At 0.6% CAGR, North America Spent Nuclear Fuel Waste Management Market is Projected to be Worth US$ 2,118.73 Million by 2030, says Business Market Insights

According to Business Market Insights research, the North America spent nuclear fuel waste management market was valued at US$ 2,014.01 million in 2022 and is expected to reach US$ 2,118.73 million by 2030, registering a CAGR of 0.6% from 2022 to 2030. Growing establishment of nuclear power plant, regulatory framework and safety, and rising use of automation in sorting and segregation of nuclear waste management are among the critical factors attributed to the North America spent nuclear fuel waste management market expansion.

The global rise in energy demand, driven by population growth and industrialization, necessitates the expansion of energy production. Nuclear power can provide a significant portion of the electricity needed to support this demand, contributing to a reliable energy supply. In addition, energy security is a fundamental factor driving the global expansion of nuclear power. Nations seek diverse and reliable energy sources to reduce their dependence on fossil fuels, ensuring a stable energy supply for economic growth and national security. Nuclear power provides a steady and consistent energy source, less susceptible to price fluctuations and supply disruptions compared to fossil fuels. There were 93 commercial nuclear reactors in operation in the US as of August 1, 2023, spread over 54 nuclear power stations throughout 28 states. In 2023, Georgia Power declared that a nuclear reaction had begun inside Unit 3 of the Vogtle nuclear plant. Additionally, Alberta, Saskatchewan, Ontario, and New Brunswick published their strategy plan in 2022, outlining their plans to create small modular reactors (SMRs) as a means of growing the nuclear industry. Furthermore, in 2023, as interest in atomic energy grows due to the growing demand for clean energy, a Canadian utility began early work to expand a nuclear reactor, potentially creating the largest facility in the world. Bruce Power will carry out an environmental review of up to 4.8 gigawatts of capacity addition to its plant in Canada's most populated province, the Ontario government announced. Currently, the plant's eight reactors can produce 6.2 gigawatts of power, which accounts for 30% of the province's electricity needs. Furthermore, in 2022, Commission Federal de la Electricidad (CFE), the state-owned utility in Mexico, has declared that the 775 MW Unit 2 of the Laguna Verde nuclear power station would have a 30-year lifespan extension, ending in April 2055. In July 2020, Laguna Verde's Unit 1 license was renewed, extending its operational lifespan until 2050. In 2023, a US$ 57 million loan has been approved by the US Export-Import Bank (EXIM) to finance pre-construction engineering and feasibility studies for two new units at the nuclear power plant complex in Cernavod?, Romania. In addition, Canada has made a financial offer to finance the installation of Canadian CANDU-6 reactors at the site up to US$ 2.23 billion (or EUR 2.1 billion). Thus, the growing establishment of nuclear power plants needs proper waste management system for safe and secure disposal of nuclear waste which further drives the growth of the spent nuclear fuel waste management market.

On the contrary, uncertainty and unclarity in cost of spent fuel nuclear waste management hampers the growth of North America spent nuclear fuel waste management market.

Based on reactor type, the North America spent nuclear fuel waste management market is bifurcated into pressurized water reactor and boiling water reactor. The pressurized water reactor segment held 68.7% share of North America spent nuclear fuel waste management market in 2022, amassing US$ 1,383.71 million. It is projected to garner US$ 1,458.38 million by 2030 to expand at 0.7% CAGR during 2022-2030.

In terms of disposal type, the North America spent nuclear fuel waste management market is bifurcated into deep surface disposal and near surface disposal. The deep surface disposal segment held 85.4% share of North America spent nuclear fuel waste management market in 2022, amassing US$ 1,720.71 million. It is projected to garner US$ 1,815.43 million by 2030 to expand at 0.7% CAGR during 2022-2030.

By country, the North America spent nuclear fuel waste management market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 89.3% share of North America spent nuclear fuel waste management market in 2022. It was assessed at US$ 1,797.69 million in 2022 and is likely to hit US$ 1,923.09 million by 2030, exhibiting a CAGR of 0.8% during 2022-2030.

Key players operating in the North America spent nuclear fuel waste management market are Perma-Fix, US Ecology Inc, Veolia Environment SA, Energy Solutions, BHI Energy, Waste Control Specialists LLC, and Bechtel Corp, among others.

• In July 2023, Perma-Fix Environmental Services partnered with United Association of Plumbers and Steamfitters Local Union 598. This partnership aimed at providing waste treatment option which is expected to accelerate the Hanford tank remediation action.
  
  

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