North America Spent Nuclear Fuel Waste Management Market Forecast to 2030

North America Spent Nuclear Fuel Waste Management Market Forecast to 2030

North America Spent Nuclear Fuel Waste Management Market Forecast to 2030 – Regional Analysis – by Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, Gas-Cooled Reactor, and Others) and Disposal Type (Near Surface Disposal and Deep Surface Disposal)

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Description

The North America spent nuclear fuel waste management market is expected to grow from US$ 2,014.01 million in 2022 to US$ 2,118.73 million by 2030. It is estimated to grow at a CAGR of 0.6% from 2022 to 2030.

Key Role of Nuclear Power in Future Energy Transition Fuels North America Spent Nuclear Fuel Waste Management Market

Nuclear power can indeed play a vital role in the future energy transition and energy mix. Its low carbon emissions make it a valuable advantage against climate change, as it can provide consistent, emission-free electricity. Lowering carbon emissions is especially important as many countries across the globe are taking several measures to lower their dependence on fossil fuels and transition to cleaner energy sources. Nuclear power’s ability to provide baseload power ensures grid stability when renewable sources such as wind and solar are intermittent, thereby contributing to a more reliable energy supply. Moreover, nuclear power enhances energy security by reducing dependence on fossil fuel imports, which can be geopolitically unstable. Its long-term energy supply potential, with advanced reactor designs and fuel recycling, offers sustainability in meeting global energy demands. However, challenges such as safety concerns, radioactive waste management, and high capital costs must be effectively addressed to realize this potential. Public perception, regulatory support, and technological innovations will determine the extent to which nuclear power is integrated into the future energy mix. Nuclear power is expected to be one of the key sources of electricity generation in the future. Nuclear power is a sustainable source of power generation, provides low carbon emissions, and fulfills the demand for future power consumption. Hence, role of nuclear power in future energy transition will fuel the demand for nuclear power plants to achieve the power generation targets of future which in turn is anticipated to drive the growth of the market in the coming years.

North America Spent Nuclear Fuel Waste Management Market Overview

The North America spent nuclear fuel waste management market is segmented into countries including the US, Canada, and Mexico. Nuclear power generation in North America accounted for 864.18 TWh in 2022, and the US is the major producer of nuclear power generation in the region, with 772.0 TWh in 2022. Nuclear power generation from the plants results in spent nuclear fuel generation; thus, there is a rising need for proper nuclear waste management in the region. In addition, North America faces several challenges while managing spent nuclear fuel waste such as political, social, and technological barriers which are expected to retrain the market for spent nuclear fuel waste management. In the US and Canada, the primary strategy involves on-site storage at nuclear power plants, typically in pools or dry cask storage. However, a long-term solution still needs to be formulated due to political, environmental, and logistical challenges. In the US, the proposed Yucca Mountain repository in Nevada has faced extensive opposition and is currently in a state of uncertainty. Meanwhile, the search for alternative disposal sites continues. Canada, on the other hand, has made progress with the concept of adaptive phased management, which includes the construction of a deep geological repository for high-level waste in Ontario. However, this initiative also faces public and indigenous community concerns. Efforts in North America revolve around securing nuclear waste, advancing disposal solutions, and increasing public engagement to ensure the safe, long-term management of spent fuel waste. The US is leading the spent nuclear fuel waste management market in North America. According to the World Nuclear Association, as of 2022, the US had 92 operable nuclear reactors, including 61 pressurized water reactors and 31 boiling water reactors, which are responsible for the spent nuclear fuel waste in the country. According to the US Energy Information Association (EIA), the country generated about 772 TWh of electricity in 2022 from nuclear power plants. Spent nuclear fuel waste management in the US is driven by several key factors. Foremost among these is the imperative to establish secure and safe storage and disposal methods, given the inherent environmental and safety risks posed by long-lasting radioactive waste. Political and regulatory pressures also exert a significant influence as both federal and state governments grapple with addressing public con, ensuring compliance with legal mandates, and aligning waste management strategies with existing laws. Economic considerations, including the costs of storage and potential liabilities, underscore the need for sustainable, cost-effective, and efficient solutions.

North America Spent Nuclear Fuel Waste Management Market Revenue and Forecast to 2030 (US$ Million)

North America Spent Nuclear Fuel Waste Management Market Segmentation

The North America spent nuclear fuel waste management market is segmented into reactor type, disposal type, and country.

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 a larger share of the North America spent nuclear fuel waste management market in 2022.

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 a larger share of the North America spent nuclear fuel waste management market in 2022.

Based on country, the North America spent nuclear fuel waste management market is segmented into the US, Canada, and Mexico. The US dominated the North America spent nuclear fuel waste management market in 2022.

Perma-Fix, US Ecology Inc, Veolia Environnement SA, EnergySolutions, BHI Energy, Waste Control Specialists LLC, and Bechtel Corp are some of the leading companies operating in the North America spent nuclear fuel waste management market.

