Spent Nuclear Fuel (SNF) Dry Storage Cask Market: Current Analysis and Forecast (2023-2030)
Emphasis on Application (Large Nuclear Power Plant and Small Nuclear Power Plant); Product (Concrete SNF, and Metal SNF); and Region/Country
The global Spent Nuclear Fuel (SNF) Dry Storage Cask Market was valued at USD 3818.2 Million in 2022 and is expected to grow a CAGR of 4.7% during the forecast period (2023-2030). Factors such as increasing demand for clean energy, a high number of nuclear plants, the early adoption of nuclear technology, and the growing government emphasis on waste reduction. Significant players in the nuclear waste and management industry actively contribute to developing and adopting Dry storage casks.
For instance, in December 2019, Orano announced that it had signed a contract worth 40 million euros with ECP, a Rosatom subsidiary. The contract enabled Orano to receive a project for the depleted uranium plant in Zelenogorsk, Russia.
Orange SA, GNS Gesellschaft für Nuklear-Service mbH, Hitachi Zosen Corporation, ŠKODA JS a.s., Holtec International, NAC International, OCL Corporation, Mitsubishi Heavy Industries, EnergySolutions, and British Nuclear Fuels Plc. are some of the key players in the market. These players have undertaken several M&As along with partnerships to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst applications, large nuclear power plants category to witness higher CAGR during the forecast period.”
Based on the applications, based on the application, the market is divided into two major applications: Large nuclear plants and Small nuclear plants. The large nuclear plant segment is anticipated to capture the major market share owing to their higher power output and longer operational lifetime, thus generating a large quantity of spent nuclear fuels. On the other hand, Small nuclear plants are forecast to capture the notable market share owing to their lower power output and reduced generation of spent nuclear plants. However, the increasing prevalence of small nuclear plants and increased adoption of commercial nuclear plants will further increase the adoption of dry storage casts in this segment. We have considered all the nuclear power plants below the power output of 500 MWe as small nuclear power plants and above 500 MWe as large nuclear power plants.
For instance, In May 2023, Westinghouse reported the launch of a small version of its AP1000 nuclear power reactor. The reactor AP300 will be available in 2027, costing up to $1 billion and generating enough power to light 300,000 homes.
“Amongst product, the metal dry storage cask segment to hold a significant share in the market in 2022.”
Based on the Product type, the spent nuclear fuel is segmented into concrete SNF dry storage casks and metal SNF dry storage casks. Metal SNF is forecast to capture the major market share owing to its well-known strength and corrosion resistance. Moreover, these casks offer compact and lightweight alternatives, adding an advantage in transportation and handling. Concrete casks are also forecasted to hold a significant market share, owing to their shielding properties, thus offering effective radiation protection. Moreover, these casks offer durability and can withstand various environmental conditions.
“Europe to hold a considerable share in the market.”
Europe is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the increasing demand for clean energy sources that has led to a rise in the use of nuclear power plants across Europe. As a result, the amount of spent nuclear fuel generated is also increasing, creating a need for effective and safe storage solutions. Moreover, stringent regulations regarding nuclear waste management and disposal in Europe have led to the adoption of dry storage casks as a reliable method for storing spent nuclear fuel. Furthermore, the aging nuclear power plants in Europe are facing decommissioning, leading to the need for long-term storage solutions for spent nuclear fuel. Dry storage casks provide a secure and reliable option for storing the fuel during the decommissioning process. These all factors are anticipated to increase the adoption of dry storage casks in the region.
According to the European Commission, in Jan 2024, nuclear plants in the EU region generated around 21.8% of the entire electricity produced in the EU in 2022.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Spent Nuclear Fuel (SNF) Dry Storage Cask Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Spent Nuclear Fuel (SNF) Dry Storage Cask Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market were the three major steps undertaken to create and analyze the adoption of dry storage casks in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market. Further, we conducted factor analysis using dependent and independent variables such as product and application of dry storage casks. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Spent Nuclear Fuel (SNF) Dry Storage Cask Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and process in the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market.
The main objective of the Global Spent Nuclear Fuel (SNF) Dry Storage Cask Market Study
The current & future market trends of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of type and end-user.
- Define and analysis of the regulatory framework for the Solar Shingles industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Spent Nuclear Fuel (SNF) Dry Storage Cask Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market?
Q2: What are the driving factors for the growth of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market?
Q3: Which segment has the largest share of the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market by Product?
Q4: What are the emerging technologies and trends in the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market?
Q5: Which region will dominate the global Spent Nuclear Fuel (SNF) Dry Storage Cask Market?
Q6: Who are the key players operating in the global Solar Power Recycling market?
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