Nuclear Waste Management Market is Expected to Show a Significant Growth During the Forecast Period 2017 – 2021

The global Nuclear Waste Management Market is segmented on the basis of type, application, form and geography. Nuclear waste contains radioactive material. It is usually a by-product of nuclear power generation, nuclear fission or nuclear technology. Nuclear waste is most harmful to all forms of life & environment and is thus regulated by government agencies with an objective to ensure safety for human health and environment.

Uranium pellets are attributes of nuclear wastes and hence disposal of high level radioactive by-products becomes necessary. Thus, nuclear waste management services become a quintessential need. The disposal of nuclear waste is a systematic procedure. It is kept under water for a few years in order to reduce the radiation to a prescribed level and once this is done the final remains is disposed.

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The nuclear waste management is a disposal facility which is used for the storage of hazardous wastes away from the reach of public and public areas. Time frame for storage of waste depends upon the waste type and radioactive isotopes. Companies operating under nuclear waste management services are involved in nuclear reactor decommissioning process and own disposal facilities and repositories to dispose nuclear waste during dismantling of nuclear reactors.

Nuclear power plant has an average life of three to four decades which is permitted to operate only up to a prescribed and defined period. On non-renewal of license, the nuclear plant goes through a decommissioning process which involves disposal of radioactive wastes and dismantling of nuclear reactors. Thus, the decommissioning process for nuclear power plant is now a lucrative business with heavy profit margins, hence majority of companies have begun catering nuclear decommissioning services.

The market driving factors for the growth of the global nuclear waste management market comprise rapid population growth, growing dependency on fossil fuels, growing demand for electricity, government regulations to eliminate harmful emissions, high awareness for environment, decommissioning of old nuclear reactors and institutional awareness about radioactive disposal. Therefore, the nuclear waste management services are expected to witness a higher CAGR for the forecast period.

On the basis of waste type, the global nuclear waste management is segmented into low level waste, intermediate level waste and high level waste. On the basis of nuclear reactor, the global nuclear waste management is bifurcated into gas cooled reactors, boiling water reactors, pressurized water reactors and pressurized heavy water reactors.

The key market players include Ecology Services, Inc., Swedish Nuclear Fuel and Waste Management Company, Veolia Environmental Services and Kurion Inc among others.

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On the basis of geography, the global nuclear waste management market spans North America, Europe, Asia-Pacific, and Middle-East & Africa. The nuclear waste management market is highly scattered with major players driving the market with agreements, collaborations and expansion of disposal facilities to develop a competitive position.