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

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

  • August 2021
  • 98 pages
  • ID: 6134398
  • Format: PDF
  • The Insight Partners

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The nuclear waste management system market in North America is expected to grow from US$ 4,473.37 million in 2021 to US$ 5,447.63 million by 2028; it is estimated to grow at a CAGR of 2.9% from 2021 to 2028.

Increasing concerns related to national security are leading governments to allocate more funds for military budgets.There were around 13,000 nuclear weapons by the start of 2021 and 13,400 weapons in 2020 globally, as some of the weapons were retired.

Despite decrease in the number of nuclear weapons, the estimated number of the weapons deployed currently with operational forces increased from 3,720 to 3,825 from previous year. According to the International Campaign to Abolish Nuclear Weapons (ICAN), the nuclear states spent US$ 72.6 billion for nuclear weapons in 2020, which was increased by US $ 1.4 billion as compared to 2019. While developing and dismantling nuclear weapons, enough low-level and intermediate-level nuclear waste is generated. Thus, the growing development and decommissioning of nuclear weapons bolsters the growth of the North America nuclear waste management system market. Additionally, the rising deployment of nuclear power plants is among the other factors expected to fuel the demand for nuclear waste management systems in North America during the forecast period.

Based on waste type, the low-level waste segment led the North America nuclear waste management system market in 2020.Low-level waste consists of nuclear waste items that become radioactive due to exposure to nuclear reaction or the items that have got contaminated with radioactive materials.

This waste is generated from place where the radioisotope is used or produced such as nuclear power station, hospitals, manufacturing facilities, food irradiation facilities, and research institutions.The low-level waste items may include plastic items, bottles, cloth, wipes, equipment, hand tools, ion-exchange resins and filter materials, show covers, etc.

Due to low radioactivity levels, this waste can be handled and disposed easily.According to the Center for Nuclear Science and Technology Information of the American Nuclear Society, low-level waste constitutes ~90% of all radioactive waste.

Escalating number of healthcare institutions, research facilities, and nuclear power plants, present ample growth opportunities for the nuclear waste management system market players.

North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities.Hence, any impact on the growth of industrial sector hampers the economic growth of the region.

Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak pandemic.The nuclear waste management industry’s reliance on manufacturing industry, such as companies using nuclear reactors and electricity produced from them, has been highlighted by the recent pause in manufacturing units due to the pandemic.

Several industries, such as healthcare and research facilities, saw a sharp drop in waste generation during the early stages of the pandemic, when factories and offices were partially or entirely closed.As a result, the expansion of the North American nuclear waste management system market was hampered.

In the US, there are 60 nuclear plants with around 98 nuclear reactors, officials have suggested isolating or quarantining critical nuclear power plant (NPP) specialists and allowing them to live on-site to reduce their closeness to others if this is required. The overall demand for nuclear waste management system is likely to increase once the industries attain normal operational conditions as these systems are much needed because of the rise in nuclear waste.

The overall North America 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 North America 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 North America nuclear waste management system market. Ansaldo Energia S.p.A.; Bechtel Corporation; BHI Energy; Energysolutions; Perma-Fix; US Ecology, Inc.; Veolia; and Waste Control Specialists LLC are among key players operating in the market.

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