Wet Storage Market for Spent Nuclear Fuel: Overview
- Spent nuclear fuel is the used nuclear fuel which is irradiated in a nuclear reactor. Isotopic constituents of the spent fuel get considerably changed after the nuclear reaction and the fuel can be used in other thermal reactors accordingly. 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; they are leakage proof; and they 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.
- Rising 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
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Key Drivers of Global Wet Storage Market for Spent Nuclear Fuel
- Increasing demand for continuous and low-cost electricity across the globe is enabling the development of nuclear power plants. This development drives the global wet storage market for spent nuclear fuel. Rise in use 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 likely to boost the global wet storage market for spent nuclear fuel during the forecast period. Also, in order to comply with stringent environmental norms imposed by governing bodies, proper storage facilities need to be established. This is also expected to fuel the global market from 2019 to 2027.
- 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
Europe to Hold a Major Share of Global Wet Storage Market for Spent Nuclear Fuel
- Based on region, the global wet storage market for spent nuclear fuel can be segmented 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 Czech Republic have formulated polices regarding spent nuclear fuel reprocessing. For example, France has implemented a reprocessing policy for uranium dioxide (UO2) fuels.
- A policy in Germany prohibits the transportation of spent nuclear fuel and hence, onsite storage of fuel is carried out
- North America is expected to hold a major share of the global wet storage market for spent nuclear fuel from 2019 to 2027. The region stores the spent nuclear fuel in reactor pools on a large scale. 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 the spent fuel to enhance resources. Also, nuclear power generation in the region is increasing.
- The market in Middle East & Africa and Latin America is anticipated to expand at a sluggish pace during the forecast period
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Key Players Operating in Global Market:
- Augean PLC
- Holtec Asia Pvt. Ltd.
- Bechtel Corporation.
- NAC International Inc.
- Svensk Kärnbränslehantering AB
- Fluor Corporation
- EMPRESA NACIONAL DE RESIDUOS RADIACTIVOS, S.A.
- AREVA S.A.
- MITSUBISHI HEAVY INDUSTRIES, LTD.
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
Global Wet Storage Market for Spent Nuclear Fuel, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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