When compared to fossil fuels, nuclear power plants can create electricity with reduced carbon emissions. Even though nuclear power generates very little waste in comparison to other thermal electricity generation methods, adequate and safe management of nuclear waste is critical for nuclear power plant operators. Furthermore, the global nuclear-spent fuel market is growing, owing to an increase in nuclear power plant decommissioning projects beginning in 2020. However, the worldwide nuclear-spent fuel market is expected to be hampered by high initial costs and a long payback period over the projected period. Some of the primary drivers for this market are several ongoing and planned nuclear power plant clean-up activities around the world, as well as numerous nuclear power reactor decommissioning activities.
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- Because of the region’s growing population, industrialization, and urbanization, Asia-Pacific has a heavy focus on nuclear power. China and India are concentrating on extending the life of existing nuclear power facilities while also exploring the possibility of new nuclear power plants. There are around 130 operational nuclear power reactors in Asia, with 35 more under construction and governments proposing to build another 70-80. Many additional ideas have been offered.
- Because of the existence of several large emerging nations such as China and India, Asia-Pacific is likely to be the fastest-growing area in the worldwide spent fuel and nuclear waste management market.
- In the face of mounting environmental concerns and rising energy demand, nuclear power generation has emerged as the most trustworthy choice for meeting electricity needs while also reducing greenhouse gas emissions. Nuclear power generating is a clean energy technology that can effectively supply the growing electricity demand. However, nuclear power plants generate a significant amount of nuclear waste, which is typically defined as materials or residues left over from the combustion of nuclear fuel in reactors. These leftovers contain radioactive elements that can result in acute radiation illness.
- Nuclear power plant technology advancements allow for better fuel usage and offer clean energy for around 10% of the world’s electricity from about 440 power reactors. Furthermore, several nuclear power reactors throughout the world are over 30 years old.
- Due to the rising popularity of economic attractiveness of gas-based power generation, no new nuclear plant development was undertaken. As a result, there was a downward trend in nuclear investment, which contributed to the decommissioning of nuclear power facilities. As a result, spent fuel and nuclear waste must be buried deep and permanently to avoid radioactive contamination.
- To increase their market presence and share, key market participants in the nuclear-spent fuel sector are pursuing tactics such as mergers and acquisitions, strategic partnerships, collaborations, and R&D investments.
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Key Benefits of the Report
This study presents the analytical depiction of the nuclear-spent fuel industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the nuclear-spent fuel market share.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the nuclear-spent fuel market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed nuclear-spent fuel market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact Analysis
- The nuclear-spent fuel market was negatively affected due to the outbreak of COVID-19.
- The industries such as nuclear power reactors, nuclear fuel cycle facilities, radioactive mining, milling, extracting activities, research, and medical, industrial, military and defense programs, and others were shut down during the COVID-19 this decreases the demand for nuclear-spent fuel.
- The COVID-19 has caused the imposition of lockdown due to which the production of nuclear-spent fuel decreased and the global supply chain was affected.
- The nuclear-spent fuel market faced a downfall of revenue due to COVID-19.
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