The nuclear waste management market is expected to reach a value of nearly $7 billion by 2027, according to a new research report published by Market Research Future. This value would represent a compound annual growth rate of 2.8 percent between 2021 and 2027.
Stringent regulations: The driving force behind the market growth is an increased awareness of the importance of nuclear waste management, according to a GlobeNewswire release on the MRFR report, which adds that the waste market value has been impacted positively by three factors: stringent regulations to control nuclear power plant emissions, introduction of advanced technologies, and increased funding for waste management facilities from both the public and private sectors.
North America and Europe: The report describes North America as dominating the nuclear waste management market, with the Department of Energy, the Nuclear Regulatory Commission, the Environmental Protection Agency, and industrial safety standard–setting associations impacting market shares. Europe is noted to be another lucrative market, with the EU passing legislation on waste management related to increased nuclear electricity production.
New technologies: Another issue boosting the nuclear waste market is the ongoing research to develop new, improved waste management solutions. The report notes that high costs and labor shortage problems are prompting industry efforts to develop new machinery and tools, such as software-controlled robots, to perform the tasks associated with a waste categorization.