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Wet Storage Market for Spent Nuclear Fuel: Overview

  • Spent nuclear fuel is the used nuclear fuel, which is irradiated in a nuclear reactor. Spent nuclear fuel management is one of the most critical issues for nuclear power plants across the world. Spent nuclear fuel is stored for a long duration before the final disposal.
  • Wet storage of spent nuclear waste has been practiced for a long time, owing to feasible properties of water for shielding and heat removal. Wet storage pools are designed with the help of proven technology and proper engineering. These pools can retain water; are leakage proof; and emit low radiation to the site personnel.
  • Wet storage pools can withstand extreme weather conditions, temperatures, and seismic events. These pools are purified by using heat exchangers and ion exchange units to prevent accumulation of particles.
  • Rise in demand for power and technological advancements in nuclear energy are likely to fuel the global wet storage market for spent nuclear fuel during the forecast period

 Key Drivers and Restraints of Wet Storage Market for Spent Nuclear Fuel

  • Increase in demand for continuous and low-cost electricity across the globe is driving the development of nuclear power plants. This, in turn, is boosting the global wet storage market for spent nuclear fuel. Rise in usage of nuclear power in commercial, residential, and industrial sectors is another factor anticipated to propel the global market in the near future.
  • Increase in the development of nuclear power plants and generation of solid and liquid wastes from the existing nuclear power plants are estimated to augment the global wet storage market for spent nuclear fuel during the forecast period. Proper storage facilities need to be established  in order to comply with stringent environmental norms imposed by governing bodies. This is also expected to fuel the global market during the forecast period.
  • High investments in nuclear power infrastructure and high costs of materials required in the manufacture of storage pools are major restraints of the global wet storage market for spent nuclear fuel

Global Wet Storage Market for Spent Nuclear Fuel: Segmentation

  • The global wet storage market for spent nuclear fuel can be segmented based on reactor type and storage
  • In terms of reactor type, the global wet storage market for spent nuclear fuel can be divided into at-reactor (AT) and away-from-reactor (AFR). The away-from-reactor (AFR) segment is expected to expand at a higher CAGR during the forecast period owing to continuing accumulation of spent fuel at reactor sites. Hence, demand for additional storage of spent fuel at AFR (away from reactor) facilities is rising.
  • In terms of storage, the wet storage market for spent nuclear fuel can be bifurcated into on-site] and off-site

Global Wet Storage Market for Spent Nuclear Fuel: Regional Segmentation

  • Based on region, the global wet storage market for spent nuclear fuel can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Europe is anticipated to dominate the global wet storage market for spent nuclear fuel during the forecast period. Countries in the region such as Belgium, France, Germany, and the Czech Republic have formulated polices regarding spent nuclear fuel reprocessing. For instance, France has implemented a reprocessing policy for uranium dioxide (UO2) fuels.
  • A policy in Germany prohibits the transportation of spent nuclear fuel. Hence, onsite storage of fuel is carried out in the country.
  • North America is expected to hold vital share of the global wet storage market for spent nuclear fuel from 2021 to 2031. The spent nuclear fuel is stored in reactor pools on a large scale in the region. Canada has also set a policy governing disposal of the spent nuclear fuel and radioactive wastes.
  • The market in Asia Pacific is likely to expand significantly in the next few years. Countries in the region have adopted a closed fuel cycle approach, which involves reprocessing spent fuel to enhance resources. Furthermore, nuclear power generation is increasing in the region.
  • The market in Middle East & Africa and Latin America is anticipated to expand at a sluggish pace during the forecast period

COVID-19 Impact on Global Wet Storage Market for Spent Nuclear Fuel

  • The COVID-19 pandemic has adversely affected the global wet storage market for spent nuclear fuel. Construction activities at various nuclear power facilities across globe suffered temporary shut down during lockdowns. Measures such as social distancing have also impacted operations. However, announcement of power packages by various governments after lockdowns is likely to lead to quick recovery of the wet storage market for spent nuclear fuel in the near future.

Key Players in Market

The global wet storage market for spent nuclear fuel has a consolidated landscape. Prominent players operating in the wet storage market for spent nuclear fuel include:

  • Augean PLC
  • Holtec Asia Pvt. Ltd.
  • Bechtel Corporation.
  • NAC International Inc.
  • Svensk Kärnbränslehantering AB
  • Fluor Corporation
  • Posiva
  • AREVA S.A.

Global Wet Storage Market for Spent Nuclear Fuel: Research Scope

Global Wet Storage Market for Spent Nuclear Fuel, by Reactor Type

  • At-reactor (AT)
  • Away-from-reactor (AFR)
    • Single Pool
    • Serial Pool
    • Parallel Pool

Global Wet Storage Market for Spent Nuclear Fuel, by Storage

  • On-site
  • Off-site

Global Wet Storage Market for Spent Nuclear Fuel, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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Wet Storage Spent Nuclear Fuel Market

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