The global nuclear waste management system market is expected to grow from US$ 20,048. 26 million in 2021 to US$ 25,339. 64 million by 2028; it is estimated to grow at a CAGR of 3. 40% from 2021 to 2028.
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Nuclear waste management system is a process of gathering nuclear waste from hospitals, nuclear power plants, and nuclear research centres and safely disposing it at an underground disposal sites.The high-level waste and intermediate-level waste require special cannister for storage for its treatment and need to be disposed at deep geological disposal sites.
However, the low-level waste can be disposed at near surface disposal.
The nuclear waste management system market is experiencing significant growth owing to the increasing deployment of nuclear power plant across the world due to the rising need for clean energy.However, the high cost of nuclear waste management system restrains the market growth.
On the other side, the growing development of nuclear weapons and increasing decommissioning of nuclear power plants are expected to offer lucrative growth opportunities for the market players in coming years. However, the COVID-19 outbreak has marginally impacted the nuclear waste management system market.
Impact of COVID-19 Pandemic on Nuclear Waste Management System Market
According to reports from operators and regulators received through the International Atomic Energy Agency’s (IAEA) COVID-19 Operational Experience Network (OPEX) and International Reporting System for Operating Experience, nuclear power reactors were not forced to shut down due to the impact of COVID-19 outbreak on the workforce or supply chains.Operators and regulators have maintained plant’s safety and security even though the pandemic has impacted them in numerous ways, such as planned outages and maintenance plans, according to the IAEA.
This has led to an increase in nuclear waste even during the pandemic thus growing the need for nuclear waste management systems.
The overall nuclear waste management systems market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments.It also provides the overview and forecast for the global nuclear waste management systems market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the nuclear waste management systems market.
A few major players operating in the market are Augean Plc; Perma-Fix Environmental Services, Inc.; Svensk Kärnbränslehantering AB; Ansaldo Energia; US Ecology, Inc.; Veolia Environmental Services; Bechtel Corporation; Energysolutions; BHI Energy; and Waste Control Specialists, LLC.
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