Global Nuclear Waste Management Market - Growing Demand for Energy to Boost Growth | Technavio

Technavio has published a new market research report on the global nuclear waste management market from 2017-2021. (Graphic: Business Wire)

LONDON--()--The latest market research report by Technavio on the global nuclear waste management market predicts a CAGR of around 3% during the period 2017-2021.

The report segments the global nuclear waste management market by reactor type (pressurized water reactor and boiling water reactor), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global nuclear waste management market, according to Technavio energy researchers:

  • Growing energy demand in developing countries: a major market driver
  • In 2016, the pressurized water reactor segment dominated the market by occupying over 75% share
  • EMEA dominated the global nuclear waste management market with 43% share in 2016
  • New AREVA, DMT, Holtec International, North Wind Group, Swedish Nuclear Fuel and Waste Management Company (SKB), and Veolia are the leading players in the market

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Growing energy demand in developing countries: a major market driver

Growing energy demand in developing countries is one of the major factors driving the global nuclear waste management market. In the last two decades, developing countries have witnessed a rapid economic growth, owing to globalization and industrialization, which has led to the increase in household income levels and growth in consumption patterns. In addition, the worldwide energy consumption is growing steadily, driven by the growth in the economy in developing nations. To meet the ever-growing energy demand, nuclear power is expected to become an indispensable source of power generation.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for water and waste management research, “Several governments in developing nations have initiated energy access plans to provide universal electricity access to all within the next decade and are planning to set up nuclear power plants. Even though the installation of nuclear power plants is highly capital intensive, the cost of operation is significantly cheaper than several other power sources. These power plants are expected to be utilized for meeting the base load requirement in most countries.”

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EMEA: largest nuclear waste management market

Technavio researchers anticipate high growth for the global nuclear waste management market in EMEA due to demand for clean sources of energy which is reducing the dependence on fossil fuel-based power. The region includes many countries where a large part of the electricity supply comes from nuclear energy. For instance, three-fourths of France's electricity demand is met by nuclear energy.

Other countries, such as Jordan, Saudi Arabia, and Egypt, are also moving toward the implementation of nuclear energy. The growth of nuclear power to replace emission-releasing power generation sources, such as coal and other fossil fuels, will propel the growth of the nuclear waste management market in EMEA.

Competitive vendor landscape

The global nuclear waste management market is diversified by the presence of international and regional vendors. In developed and developing economies, regional vendors are more prominent, thus increasing the competition with international players for market share. The major vendors in the global nuclear waste management market are New AREVA, DMT, Holtec International, North Wind Group, Swedish Nuclear Fuel and Waste Management Company (SKB), and Veolia.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global nuclear waste management market is expected to grow at a CAGR of around 3% during 2017-2021, according to Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com