Spent Nuclear Fuel Dry Storage Cask Market By Type (Concrete, Metal), By Application (Large Nuclear Power Plants, Small Nuclear Power Plants), and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
Spent Nuclear Fuel Dry Storage Cask Market Outlook
The global spent nuclear fuel dry storage cask market was valued at USD 2.05 Billion in 2022 and is projected to reach USD 3.74 Billion by 2031 , expanding at a CAGR of 6.9% during the forecast period 2023-2031. In terms of volume, the market is projected to expand at 6.4% during the forecast period. Dry cask storage is a technique for processing high-level hazardous waste, such as spent nuclear fuel, which has been stored in the spent fuel tank for at least a year and sometimes as long as ten years.
Usually, casks are made from concrete and metal tubes and are either welded or locked. Inside, fuel rods are encircled by inert gas. The tanks provide leak-tight protection. The cylinder is covered by extra steel, concrete, or other material to provide radiation shielding.
The operation of nuclear reactors includes the fission process that creates energy to generate electricity, during which nuclear fuel, primarily uranium, is used. Nuclear fuel is used in reactors for a number of years before it loses its ability to efficiently generate energy. Fission by-products accumulates and interfere with a reactor’s efficiency, meaning that the fuel can no longer produce energy effectively.
At this point, the used fuel is said to be spent nuclear fuel (SNF) and is replaced with fresh nuclear fuel. The SNF generated during the fission process is highly radioactive and must be cooled in pools, which are usually located at nuclear plant sites. SNF contains high levels of radioactive waste materials, including uranium, plutonium, strontium, and neptunium.
These materials remain radioactive for many years, which means that waste is dangerous to the environment. Pools help control the amount of heat and radioactivity that is emitted by the SNF, after which it is transferred to dry storage casks to make room for newly generated SNF. Dry casks are cylindrically shaped metal or concrete containers, which can safely limit the amount of heat and radioactivity emitted by the SNF.
Specially designed container systems also known as casks are used for the management of SNF. These casks are designed to store, transport, and dispose SNF. Different kinds of cask are used for different purposes.
Market Dynamics
The market is driven by factors such as rising uses of nuclear technology, increasing need to reduce greenhouse gas emissions drives nations to develop nuclear power plants, and soaring fossil fuel prices and scarcity of energy sources. However, limitations of dry storage casks and difficulty of financing nuclear power projects could impede the development of the nuclear power industry are key restraints of this market.
Development of small-scale nuclear reactors worldwide and increasing investment in nuclear power plants, are boosting the growth of the market. Recent market trends include permanent storage facilities and dry storage casks are preferred over wet storage casks.
Growing Usage of Permanent Storage Facilities
The demand for dry cask storage facilities for SNF is increasing. Several countries are investing in R&D for the permanent storage of nuclear wastes. Finland and Sweden are anticipated to witness subversive repositories for radioactive waste to be completed in 2020. Permanent storage facilities are available in almost every country to enhance its nuclear capacity.
Rising Popularity of Nuclear Power Generation
Rising environmental issues and rising demand for power have fueled the demand for nuclear power generation and it has become one of the most dependable options to cater to the requirements for electricity and to reduce greenhouse gas emissions. Nuclear power generation is a clean energy technology that can meet the growing demand of electricity efficiently.
Nonetheless, a nuclear power plant can produce a lot of radioactive waste that needs to be disposed off properly using cooling ponds and dry storage cask. This, in turn, is expected that drive the demand for spent nuclear fuel dry storage cask.
Segmental Outlook
On the basis of types, the spent nuclear fuel dry storage cask market is bifurcated into concrete and metal. The metal segment is estimated to hold a large share of the market during the forecast period due to its ease of operation and maintenance with flexibility in the transportation process; therefore, the segment is anticipated to expand at a CAGR of 6.5% during the forecast period. The concrete segment is expected grow significantly, concrete dry storage casks are less expensive than metal concrete storage cask.
Based on applications, the spent nuclear fuel dry storage cask market is divided into large nuclear power plants and small nuclear power plants. The large nuclear power plants segment is projected to constitute an 86.5% share of the market in 2027, as a majority of power plants are considered large and the dry storage casks are a majorly supplied to the large nuclear power plants. The small nuclear power plants segment is anticipated to expand at a sluggish pace during the forecast period.
Regional Outlook
In terms of regions, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. It constituted a 41.9% share of the market in 2020. The market in the region is projected to expand at a CAGR of 6.6% during the forecast period.
