Nuclear waste management market to progress in near future

Market - Mohit Shah - Jun 16,2017

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nuclear waste management market to progress in near future

As per research findings, the market for nuclear waste management on the global scenario is expected to witness an impressive 16.7% CAGR between 2016 and 2024.

Presently, high-level waste (HLW) developed due to the usage of nuclear reactors has been recognized as a major issue on the global level. The hazards associated with nuclear waste, primarily due to its radioactivity are quite dangerous.

Hence, to curb such situations a majority of nuclear waste management strategies are actively targeted at disposing of high-level waste. Also, it has been found out that, in 2015, the HLW accounted for the dominant share comprising 35.9% in the nuclear global waste management market.

As per a smart research report published by Transparency Market Research (TMR), the global market for nuclear waste management is anticipated to reach US$5,627.5 mn by 2024, hence rising at a CAGR of 16.7% between 2016 and 2024. This rise is majorly presented due to pressurized water reactors. Boiling water reactors are expected to exhibit the second highest demand for nuclear waste management in the worldwide market. As per the statistics noted in 2015, the pressurized water reactors segment pushed the global nuclear waste management market possessing a dominant share of 69.3%. 

Considering the regional expanse of nuclear waste management, North America, Asia Pacific, and Europe create the most lucrative markets for this sector. Presently, Europe exhibits the maximum opportunities for nuclear waste management, trailed by Asia Pacific. This is because both these regions together consist a significant number of nuclear reactors, thus contributing significantly to the escalating concern of nuclear waste. Also, as per details, Europe held a share of 41.3% in the worldwide market in 2015.

The popular companies contributing to the nuclear waste management market include Areva SA, Bechtel Corporation, Veolia Environment Services, US Ecology, Inc. and Augean Plc.

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