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At 0.6% CAGR, North America Spent Nuclear Fuel Waste Management Market is Speculated to be Worth US$ 2,118.73 Million by 2030, says the Research Team

According to the Research Team’ 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.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America spent nuclear fuel waste management market.
o Highlights key business priorities to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America spent nuclear fuel waste management market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Spent Nuclear Fuel Waste Management Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
5. North America Spent Nuclear Fuel Waste Management Market – Key Industry Dynamics
5.1 Spent Nuclear Fuel Waste Management Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Growing Establishment of Nuclear Power Plants
5.2.2 Regulatory Framework and Safety
5.2.3 Rising Use of Automation in Sorting and Segregation of Nuclear Waste Management
5.3 Market Restraints
5.3.1 Uncertainty and Unclarity in Cost of Spent Fuel Nuclear Waste Management
5.4 Market Opportunities
5.4.1 Ongoing Research and Innovation on Advanced Nuclear Waste Management Technologies
5.5 Future Trends
5.5.1 Key Role of Nuclear Power in Future Energy Transition
5.6 Impact of Drivers and Restraints:
6. Spent Nuclear Fuel Waste Management Market – North America Market Analysis
6.1 Spent Nuclear Fuel Waste Management Market Revenue (US$ Million), 2020 – 2030
6.2 Spent Nuclear Fuel Waste Management Market Forecast and Analysis
7. North America Spent Nuclear Fuel Waste Management Market Analysis – Reactor Type
7.1 Overview
7.1.1 Spent Nuclear Fuel Waste Management Market, By Reactor Type (2022 and 2030)
7.2 Pressurized Water Reactor
7.2.1 Overview
7.2.2 Pressurized Water Reactor Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Boiling Water Reactor
7.3.1 Overview
7.3.2 Boiling Water Reactor Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Spent Nuclear Fuel Waste Management Market Analysis – Disposal Type
8.1 Overview
8.1.1 Spent Nuclear Fuel Waste Management Market, By Disposal Type (2022 and 2030)
8.2 Near Surface Disposal
8.2.1 Overview
8.2.2 Near Surface Disposal Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Deep Surface Disposal
8.3.1 Overview
8.3.2 Deep Surface Disposal Market, Revenue and Forecast to 2030 (US$ Million)
9. North America Spent Nuclear Fuel Waste Management Market – Country Analysis
9.1 North America
9.1.1 North America Spent Nuclear Fuel Waste Management Market Overview
9.1.2 North America Spent Nuclear Fuel Waste Management Market, By Key Country, Revenue 2022 (US$ Mn)
9.1.3 North America Spent Nuclear Fuel Waste Management Market Revenue and Forecasts and Analysis – By Country
9.1.3.1 North America Spent Nuclear Fuel Waste Management Market Revenue and Forecasts and Analysis – By Country
9.1.3.2 US Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.2.1 US Spent Nuclear Fuel Waste Management Market Breakdown by Reactor Type
9.1.3.2.2 US Spent Nuclear Fuel Waste Management Market Breakdown by Disposal Type
9.1.3.3 Canada Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.3.1 Canada Spent Nuclear Fuel Waste Management Market Breakdown by Reactor Type
9.1.3.3.2 Canada Spent Nuclear Fuel Waste Management Market Breakdown by Disposal Type
9.1.3.4 Mexico Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.4.1 Mexico Spent Nuclear Fuel Waste Management Market Breakdown by Reactor Type
9.1.3.4.2 Mexico Spent Nuclear Fuel Waste Management Market Breakdown by Disposal Type
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Merger and Acquisition
11. Company Profiles
11.1 Perma-Fix
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 US Ecology Inc
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.3 Veolia Environnement SA
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 EnergySolutions
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 BHI Energy
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Waste Control Specialists LLC
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Bechtel Corp
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
12. Appendix
12.1 About the Research Team
12.2 Word Index

LIST OF TABLES

Table 1. Spent Nuclear Fuel Waste Management Market Segmentation
Table 2. Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Million) – Reactor Type
Table 4. Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Million) – Disposal Type
Table 5. North America Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 6. US Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Reactor Type
Table 7. US Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Disposal Type
Table 8. Canada Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Reactor Type
Table 9. Canada Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Disposal Type
Table 10. Mexico Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Reactor Type
Table 11. Mexico Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn) – By Disposal Type
Table 12. List of Abbreviation
 

LIST OF FIGURES

Figure 1. Spent Nuclear Fuel Waste Management Market Segmentation, By Country
Figure 2. Ecosystem: Spent Nuclear Fuel Waste Management Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Spent Nuclear Fuel Waste Management Market Revenue (US$ Million), 2020 – 2030
Figure 5. Spent Nuclear Fuel Waste Management Market Share (%) – Reactor Type, 2022 and 2030
Figure 6. Pressurized Water Reactor Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. Boiling Water Reactor Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Spent Nuclear Fuel Waste Management Market Share (%) – Disposal Type, 2022 and 2030
Figure 9. Near Surface Disposal Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Deep Surface Disposal Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. North America Spent Nuclear Fuel Waste Management Market, By Key Country, Revenue 2022 (US$ Mn)
Figure 12. North America Spent Nuclear Fuel Waste Management Market Breakdown by Country (2022 and 2030)
Figure 13. US Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 14. Canada Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 15. Mexico Spent Nuclear Fuel Waste Management Market Revenue and Forecasts to 2030 (US$ Mn)
 

1. Perma-Fix
2. US Ecology Inc
3. Veolia Environnement SA
4. EnergySolutions
5. BHI Energy
6. Waste Control Specialists LLC
7. Bechtel Corp

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