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Asia Pacific Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Waste Type, Reactor Type, and Disposal Options

Asia Pacific Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Waste Type, Reactor Type, and Disposal Options

  • August 2021
  • 104 pages
  • ID: 6134246
  • Format: PDF
  • The Insight Partners

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The nuclear waste management system market in APAC is expected to grow from US$ 7,250.40 million in 2021 to US$ 9,867.25 million by 2028; it is estimated to grow at a CAGR of 4.5% from 2021 to 2028.

The healthcare industry is known to be the fastest-growing industry across the world.The growing number of diseases and aliments is paving the way for a greater adoption of nuclear medicines.

In a diagnostic procedure, these medicines utilize radiation to examine the functioning of a specific human organ or to treat them.The nuclear medicines are widely used to treat medical conditions, especially cancer.

According to World Nuclear Association, more than 40 million nuclear medicine procedures are performed each year and demand for radioisotopes is projected to increase at 5% annually.The use of radioisotopes in various diagnostic procedures have become a common practice.

The radioisotope is made in nuclear reactors or in cyclotrons; moreover, neutron-rich isotopes and those developed using nuclear fission are required to be made in reactors. Thus, the growing use of nuclear medicines in the healthcare industry is anticipated to boost the nuclear waste management system market in the coming years. Additionally, the discontinuation of nuclear power plants is among the other factors expected to fuel the demand for nuclear waste management systems in APAC during the forecast period.

Based on disposal options, the near surface disposal segment led the APAC nuclear waste management system market in 2020.The near-surface disposal method is deployed to manage low-level waste and short-lived intermediate waste.

This waste is typically sent to a near-surface disposal sites immediately after packaging.In terms of volume, 90% of the nuclear waste generated are treated at near-surface disposal facilities.

Some of the low-level liquid waste is also discharged into ocean after the reprocessing procedure.This waste discharge in ocean is highly regulated and controlled.

LLW Repository at Drigg in Cumbria governed by UK Nuclear Waste Management, El Cabril LLW and ILW disposal facility governed by ENRESA in Spain, Centre de l’Aube and Morvilliers governed by ANDRA in France, LLW Disposal Center at Rokkasho-Mura governed by Japan Nuclear Fuel Limited, and Wolseong governed by KORAD in South Korea are among the well-known near-surface disposal facilities in the world. Owing to the factors such as the increasing use of nuclear medicine and radiology coupled with growing energy generation using nuclear power plant, the nuclear waste management system market is experiencing significant growth in APAC.

Due to the massive number of COVID-19 confirmed cases in China and India, APAC is adversely affected by the COVID-19 outbreak pandemic.China homes the largest population across the world, which is imposing greater risk of infection to many individuals.

China is also a world leader of many global brands.According to the Organization for Economic Co-operation and Development (OECD), the pandemic has negatively affected major economies of the region, such as China, India, South Korea, and Vietnam.

The APAC nuclear waste management system market experienced a downward industrial growth during the first two quarters of 2020.Unlike North America and most of Western Europe, where development in electricity generating capacity, notably nuclear power, has been restricted for many years, several Asian countries are planning and building new nuclear power reactors to meet the growing demand for clean electricity.

Approximately two-thirds of the reactors under development in the world are in Asia. China is making rapid progress in the construction of new nuclear power plants. The units that are currently being built are a combination of local and Western designs. Between December 2010 and December 2020, most new nuclear power plants were built in China (36), where nuclear power generation surged by 400% in ten years. The increase in need of clean energy produced from nuclear power plants has continued during the pandemic, and it would see a significant rise in the coming years.

The overall APAC nuclear waste management system 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 APAC nuclear waste management system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to 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 APAC nuclear waste management system market. Ansaldo Energia S.p.A., Bechtel Corporation, Energysolutions, Perma-Fix, and Veolia are among key players operating in the market.

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