The global nuclear waste market is extremely competitive with several global players competing against each other, states Transparency Market Research (TMR) in a research report. The value chain of this particular market consists of crème players both in the regional and in the global level. The leading companies operating in the global nuclear waste management market are Augean Plc., US Ecology Inc., Bechtel Corporation, Veolia Environment Services, and Areva SA. These companies are known for having a broad range of nuclear waste management products and services portfolio.
Among all these companies, the company that surfaced dominant in the global nuclear waste management market in 2014 was Areva SA accounting for the leading share and contributing the highest revenue. The second and third place was captured by Bechtel Corporation ad Veolia Environmental Services respectively. These three top companies collectively held a share of approximately 75% in the global nuclear waste management market in 2014.
According to an analyst of TMR, “The global market for nuclear waste management is expected to witness an outstanding 16.7% CAGR between 2016 and 2024. The market was worth US$1,382 mn in 2016 and is expected to rise to a valuation of US$5,627.5 mn by the end of 2024.”
Pressurized Water Reactors to be high in Demand
Based on nuclear reactor, the global nuclear waste management market has been segmented into boiling water reactors, gas cooled reactors, pressurized water reactors, and pressurized heavy water reactors. Among these, pressurized water reactors are likely to lead in terms of demand. The segment of pressurized water reactors held a leading share of 69.3% in 2015 and is expected to retain lead in the coming years. Similarly, the demand for boiling reactors is also anticipated to rise in the coming years as these rectors are able to function in low fuel temperature and also need low pressure in comparison to the pressurized water reactors.
Region-wise, the most profitable regions for the nuclear waste management market are Europe, Asia Pacific, and North America. At present. Europe presents players with the most number of opportunities, closely trailed by Asia Pacific. Collectively, both these regions have the maximum nuclear reactors. This factor is expected to give impetus to the market for nuclear waste management in these regions. The leading share of 41.3% was accounted by Europe in 2015. This growth of the market in Europe can be attributed to growing investments in several nuclear power projects and the flourishing opportunities along with it.
Growing HLW Waste to make Nuclear Waste Management Necessary
The growing nuclear waste residue across the globe and materials left post the burning of nuclear fuel in reactors has risen concerns among environment protection organizations. The residues from nuclear reactors comprise radioactive materials that are known for causing radiation sickness. The demand for nuclear waste management services is likely to be boosted due to growing population along with mounting electricity demand, the rising dependence of fossil fuels, and the increasing awareness among consumers pertaining to the benefits of the energy derived from different alternative resources. On the contrary, the high cost of the initial investments involved in nuclear waste management services and their extended payback time are likely to inhibit the growth of the market in the coming years. However, in spite of all the hindrances, the market is expected to flourish in the coming years and is anticipated to expand further.
This review is based on a Transparency Market Research report titled, “Nuclear Waste Management Market (Waste Type – Low Level Waste, Intermediate Level Waste, and High Level Waste; Nuclear Reactor – Boiling Water Reactors, Gas Cooled Reactors, Pressurized Water Reactors, and Pressurized Heavy Water Reactors) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The report segments the global nuclear waste management market as:
Nuclear Waste Management Market: By Waste Type
- Low Level Waste
- Intermediate Level Waste
- High Level Waste
Nuclear Waste Management Market: By Nuclear Reactor
- Boiling Water Reactors
- Gas Cooled Reactors
- Pressurized Water Reactors
- Pressurized Heavy Water Reactors
Nuclear Waste Management Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- South Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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