Spent Fuel And Nuclear Waste Management Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Radioactive nuclear waste includes any material that is intrinsically radioactive or contaminated by radioactivity and deemed to have no further use. Low-level waste (LLW) generated from the nuclear fuel cycle has a radioactive content not exceeding 4 giga-becquerels per ton (GBq/t) of the alpha activity or 12 GBq/t beta-gamma activity. To reduce its volume, LLW is often compacted or incinerated before disposal. 

It does not require shielding during handling and transport, and it is suitable for disposal in near-surface facilities.

The market studied is dominated by LLW, which comprises 90% of the volume but only 1% of the radioactivity of all radioactive waste. Management practices for the disposal of LLW (adopted or under consideration) encompass three main options, such as near-surface disposal, disposal in caverns at intermediate depth, and disposal in deep geological formations. 

The spent fuel and nuclear waste management market is expected to record a CAGR of 1.5% during the forecast period, 2022-2027. During the COVID-19 pandemic, the market did not witness any major negative impact. The nuclear power plant has the ability to generate electricity with lower carbon emissions as compared to fossil fuels. Although the amount of waste generated by nuclear power is very small relative to other thermal electricity generation technologies, proper and safe management of nuclear waste is of utmost importance for the nuclear power plant operators. Factors such as increasing adoption of cleaner energy sources to meet carbon emission targets and nuclear plant life extensions due to supporting government policies are expected to drive the market. However, the high initial cost and a high payback period are likely to hinder the spent fuel and nuclear waste management market during the forecast period.

The low-level waste segment dominated the market in the past and is likely to dominate the market during the forecast period.

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