North America Nuclear Waste Management System Market
No. of Pages: 98 | Report Code: TIPRE00024069 | Category: Energy and Power
No. of Pages: 98 | Report Code: TIPRE00024069 | Category: Energy and Power
The nuclear waste management system market in North America is sub segmented into the US, Canada, and Mexico. Several domestic and international companies have a strong foothold in this region. The US holds a major share of the nuclear waste management system market in North America, followed by Canada and Mexico. North America has a strong inclination toward nuclear power, and the US and Canada are currently focusing on extending the life of nuclear power plants while exploring potential option for developing small modular reactors in the region. The US has the world’s largest fleet of nuclear power reactors, which cater to ~20% of the country’s power requirement. However, the declining prices of electricity in wholesale market have been putting economic pressure on nuclear plants, thus leading to the decommissioning of several plants in the US, as well as in North America. For instance, in 2020, Entergy closed its nuclear plant in Plymouth, Massachusetts, US. In 2019, Exelon decommissioned 837-MW Three Mile Island 1 BWR in Pennsylvania. Meanwhile, over US$ 25 billion have been invested in Ontario, Canada, for refurbishing nuclear reactors at the Darlington and Bruce nuclear generating stations; the project would be effective during 2020–2033. Furthermore, North America also has the presence of various research facilities dedicated to nuclear R&D activities. The robust healthcare sector also fuels the growth of the nuclear medicine and radiology in North America. Thus, all these factors are generating ample opportunities for the growth of nuclear waste management system market players in the region. Also, rising deployment of nuclear power plants is the major factor driving the North America nuclear waste management system market.
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.
Strategic insights for the North America Nuclear Waste Management System provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 4,473.37 Million |
| Market Size by 2028 | US$ 5,447.63 Million |
| Global CAGR (2021 - 2028) | 2.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Waste Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Nuclear Waste Management System refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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. The development of nuclear power plant started to gain traction by 1970. After World War II, nuclear energy is widely adopted across the world for electricity generation owing to its advantages such as cost-efficiency, low carbon emission, and reliability. Typically, the lifecycle of nuclear power plant is 20–40 years. Many nuclear power plants are now reaching to the end of their lifecycle. In addition, security concerns owing to political and social resistance for the shutdown of these plants are projected to fuel the decommissioning of nuclear power plants. It is estimated that by the end of 2040, 75 nuclear power plants and 33 research reactors in Americas, will be decommissioned. Thus, the decommissioning of nuclear power plants across the world is projected to generate lucrative growth opportunities for the nuclear waste management system market players in coming years.
The North America nuclear waste management system market is segmented on the bases of waste type, reactor type, disposal options, and country. Based on waste type, the market is segmented into low-level waste, high-level waste, intermediate-level waste, and others. Low-level waste segment held largest market share in 2020. Based on reactor type, the North America nuclear waste management system market is segmented into pressurized water reactor, boiling water reactor, and gas cooled reactor. Boiling water reactor segment held a substantial market share in 2020. Based on disposal option, the market is bifurcated into near surface disposal and deep geological disposal. Near surface disposal segment held a substantial market share in 2020.
A few major primary and secondary sources referred to for preparing this report on the nuclear waste management system market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Ansaldo Energia S.p.A.; Bechtel Corporation; BHI Energy; Energysolutions; Perma-Fix; US Ecology, Inc.; Veolia; and Waste Control Specialists LLC.
The North America Nuclear Waste Management System Market is valued at US$ 4,473.37 Million in 2021, it is projected to reach US$ 5,447.63 Million by 2028.
As per our report North America Nuclear Waste Management System Market, the market size is valued at US$ 4,473.37 Million in 2021, projecting it to reach US$ 5,447.63 Million by 2028. This translates to a CAGR of approximately 2.9% during the forecast period.
The North America Nuclear Waste Management System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Nuclear Waste Management System Market report:
The North America Nuclear Waste Management System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Nuclear Waste Management System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Nuclear Waste Management System Market value chain can benefit from the information contained in a comprehensive market report.
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