The nuclear spent fuel market will register a CAGR of around 3% by 2023
NEW YORK, June 6, 2019 /PRNewswire/ -- About this market
The management of spent fuel, which is generated from nuclear power plants until its disposal, is a crucial step of the nuclear fuel cycle and constitutes the back end. The nuclear fuel cycle must end with safe, secure, and sustainable management of spent fuel. Governments across the world have put forth regulations to ensure efficient management of nuclear spent fuel. Regulations establish requirements, procedures, and criteria for issuing licenses to receive, transfer, and possess nuclear power reactor spent fuel, nuclear power reactor-related Greater than Class C waste, and other radioactive materials, which are associated with spent fuel storage in an independent spent fuel storage installation. Also, regulations specify terms and conditions under which the US NRC issues licenses. Regulations about nuclear spent fuel management to ensure safety and sustainability augment the growth of the global nuclear spent fuel market during the forecast period. Our analysts have predicted that the nuclear spent fuel market will register a CAGR of around 3% by 2023.
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Market Overview
Growth in nuclear power generation
Rapid urbanization and industrialization across the world have led to the rise in global electricity demand, driven by a robust global economy and heating and cooling requirements, thus increasing the need for nuclear power generation across the world. Nuclear power plants are one of the most cost-effective forms of energy production. The cost of nuclear power generation is approximately similar to that of power generation by fossil fuels. Also, solar and wind power are yet to become competitive compared with nuclear power. Nuclear power plants can produce a significant amount of predictable and reliable electricity through virtually every period of extreme heat and cold weather conditions. Hence, nuclear power generation is being widely adopted across the world to fulfill the energy demand. Therefore, the growth of nuclear power generation will increase the production of nuclear waste. This will boost the growth of the global nuclear spent fuel market during the forecast period.
Competition to nuclear power from other energy sources
Renewable energy sources include geothermal, solar, wind, hydropower, and biomass. The focus on the adoption of clean energy sources for electricity is rising. As a result, the demand for harnessing renewable energy sources has been growing rapidly. The share of renewables in global electricity production has increased. Renewables was the largest contributor to the change in electricity production by source for the same period. The rising adoption of renewables for clean power generation limits the growth of nuclear power generation. This will reduce the amount of nuclear spent fuel generation. Hence, the growth of the global nuclear spent fuel market may be restricted during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the nuclear spent fuel market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including AECOM Ltd. and Babcock International Group Plc makes the competitive environment quite intense. Factors such as the increasing focus on clean energy technologies and the growth in nuclear power generation will provide considerable growth opportunities to the nuclear spent fuel companies. Bechtel Corp., Mitsubishi Heavy Industries Ltd., and Orano SA. are some of the major companies covered in this report.
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