structure for dealing with nuclear waste by arranging the buildups is controlling the nuclear waste recycling market growth. The International Atomic Energy Agency (IAEA) gives the administrative structure to wellbeing gauges. Furthermore, severe government guideline administered under Nuclear Waste Policy Act (NWPA) of the United States Environment Protection Agency is expected to hamper the business development in the respective region.
Key benefits of the report:
- This study presents the analytical depiction of the nuclear waste recycling market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the nuclear waste recycling market share.
- The current market is quantitatively analyzed to highlight the nuclear waste recycling market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Nuclear Waste Recycling Market Report Highlights
By Waste Source
Key Market Players
COVRA NV, US Ecology, Inc., JSC TVEL, Veolia, GNS Science, Urenco, Waste Control Specialists LLC., Augean Plc., Tokyo Electric Power Company Holdings, Inc., Bechtel Corporation, Nukem Energy, Swedish Nuclear Fuel Management AB, Perma-Fix, Areva S.A., Cameco Corp., JNFL Japan Nuclear Fuel Ltd, Orano Group, EDF Energy, JGC Holdings Corporation