PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1529584
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1529584
The Nuclear Waste Management Market is estimated to be valued at USD 5.00 Bn in 2024 and is expected to reach USD 5.79 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.1% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 5.00 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 2.10% | 2031 Value Projection: | US$ 5.79 Bn |
Nuclear waste management refers to the handling, treatment, and disposal of radioactive materials generated from nuclear power plants, research laboratories, medical usage, and other industrial activities. With the growing adoption of nuclear energy across the world as a viable alternative to fossil fuels, the volumes of nuclear waste being generated have increased substantially over the past few decades. Effective waste management through safe storage, transportation, and disposal has become an important issue to address concerns over potential radioactive contamination of the environment. Governments and nuclear regulatory bodies worldwide have framed stringent regulations and guidelines to ensure radioactive materials are isolated from the environment and human contact for the required amounts of time until they reduce to safe levels of radioactivity. Research is ongoing on methods to reduce the half-lives of radioactive isotopes and convert high-level waste into safer forms.
One of the key drivers propelling the nuclear waste management market is the increasing volumes of spent fuel being generated from the steadily growing number of nuclear reactors. As of now, over 450 nuclear reactors are operating across 30 countries globally. Stricter regulations regarding the handling, treatment, and final disposal of nuclear waste have also boosted investments in relevant infrastructure and services. Technological advancements in areas such as optimized storage containers, encapsulation matrices for containers and underground geological repositories present lucrative growth opportunities. However, public opposition towards nuclear energy and final waste disposal sites pose significant challenges for market participants. High costs associated with construction of geological repositories and transportation logistics also restrict wider adoption. Ongoing R&D in areas of transmutation technology and partitioning-transmutation systems can help reduce volumes of long-lived radionuclides and create new prospects.
Detailed Segmentation-