Nuclear Waste Recycling Market Size, Business Scenario, Share, Growth, Insights, Industry Analysis, Trends and Forecasts Report 2027
Global Nuclear Waste Recycling Market: Introduction
·
The most extensively used method for
disposal of nuclear waste is to bury it deep under the ground. High level of
radioactive wastes require deeper grounds, as they are extremely toxic and
dangerous.
·
Nuclear waste is recyclable. Once the
reactor fuel i.e. uranium or thorium is used in the reactor, it can be treated
and put into another reactor as a fuel.
·
Recycling of used fuel to recover
uranium and plutonium (Pu) avoids wastage of a valuable resource. Most of the
used fuel i.e. about 96% is uranium, less than 1% is U-235, and up to 1% is
plutonium.
·
According to the World Nuclear
Association, from 2010 to 2030, around 400,000 tons of used fuel is expected to
be generated worldwide. Out of this, 60,000 tons is expected to be generated in
North America and 69,000 tons in Europe.
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Key Drivers of Global Nuclear Waste Recycling Market
·
Nuclear power plant decommissioning
activities generate a lot of radioactive waste, which requires several years
for total cleanup. Decommissioning would become an increasingly important part
of the nuclear sector activity, as several reactors are expected to reach their
technical lifespan very soon. This would boost the demand for nuclear waste recycling services. To date, over 110 commercial power reactors, over 250 research
reactors, 48 prototype reactors, and a large number of fuel cycle facilities
have been retired from operation.
·
Government regulations to minimize
harmful emissions are increasing in number continuously. Various environmental
agencies are focusing on the usage of efficient energy. This has led to
adoption of eco- friendly alternatives. Worldwide use of nuclear power reduces emissions of CO2 by 2% annually. Hence, a majority of
countries are investing significantly in nuclear power plants. This would
provide lucrative opportunities to the global nuclear waste recycling market in
the near future.
·
Handling nuclear waste and
maintenance materials is highly difficult. Lack of awareness regarding proper
collection and segregation of recycled waste and that of skilled labor are
major factors restraining the global nuclear waste recycling market.
Furthermore, high initial investments also restrain the market.
Europe to Hold a Major Share of Global Nuclear Waste Recycling Market
·
In terms of region, the global
nuclear waste recycling market can be classified into North America, Asia
Pacific, Europe, Latin America, and Middle East & Africa
·
Europe dominated the global nuclear
waste recycling market in 2018. France leads the Europe as well as global
nuclear waste recycling market. Recycling spent nuclear fuel is a major
challenge for nuclear plant operators, as it contains highly toxic radioactive
material. The La Hague nuclear reprocessing facility in France has been built
to recycle spent nuclear fuel.
·
The U.K is also another significant
market for nuclear waste recycling in Europe. The Thorp facility in the U.K.,
which was opened in 1994, has processed 9,331 tons of used nuclear fuel from 30
customers in nine countries worldwide since then.
·
The market in Asia Pacific is expected
to expand at the maximum CAGR during the forecast period. Increasing number of
nuclear power plants as well as nuclear fuel recycling facilities is driving
the market in the region. In January 2011, India opened a new nuclear fuel
recycling facility in Tarapur, Maharashtra. This facility would be breaking
down highly radioactive, used nuclear fuel to extract uranium and plutonium for
reuse in fast neutron reactors.
·
In terms of revenue, India and Japan
are key contributors to the Asia Pacific nuclear waste recycling market
·
The nuclear waste recycling market in
North America is expected to expand at a sluggish pace during the forecast
period. According to the World Nuclear Association, the number of operable
reactors in the U.S. was 99 in 2017.
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Key Players Operating in Global Nuclear Waste Recycling Market
The
global nuclear waste recycling market is highly concentrated, with major
manufacturers accounting for approximately 40%–45% of the market share. Some of
the key players operating in the global nuclear waste recycling market are:
·
Orano Group
·
JGC Holdings Corporation
·
EDF
·
Tokyo Electric Power Company
Holdings, Inc.
Global Nuclear Waste Recycling Market: Research Scope
Global Nuclear Waste Recycling Market, by Waste Source
·
Nuclear Power Reactors
·
Nuclear Fuel Cycle Facilities
·
Others
Global Nuclear Waste Recycling Market, by Reactor Type
·
Light Water Reactor (LWR)
·
Heavy Water Reactor (HWR)
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Chemical Waste and Thermal Treatment Segments to Witness Attractive
Opportunities
·
The global nuclear waste recycling
market can be segmented based on waste source, reactor type, and region
·
In terms of waste source, the global
nuclear waste recycling market can be divided into nuclear power reactors,
nuclear fuel cycle facilities, and others. The nuclear power reactors segment
dominated the global nuclear waste recycling market in 2018.
·
Based on reactor type, the global
nuclear waste recycling market can be classified into light water reactor (LWR)
and heavy water reactor (HWR)
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