The demand for spent nuclear fuel dry storage cask is expected to rise due to the expansion of existing nuclear power plants and high investments in the new nuclear power plant during the forecast period. The market in Asia Pacific is projected to expand at a CAGR of 7.4% due to the increase in energy consumption from nuclear power plants and ongoing developments and investments in the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Spent Nuclear Fuel Dry Storage Cask Market
- Historical, Current and Projected Market Size in terms of Value and Volume (Tons)
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Spent Nuclear Fuel Dry Storage Cask Market Performance
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Spent Nuclear Fuel Dry Storage Cask Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Spent Nuclear Fuel Dry Storage Cask Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Spent Nuclear Fuel Dry Storage Cask Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Spent Nuclear Fuel Dry Storage Cask Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Spent Nuclear Fuel Dry Storage Cask Market Size & Forecast, 2017-2027
4.5.1 Spent Nuclear Fuel Dry Storage Cask Market Size and Y-o-Y Growth
4.5.2 Spent Nuclear Fuel Dry Storage Cask Market Absolute $ Opportunity
Chapter 5 Global Spent Nuclear Fuel Dry Storage Cask Market Analysis and Forecast By Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Type
5.1.2 Basis Point Share (BPS) Analysis By Type
5.1.3 Absolute $ Opportunity Assessment By Type
5.2 Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Type
5.2.1 Concrete
5.2.2 Metal
5.3 Market Attractiveness Analysis By Type
Chapter 6 Global Spent Nuclear Fuel Dry Storage Cask Market Analysis and Forecast By Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Application
6.1.2 Basis Point Share (BPS) Analysis By Application
6.1.3 Absolute $ Opportunity Assessment By Application
6.2 Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Application
6.2.1 Large Nuclear Power Plant
6.2.2 Small Nuclear Power Plant
6.3 Market Attractiveness Analysis By Application
Chapter 7 Global Spent Nuclear Fuel Dry Storage Cask Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Spent Nuclear Fuel Dry Storage Cask Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Spent Nuclear Fuel Dry Storage Cask Analysis and Forecast
9.1 Introduction
9.2 North America Spent Nuclear Fuel Dry Storage Cask Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Type
9.6.1 Concrete
9.6.2 Metal
9.7 Basis Point Share (BPS) Analysis By Type
9.8 Absolute $ Opportunity Assessment By Type
9.9 Market Attractiveness Analysis By Type
9.10 North America Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Application
9.10.1 Large Nuclear Power Plant
9.10.2 Small Nuclear Power Plant
9.11 Basis Point Share (BPS) Analysis By Application
9.12 Absolute $ Opportunity Assessment By Application
9.13 Market Attractiveness Analysis By Application
Chapter 10 Europe Spent Nuclear Fuel Dry Storage Cask Analysis and Forecast
10.1 Introduction
10.2 Europe Spent Nuclear Fuel Dry Storage Cask Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Type
10.6.1 Concrete
10.6.2 Metal
10.7 Basis Point Share (BPS) Analysis By Type
10.8 Absolute $ Opportunity Assessment By Type
10.9 Market Attractiveness Analysis By Type
10.10 Europe Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Application
10.10.1 Large Nuclear Power Plant
10.10.2 Small Nuclear Power Plant
10.11 Basis Point Share (BPS) Analysis By Application
10.12 Absolute $ Opportunity Assessment By Application
10.13 Market Attractiveness Analysis By Application
Chapter 11 Asia Pacific Spent Nuclear Fuel Dry Storage Cask Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Spent Nuclear Fuel Dry Storage Cask Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Type
11.6.1 Concrete
11.6.2 Metal
11.7 Basis Point Share (BPS) Analysis By Type
11.8 Absolute $ Opportunity Assessment By Type
11.9 Market Attractiveness Analysis By Type
11.10 Asia Pacific Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Application
11.10.1 Large Nuclear Power Plant
11.10.2 Small Nuclear Power Plant
11.11 Basis Point Share (BPS) Analysis By Application
11.12 Absolute $ Opportunity Assessment By Application
11.13 Market Attractiveness Analysis By Application
Chapter 12 Latin America Spent Nuclear Fuel Dry Storage Cask Analysis and Forecast
12.1 Introduction
12.2 Latin America Spent Nuclear Fuel Dry Storage Cask Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Type
12.6.1 Concrete
12.6.2 Metal
12.7 Basis Point Share (BPS) Analysis By Type
12.8 Absolute $ Opportunity Assessment By Type
12.9 Market Attractiveness Analysis By Type
12.10 Latin America Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Application
12.10.1 Large Nuclear Power Plant
12.10.2 Small Nuclear Power Plant
12.11 Basis Point Share (BPS) Analysis By Application
12.12 Absolute $ Opportunity Assessment By Application
12.13 Market Attractiveness Analysis By Application
Chapter 13 Middle East & Africa (MEA) Spent Nuclear Fuel Dry Storage Cask Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Spent Nuclear Fuel Dry Storage Cask Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Type
13.6.1 Concrete
13.6.2 Metal
13.7 Basis Point Share (BPS) Analysis By Type
13.8 Absolute $ Opportunity Assessment By Type
13.9 Market Attractiveness Analysis By Type
13.10 Middle East & Africa (MEA) Spent Nuclear Fuel Dry Storage Cask Market Size & Volume Forecast By Application
13.10.1 Large Nuclear Power Plant
13.10.2 Small Nuclear Power Plant
13.11 Basis Point Share (BPS) Analysis By Application
13.12 Absolute $ Opportunity Assessment By Application
13.13 Market Attractiveness Analysis By Application
Chapter 14 Competition Landscape
14.1 Spent Nuclear Fuel Dry Storage Cask Market: Competitive Dashboard
14.2 Global Spent Nuclear Fuel Dry Storage Cask Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 EnergySolutions
14.3.2 GNS Gesellschaft für Nuklear-Service mbH
14.3.3 Hitachi Zosen Corporation
14.3.4 Holtec International
14.3.5 Orano
14.3.6 ŠKODA JS a.s.