Nuclear Spent Fuel Market: Overview
Nuclear spent fuel is fuel irradiated in a nuclear power reactor at a nuclear power plant. Nuclear spent fuel contains uranium, plutonium, or thorium permanently withdrawn from the nuclear reactor. The highly radioactive spent fuel is the key focus of radioactive waste management strategies. The composition of this waste is a factor that determines how it is to be managed. This is a bit of misnomer, as a considerable amount of energy is left in fuels. Spent fuels are bundles that no longer sustain fission and nuclear reaction. This is because presence of fission daughter products makes continuation of the reaction difficult.
Nuclear Spent Fuel Market: Drivers & Restraints
The nuclear spent fuel market is driven by the requirement for eco-friendly electricity. Nuclear spent fuel, after decaying for 10 years, becomes less reactive and harmless. Hence, the demand for nuclear spent fuel market is increasing at a rapid pace. However, nuclear spent fuel market is highly reactive and it affects the environment as well as human health. Thus, governments across the world have formulated strict rules regarding usage of nuclear spent fuel market.
Nuclear Spent Fuel Market: Key Segments
Based on storage of fuel, the nuclear spent fuel market can be categorized into wet fuel storage and dry fuel storage. Wet storage has been used since the early days of the nuclear power, the excellent property of water is useful for heat removal and shielding. Wet storage of spent fuel is the proven technology. Spent fuel is kept away from reactors. Wet storage is carried out in water pools; hence, it is also known as water pool storage. There are several options for dry fuel storage such as metal cask, concrete cask, vault, and others (drywells, tunnels, etc.). These storage methods are distinguished by their technical characteristics, mostly heat transfer characteristics, type of shielding, transportability, geographical surface location, and storage structure. The dry storage tanks also differ depending on material of construction, modularity, size, spent fuel configuration, layout of storage container, and method of fuel handling.
Nuclear Spent Fuel Market: Regional Outlook
In terms of geography, the global nuclear spent fuel market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Canada, China, Germany, Japan, Russia, Ukraine, and the U.K. are key global nuclear spent fuel market. Moreover, North America and Europe hold a significant share of the global nuclear spent fuel market. The global nuclear spent fuel market in Asia Pacific is projected to expand at a rapid space during the forecast period. Due to presence of oil refineries and ores in Middle East & Africa, the region holds a considerable share in the global nuclear spent fuel market.
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Nuclear Spent Fuel Market: Key Players
Some of the key players operating in the global nuclear spent fuel market are Areva SA, British Nuclear Fuels Plc, GNS Gesellschaft Fr Nuklear-Service GmbH, Hitachi Zosen Corporation, Holtec International Inc., Mitsubishi Heavy Industries, OCL Corporation, and Transnuclear Inc.