Global Nuclear Spent Fuel Market 2019-2023| International Cooperation for Nuclear Safety to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--May 20, 2019--
The global nuclear spent fuel market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global nuclear spent fuel market from 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the global nuclear spent fuel market is the rising focus on clean energy technologies. With a significant rise in global energy demand and the extensive use of fossil fuels, global energy-related emissions have increased significantly. Thus, to reduce carbon emissions, the need for clean energy technologies such as nuclear power has been growing at a global level. Nuclear power plants do not produce CO2, methane, or other toxic emissions, which significantly contribute to the greenhouse gas effect. Moreover, nuclear fuel is immune to environmental hazards caused by spillage during transportation to power plants. As a result, nuclear power generation is growing significantly, which will propel the production of nuclear spent fuel during the forecast period.
As per Technavio, international cooperation for nuclear safety will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global nuclear spent fuel market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global nuclear spent fuel market: International cooperation for nuclear safety
The demand for nuclear energy has been rising significantly, owing to the growth in the need for clean energy. However, disasters such as the Fukushima and Chernobyl accidents have shown the catastrophic side of nuclear energy. Such accidents have pushed government agencies worldwide to take significant measures to address these concerns. Moreover, government agencies across the world have agreed to cooperate and share information pertaining to the management of nuclear plants, creating a safe operating atmosphere. Such support and coordination will enable the nuclear power sector to function with greater efficiency, thus leading to the growth of nuclear power. This, in turn, will result in a high generation of nuclear spent fuel, contributing to the growth of the global nuclear spent fuel market during the forecast period.
“Apart from the international cooperation for nuclear safety, factors such as the growing popularity of deep geological disposal, and government regulations favoring nuclear spent fuel management will have a significant impact on the growth of the nuclear spent fuel market during the forecast period,” says a senior research analyst at Technavio.
Global nuclear spent fuel market: Segmentation analysis
This market research report segments the global nuclear spent fuel market by type (wet storage, and dry storage), and geographic regions (EMEA, the Americas, and APAC).
The EMEA region led the market in 2018, followed by the Americas, and APAC, respectively. The market growth in EMEA can be attributed to the rising number of decommissioning activities, and initiatives undertaken by the government to manage the nuclear spent.
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PUB: 05/20/2019 10:20 AM/DISC: 05/20/2019 10:20 AM