Dublin, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The "North America Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Waste Type, Reactor Type, and Disposal Options" report has been added to ResearchAndMarkets.com's offering.
According to the research study, the market is expected to reach US$ 5,447.63 million by 2028 from US$ 4,473.37 million in 2021. The market is estimated to grow at a CAGR of 2.9% from 2021 to 2028.
Rising deployment of nuclear power plants is the major factor driving the growth of the North America nuclear waste management system market. However, issues associated with nuclear waste management system being expensive hinders the growth of North America nuclear waste management system market.
Segment Insights
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.
- Based on country, the market is segmented into US, Canada, and Mexico.
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.
Competitive Insights
Ansaldo Energia S.p.A.; Bechtel Corporation; BHI Energy; Energysolutions; Perma-Fix; US Ecology, Inc.; Veolia; and Waste Control Specialists LLC are among the leading companies in the North America nuclear waste management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
For instance, in 2020, Veolia's Veolia North America has signed an agreement to occupy Alcoa USA Corporation's Hazardous Waste Treatment Site. With this strategy, the company continues the worldwide growth of its hazardous waste treatment and recycling activity and adds a flagship site to its existing portfolio.
Companies Profiled
- Ansaldo Energia S.p.A.
- Bechtel Corporation
- BHI Energy
- Energysolutions
- Perma-Fix
- US Ecology, Inc.
- Veolia
- Waste Control Specialists LLC
Market Dynamics
- Drivers
- Rising Deployment of Nuclear Power Plants
- Production of Nuclear Weapons
- Restraints
- Nuclear Waste Management System Being Expensive
- Opportunities
- Introduction of New Nuclear Power Plants
- Future Trends
- Rising Usage of Medical Radioisotopes
For more information about this report visit https://www.researchandmarkets.com/r/zhyhtl
