The nuclear-spent fuel market share is expected to increase by USD 1.49 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 2.53%.

This market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by type (wet storage and dry storage) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The nuclear-spent fuel market report also offers information on several market vendors, including AECOM, Ansaldo Energia Spa, Augean Plc, Babcock International Group Plc, Bechtel Corp., BHI Energy, Ecology Services Inc., EnergySolutions Inc., Fluor Corp., GNS Gesellschaft fur Nuklear Service mbH, Hitachi Zosen Corp., Holtec International, Mitsubishi Heavy Industries Ltd., OCL Corp., Orano SA, SKODA JS AS, Svensk Karnbranslehantering AB, Veolia Environment SA, Waste Control Specialists LLC, and Westinghouse Electric Co. LLC among others.

What will the Nuclear Spent Fuel Market Size be During the Forecast Period?

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Nuclear Spent Fuel Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The rising focus on clean energy technologies is notably driving the nuclear-spent fuel market growth, although factors such as competition for nuclear power from other energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the market industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.

Key Market Driver

The rising focus on clean energy technologies is one of the key drivers supporting the market growth. To reduce carbon emissions, the demand for clean energy technologies such as nuclear power has been growing at a global level. Unlike fossil fuel-powered plants, nuclear power plants do not produce CO2, methane, or other toxic emissions, which significantly contribute to the greenhouse gas effect. Moreover, per ton of uranium is approximately equivalent to 1,000 tons of coal, 42,000 gallons of oil, or 17 million cubic feet of natural gas for a certain Kilowatt of power generation. Hence, a very small amount of uranium needs to be mined from the ground, reducing the environmental impact of mining uranium compared with mining and drilling for fossil fuels. Unlike oil and gas, nuclear fuel is in a solid state. Therefore, nuclear fuel is immune to environmental hazards caused by spillage during transportation to power plants. Also, fuel delivery casks are designed keeping in consideration the high margin of safety. This ensures that the setting remains free of contamination from nuclear fuel even in the event of an accident. Moreover, the rise in demand for clean energy technologies will augment nuclear power generation during the forecast period. The growth in nuclear power generation will propel the production of nuclear-spent fuel. This will boost the growth of the global market during the forecast period.

Key Market Trend

Shut down of nuclear power plants is one of the key market trends. All the nuclear operating power plants in the world have operating licenses, which are approved by respective government bodies for a fixed period of time. Beyond this time period, power plants need to be decommissioned. As a result, nuclear power plants typically have operating licenses of about 30 years, post which licenses can be renewed for an additional period of two decades. However, once licenses expire, nuclear plants should be upgraded or decommissioned. Furthermore, safety norms have resulted in an increased capital requirement for running nuclear power plants, thereby pushing a few of the plants to the point wherein they find it too expensive to operate in view of the returns. Beyond this point, the plant continued generating power at the double selling price, thus making it economically infeasible to continue operations. As a result, it was decided to decommission the plant prior to the expiry of its operating license period. Such factors have resulted in the implementation of policies with respect to the closure of many plants across the world.  After the nuclear fission reaction is stopped and the reactor is shut down, products leftover in it are still radioactive and emit heat as they gradually decay into more stable elements. Although heat production declines rapidly at first, heat is still produced many years after the shutdown. Hence, the government agency, the US NRC, set requirements related to the handling and storage of nuclear spent fuel in order to ensure the protection of the public and the environment. Therefore, the shutdown of nuclear reactors will create a demand for the storage of nuclear spent fuel. This will drive the growth of the global market during the forecast period.

Key Market Challenge

Competition for nuclear power from other energy sources is one of the factors hindering the nuclear spent fuel authentication market growth. Renewable energy sources include geothermal, solar, wind, hydropower, and biomass. According to the IEA, in 2020, renewables and natural gas accounted for 29% and 24% of the total electricity generation, respectively, with renewables gaining significant popularity globally. 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. Moreover, the share of renewables in global electricity production increased from 17.60% in 2003 to 26.10% in 2019. Also, renewables accounted for 449 TWh (or 49.89%) of the global additional electricity generation in 2019 compared with 2018. Renewables were the largest contributor to the change in electricity production by source for the same period. The EU has put forth a target of achieving a share of 35% of the total power generation from renewables by 2030. The rising adoption of renewables for clean power generation limits the growth of nuclear power generation. According to the IEA, in 2019, the share of nuclear power in total electricity production declined to 10%, wherein renewables accounted for a larger share of 25% among low-carbon technologies. The rising adoption of renewables has decreased nuclear power generation. This will reduce the amount of nuclear spent fuel generation. As a result, the growth of the global market may be restricted during the forecast period.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global nuclear spent fuel market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Nuclear Spent Fuel Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• AECOM
• Ansaldo Energia Spa
• Augean Plc
• Babcock International Group Plc
• Bechtel Corp.
• BHI Energy
• Ecology Services Inc.
• EnergySolutions Inc.
• Fluor Corp.
• GNS Gesellschaft fur Nuklear Service mbH
• Hitachi Zosen Corp.
• Holtec International
• Mitsubishi Heavy Industries Ltd.
• OCL Corp.
• Orano SA
• SKODA JS AS
• Svensk Karnbranslehantering AB
• Veolia Environment SA
• Waste Control Specialists LLC
• Westinghouse Electric Co. LLC

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

• AECOM- The company offers nuclear spent fuel services subsidiary AECOM Canada Nuclear Services. 

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Nuclear Spent Fuel Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for the Nuclear Spent Fuel Market?

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63% of the market’s growth will originate from APAC during the forecast period. China, Japan, India, and South Korea are the key markets for nuclear spent fuel in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Increasing demand for clean electricity in the region will facilitate market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak affected the overall economy of the region, supply chains, and the industrial and commercial sectors. Several countries announced nationwide lockdowns to prevent the community spread of COVID-19, which resulted in the temporary closure of transportation, industries, construction, and other activities in 2020. The temporary closure of companies, industries, and institutions led to a decline in the use of electricity by commercial end-users in 2020 and 2021. This is expected to hinder the potential growth of the market in the region during the first half of the forecast period. Moreover, IT companies have allowed the work-from-home option for their employees to carry out various organizational operations remotely. Educational institutions are conducting online classes, which is further reduced the demand for electricity from these organizations. These factors are expected to hinder the growth of the market in the region during the first half of the forecast period. However, the lockdown restrictions were relaxed due to the decreasing number of COVID-19 cases, and production across various industries resumed in late 2020 in the region. The growth of the market is expected to stabilize during the latter half of the forecast period, with the resumption of normal business activities across industries following the containment of the COVID-19 pandemic.

What are the Revenue-generating Type Segments in the Nuclear Spent Fuel Market?

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The market share growth in the wet storage segment will be significant during the forecast period. Wet storage of nuclear spent fuel needs considerably more radioactive waste management operations such as liquid waste treatment. This generates a waste stream, which further requires waste processing. As a result of these factors, costs, as well as safety concerns related to the use of wet storage, may limit the growth of the market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Nuclear Spent Fuel Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the nuclear spent fuel industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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