Spent Nuclear Fuel Waste Management Global Market Report 2024

The spent nuclear fuel waste management market size has grown marginally in recent years. It will grow from $6.06 billion in 2023 to $6.18 billion in 2024 at a compound annual growth rate (CAGR) of 1.9%. The growth observed in the historical period can be ascribed to the expansion of nuclear power, the decommissioning of nuclear facilities, government regulations, concerns from the public and environmental perspectives, and initiatives in research and development within the nuclear sector.

The spent nuclear fuel waste management market size is expected to see marginal growth in the next few years. It will grow to $6.46 billion in 2028 at a compound annual growth rate (CAGR) of 1.1%. The anticipated growth in the forecast period can be linked to the acknowledgment of long-term liabilities, a rise in energy demand, escalating safety concerns, economic considerations, and efforts towards climate change mitigation. Key trends expected in the forecast period involve the evolution of disposal strategies, integration and advancements in technology, active public engagement and policy development, the economic viability of solutions, and increased private investment through strategic partnerships.

The anticipated rise in energy demand is poised to drive the expansion of the spent nuclear fuel waste management market in the coming years. Energy demand, representing the total energy requirements within a specified system or population over a defined period, becomes a critical consideration in situations where energy security is a primary concern. Nations may prioritize spent fuel management to reduce dependence on unstable foreign energy sources, leading to increased investments in reprocessing and advanced waste management technologies. As of August 2023, ExxonMobil reported a projected global energy demand of around 660 quadrillion British thermal units (Btu) by 2050, indicating a 15% growth compared to 2021. This surge in energy demand is a key driver behind the growth of the spent nuclear fuel waste management market.

Prominent companies operating in the spent nuclear fuel waste management sector are actively pursuing strategic partnerships to fortify their market position. A strategic partnership involves a collaborative relationship between two or more organizations, often businesses, formed to achieve mutually beneficial goals that would be challenging to attain independently. Illustratively, in July 2023, Skanska, a Sweden-based construction company, entered into a collaboration agreement with Svensk Kärnbränslehantering AB (SKB), a Sweden-based nuclear fuel and waste management company, to expand the existing final repository for short-lived radioactive waste (SFR) in Forsmark. Additionally, in August 2021, Orano SA, a France-based nuclear fuel cycle company, inked contracts with German nuclear energy companies PreussenElektra, RWE, ENBW, and Vattenfall for the return of German waste. This return is expected to contribute to the safe and responsible management of radioactive materials and spent nuclear fuel.

In May 2021, EnergySolutions LLC, a US-based nuclear waste management service provider, completed the acquisition of Kewaunee Power Station (KPS) from Dominion Nuclear Projects Inc for an undisclosed sum. The acquisition encompassed the Kewaunee Power Station and its adjacent used fuel storage facility, housing approximately 1,000 spent fuel assemblies. EnergySolutions' acquisition from Dominion Energy accelerates decommissioning activities, allowing for considerations of beneficial reuse of the property well ahead of the original decommissioning schedule. Kewaunee Power Station (KPS) is a decommissioned US-based nuclear power plant contributing to spent nuclear fuel waste management.

Major companies operating in the spent nuclear fuel waste management market report are Veolia Environment SA, Bechtel Corp., Fluor Corporation, Westinghouse Electric Company LLC., SNC Lavalin Group Inc, John Wood Group, Posiva Oy, US Ecology lnc., Enercon Services Inc., Magnox Technologies Pvt Ltd, EnergySolutions, Holtec International, Posiva Oy, Ansaldo Energia, BHI Energy, Augean PLC, Studsvik AB, Perma-Fix Environmental Services Inc., Svensk Kärnbränslehantering AB, Waste Control Specialists LLC, DermTech Inc, Chase Environmental Group.

North America was the largest region in the spent nuclear fuel waste management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spent nuclear fuel waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the spent fuel and nuclear waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The spent fuel and nuclear waste management market includes revenues earned by entities by providing services such as developing and maintaining secure storage facilities, establishing safe protocols, and developing repositories or disposal facilities. The market value includes the value of related goods sold by the service provider or included within the service offering. The spent fuel and nuclear waste management market also includes sales of fuel cladding, dry casks, wet casks, dissolution tanks, and solvent extraction equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Spent fuel and nuclear waste management encompass a holistic range of practices, strategies, and technologies utilized for the handling, storage, transportation, treatment, and disposal of by-products produced during the operation and decommissioning of nuclear facilities. The main goal is to effectively contain and isolate radioactive materials, mitigating the potential harm to both people and the environment.

The principal categories of spent nuclear fuel waste management comprise low-level waste, intermediate-level waste, and high-level waste. Low-level spent nuclear fuel waste pertains to the radioactive waste generated during the operation of nuclear reactors, characterized by relatively lower levels of radioactivity. This category encompasses materials such as reactor coolant, resins, filters, and protective clothing utilized by personnel in and around nuclear facilities. Various disposal methods, including near-surface disposal and deep-surface disposal, are employed across the nuclear fuel cycle, research, medical, and industrial sources, as well as military and defense program sources. These disposal methods cater to a range of applications across different reactor types, such as boiling water reactors, gas-cooled reactors, pressurized water reactors, pressurized heavy water reactors, among others.

The spent nuclear fuel waste management market research report is one of a series of new reports that provides spent nuclear fuel waste management market statistics, including spent nuclear fuel waste management industry global market size, regional shares, competitors with a spent nuclear fuel waste management market share, detailed spent nuclear fuel waste management market segments, market trends and opportunities, and any further data you may need to thrive in the spent nuclear fuel waste management industry. This spent nuclear fuel waste management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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