Global Nuclear Spent Fuel Market Overview:
When fuel rods in a nuclear reactor are “spent,” or unusable, they are removed from the reactor core and replaced with fresh fuel rods. The spent fuel rods are still extremely radioactive and continue to generate significant heat for decades. The fuel assemblies, which involve dozens to hundreds of fuel rods each, are moved to pools of water to cool. They are kept on racks in the pool, immersed in more than twenty feet of water, and water is constantly circulated to draw heat away from the rods and keep them at a safe temperature. Spent nuclear fuel (SNF) or used nuclear fuel is a fuel which is irradiated in a nuclear power reactor at a nuclear power plant. It contains plutonium, uranium or even thorium that has been permanently withdrawn from the nuclear reactor.
As per latest study released by AMA Research, the Global Nuclear Spent Fuel market is expected to see growth rate of 1.25%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Advanced and Innovative Technologies Nuclear Plants
Market Growth Drivers:
Stringent Government Regulations on Nuclear Fuel Management and Increasing Need for Nuclear Power Generation
Challenges:
Maintaining a Certain Flexibility in the Management of Spent Nuclear Fuel
Restraints:
High Processing Cost
Opportunities:
Increasing Demand for Energy across the World
Competitive Landscape:
Leading nuclear spent fuel players are focusing on strategic new service launch to improve their services and also they are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
Some of the key players profiled in the report are Areva SA (France), Hitachi Zosen Corporation (Japan), Holtec International Inc. (United States), Mitsubishi Heavy Industries (Japan), British Nuclear Fuels (United Kingdom), GNS Gesellschaft fur Nuklear-Service mbH (Germany), NAC International (Georgia), OCL Corporation (Japan), AECOM (United States) and Babcock International Group Plc (United Kingdom). Additionally, following companies can also be profiled that are part of our coverage like Bechtel Corp (United States) and Orano SA (France). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Nuclear Spent Fuel market by 2030. Considering Market by Storage Type, the sub-segment i.e. Wet Storage will boost the Nuclear Spent Fuel market.
Latest Market Insights:
In October 2023, Holtec International, a leading provider of spent fuel storage solutions, announced a partnership with the National Nuclear Laboratory (NNL) in the UK to develop advanced spent fuel recycling technologies.
In February 2023, NuScale Power, a developer of small modular reactors, announced the completion of its VOYAGER™-12 small modular reactor design, which would utilize advanced fuel forms with improved waste characteristics.
“As per Nuclear Regulatory Commissions (NRC) and Nuclear Energy is responsible for the Office of Spent Fuel and Waste Disposition and responsible for ongoing research and development (R&D) linked to the long-term disposition of spent nuclear fuel (SNF) and high-level radioactive waste (HLW) (SFWD). The Office of Spent Fuel and Waste Science and Technology (SFWST) and the Office Integrated of Waste Management (OEM) are two SFWD offices that oversee distinct areas of this oversight (IWM). The SFWST office has created and is implementing a research and development program to solve major scientific and technical concerns related to the long-term management of spent nuclear fuel. Evaluations, planning, and preparations for the transfer and disposal of SNF and HLW, as well as interim storage possibilities for SNF, are all handled by the IWM office.”
What Can be Explored with the Nuclear Spent Fuel Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Nuclear Spent Fuel Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Nuclear Spent Fuel
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Nuclear Spent Fuel market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Nuclear Spent Fuel market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Nuclear Spent Fuel Service Providers, Equipment Suppliers, Power Industry, Governmental Bodies and Research Firms.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.