Nuclear Waste Management Market to Witness Comprehensive Growth by 2024
The
value chain of the global nuclear waste management market consists of
numerous global players. The vendor landscape of this market is
therefore highly competitive, with companies such as Areva SA, Veolia
Environment Services, Bechtel Corporation, US Ecology, Inc., and
Augean Plc., emerging as the most prominent players. These companies
exhibit a wide nuclear waste management services portfolio.
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Among
the aforementioned companies, Areva SA emerged dominant in the market
on account of generating more revenue in the nuclear waste management
business than its competitors. Bechtel Corporation and Veolia
Environmental Services emerged as the second and third leading
companies in the market, respectively. The top three companies
together held a share of nearly 75% in the global market in 2014,
finds Transparency Market Research (TMR).
Mounting
HLW Waste Makes Nuclear Waste Management Necessary
By
waste type, these companies are mainly engaged in efficiently
disposing high-level waste (HLW) generated in nuclear power stations.
The segment accounted for a share of 35.9% in the global nuclear
waste management market in 2015. Nuclear waste refers to residues or
materials left after nuclear fuel is burnt in reactors. These
residues mainly include radioactive materials, known to cause
radiation sickness. The increasing population and the subsequently
rising demand for electricity, the growing dependence on fossil fuel,
and the rising awareness regarding the benefits of energy derived
from alternative sources are primary factors boosting demand for
nuclear waste management services.
On
the flip side, the high initial investment required for these
services and their high payback time are inhibiting the growth
trajectory of nuclear waste management to an extent. Nevertheless,
TMR projects the market to considerably benefit from the
implementation of stringent emission control norms.
Increasing
Installation of Pressurized Water Reactors to Fuel Demand for Nuclear
Waste Management
Among
the nuclear reactor types, the market is expected to witness the
highest demand from the pressurized water reactors segment. Demand
from the boiling water reactors segment is expected to be the second
in line. As per TMR analysis, the pressurized water reactors segment
held the dominant share of 69.3% in the market in 2015. “Demand for
nuclear waste management services is expected to increase at a robust
pace in the near future,” revealed an analyst at TMR. “Since
these reactors can operate in lower fuel temperature and require
lower pressure, their installations are expected to increase, thus
boosting demand for nuclear waste management at the highest pace,”
he added.
Prospects
for the Market to be Most Lucrative in Europe and Asia Pacific
Regionally,
Europe, Asia Pacific, North America, and Rest of the World are the
key segments of the global nuclear waste management market. Of these,
Europe is currently exhibiting the most attractive opportunities for
nuclear waste management, followed by Asia Pacific. These regions
together account for the largest number of nuclear reactors in the
world, which makes them the most lucrative regions for vendors
offering nuclear waste management services. In 2015, the market for
nuclear waste management in Europe accounted for a share of 41.3% in
the global market, states TMR.
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The
investments in nuclear power projects in Europe are expected to surge
exponentially in the forthcoming years, thus bolstering opportunities
for nuclear waste management. North America however is expected to
report moderate prospects for the market due to the shale gas boom in
the region. Nevertheless, Asia Pacific is expected to emerge as the
fastest growing market for nuclear waste management with China
planning to double its existing nuclear capacity by 2020. As per TMR
growth opportunities for the market reported by Asia Pacific is
expected to surpass that of Europe’s by 2024.
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