Report : Asia Pacific Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Waste Type ( Low-Level Waste, High Level Waste, Intermediate Level Waste and Others ), Reactor Type ( Pressurized Water Reactor, Boiling Water Reactor, and Gas Cooled Reactor ), and Disposal Options ( Near Surface Disposal and Deep Geological Disposal )
Near Surface Disposal Segment to Dominate APAC Nuclear Waste Management System Market during 2020–2028
According to a new market research study on “APAC Nuclear Waste Management System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and End User” is expected to reach US$ 9,867.25 million by 2028 from US$ 7,250.40 million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides trends prevailing in the APAC nuclear waste management system market along with the drivers and restraints pertaining to the market growth. Discontinuation of nuclear power plants is the major factor driving the growth of the APAC nuclear waste management system market. However, issues associated with high cost of nuclear waste management system hinders the growth of APAC nuclear waste management system market.
The APAC nuclear waste management system market is segmented on the bases of waste type, reactor type, disposal options, and country. Based on waste type, the market is segmented into low-level waste, high-level waste, intermediate-level waste, and others. High-level waste segment held largest market share in 2020. Based on reactor type, the APAC nuclear waste management system market is segmented into pressurized water reactor, boiling water reactor, and gas cooled reactor. Boiling water reactor segment held a substantial market share in 2020. Based on disposal option, the market is bifurcated into near surface disposal and deep geological disposal. Near surface disposal segment held a substantial market share in 2020. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC.
Due to the massive number of COVID-19 confirmed cases in China and India, APAC is adversely affected by the COVID-19 outbreak pandemic. China homes the largest population across the world, which is imposing greater risk of infection to many individuals. China is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has negatively affected major economies of the region, such as China, India, South Korea, and Vietnam. The APAC nuclear waste management system market experienced a downward industrial growth during the first two quarters of 2020. Unlike North America and most of Western Europe, where development in electricity generating capacity, notably nuclear power, has been restricted for many years, several Asian countries are planning and building new nuclear power reactors to meet the growing demand for clean electricity. Approximately two-thirds of the reactors under development in the world are in Asia. China is making rapid progress in the construction of new nuclear power plants. The units that are currently being built are a combination of local and Western designs. Between December 2010 and December 2020, most new nuclear power plants were built in China (36), where nuclear power generation surged by 400% in ten years. The increase in need of clean energy produced from nuclear power plants has continued during the pandemic, and it would see a significant rise in the coming years.
Ansaldo Energia S.p.A.; Bechtel Corporation; Energysolutions; Perma-Fix; and Veolia are among the leading companies in the APAC nuclear waste management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, EnergySolutions to Acquire and Complete the Decommissioning of the Kewaunee Nuclear Power Station.
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