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Global Spent Nuclear Fuel Dry Storage Cask Market Expected to Reach US$ 2,739.6 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Spent Nuclear Fuel Dry Storage Cask Market by Type, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 1,687.5 Million in 2019 and is expected to grow at a healthy growth rate of 6.9% by the year 2027. In terms of volume, the market is estimated to grow at 6.4% during the forecast period. The global spent nuclear fuel dry storage cask market is anticipated to grow owing to increasing demand for dry casks over wet casks worldwide. Further, rising usage of permanent storage facilities and growing popularity of nuclear power generation are the factors which is expected to drive the growth of the global spent nuclear fuel dry storage cask market.

The global spent nuclear fuel dry storage cask market is fragmented based on types, by application, and region. Based on types, the spent nuclear fuel dry storage cask market is bifurcated into concrete and metal. On the basis of applications, the spent nuclear fuel dry storage cask market is segregated into large nuclear power plants and small nuclear power plants. Based on region, the global Spent Nuclear Fuel Dry Storage Cask market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Iran, Israel, South Africa, UAE, and Rest of Middle East & Africa (MEA).

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In year 2020, the Spent Nuclear Fuel Dry Storage Cask market is expected to witness the rapid growth due to COVID 19 pandemic. The COVID-19 pandemic has had a rapid and serious impact on the global manufacturing and financial sectors. However, no clarity on the deeper effects has been provided. The manufacturing sector is a major part of the economy, as it accounted for nearly 16% of the global GDP in 2018. Consistent electricity supply is essential. Nuclear generation plants supplies nearly 10.5% of electricity globally and plays a major role in power generation in about 30 countries. The US has extended a significant support for the infrastructure designation to the nuclear plant, fuel services, supply chain, and outage support workers. Measures such as partial or complete lockdown by governments around the globe has led to the decline in the use of electricity by upto 25%. If overall demand is decreases nuclear plants can stop power generation or reduce its output.

As per GMR industry analyst Akshata Ahire, “The Global Spent Nuclear Fuel Dry Storage Cask Market is anticipated to witness significant growth during forecast period 2021-2027 driven by the demand for dry cask storage facilities for SNF is increasing. Currently, nuclear technology is used for applications such as electricity production, medical, agriculture, space exploration, and water desalination. Many countries are adopting radiation to prevent insects from proliferating, thus helping farmers. In the medical sector, nuclear technology offers imaging within the human body, and help in the treatment of certain diseases. For instance, nuclear research has permitted doctors to accurately detect the quantity of emission necessary to kill cancer tumors without damaging healthy cells. Space exploration is possible due to nuclear technology, as generators in non-humane spaceship use the heat generated from plutonium to produce electrical energy and can function unattended for several years. This is a reliable, long term source of electricity powers in these spacecraft.

Key Takeaways from the Study:

  • U.S. based EnergySolutions holds approximately one fourth of market share of global Spent Nuclear Fuel Dry Storage Cask market in year 2019.
  • North America accounts for a major share of the market, followed by Europe. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
  • Metal dry storage casks are easy to operate and maintain, which in turn, decreases the risks. Metal dry storage casks are easy to transport, which reduces the cost of storing and transportation. These casks are preferred when storage facilities of the spent nuclear fuel are away-from-reactors (AFRs). Hence the segment accounts for a major share of the market.
  • A majority of the existing nuclear power plants are considered as large nuclear power plant. These plants release tons of spent nuclear fuel every month to produce new nuclear fuel and decrease the reactivity of the existing nuclear waste. Therefore, the spent nuclear fuel has to be kept in safe storage to avoid its reaction with the environment. Currently, due to accidents happened in the past due to wet storage technique and its hazardous side effects, the power plant authorities prefer dry storage casks for storing the spent nuclear fuel.

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Report Scope:

Report Metric Details
Market Value in 2019 US$ 1,687.5 Million
Market Growth Rate (from 2021 to 2027) 6.9 %
Historical Data 2017 & 2018
Base Year 2019
Forecast Period 2020 – 2027
Units Considered Value (US$ Million) & Volume (Tons)
Market Segments By Types , By Applications
Regional Scope North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)
Country Scope U.S., Canada, Brazil, Mexico, Rest of Latin America, India, China, Japan, South Korea, India, Australia, Rest of Asia Pacific, U.K., France, Germany, Italy, Spain, Russia, Rest of Europe, Iran, South Africa, UAE, and Rest of MEA.
Key Companies Profiled EnergySolutions, Holtec International, ŠKODA JS a.s., GNS Gesellschaft für, Nuklear-Service mbH, and Hitachi Zosen Corporation
Customization Scope Report customization available on request
Pricing and Purchase Options Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Spent nuclear fuel dry storage cask manufacturers, raw material suppliers, primary respondents, and distributors.
  • Demand Side: Large nuclear power plants, small nuclear power plants, etc.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
  • Associations and Industry Bodies: Department of Energy (DOE), Nuclear Power Division (NPD), Energy Information Administration (EIA), US Nuclear Regulatory Commission (NRC), UK Office for Nuclear Regulation (ONR), International Atomic Energy Agency (IAEA), China Nuclear Power Engineering Company (CNPEC), International Organization for Standardization(ISO), Ministry of Health, Labor and Welfare (MHLW), World Trade Organization (WTO).

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