Understanding the Different Stages of Nuclear Waste Management and the Important Growth Drivers of its Market

The environmental concerns with respect to nuclear waste are growing with each passing day. Nuclear waste management is not just a one-step procedure; rather there are several stages for ensuring that the radioactive material doesn’t get exposed to the environment.

Stages of nuclear waste management

Studies by nuclear scientists have shown that the amount of waste generated by a nuclear power plant depends upon the efficiency of that power plant. Thus, the prerequisite for appropriate nuclear waste management is to increase the efficiency of the nuclear power plant. This ensures two things- the volume of total waste goes down and the proportion of radioactive material in the waste reduces. The next important step in management of nuclear waste is its treatment. For this, the nuclear waste undergoes several processes such as shredding, drying, decontamination, and solidification. The type of nuclear waste and the proportion of radioactive material in it decides the treatment processes that the waste will undergo.

After treatment, packaging is the next most important stage in management of nuclear waste. In this step, the treated nuclear waste is stored in containers till the radioactivity of the waste decreases. These containers are specially manufactured for storing nuclear material so that the radioactive waves do not contaminate the surroundings. The containers make handling and transporting nuclear waste quite easier. In the final disposal stage, the waste, which is mostly non-radioactive by now, is disposed off in specially engineered facilities. In some cases, at this stage, the nuclear waste is recycled and used in energy generation once again.

Important drivers of the market

A recently published report by Allied Market Research has highlighted certain startling statistics about the nuclear waste management industry. According to this report, the nuclear waste management market is expected to grow at a CAGR of 1.9% and gather a revenue of $5.7 billion by 2032. In the past few years, there has been an increase in dependence on nuclear energy for power generation.  This is especially true in the case of developing countries, which has led to a growth in demand for nuclear waste management solutions. Additionally, the International Atomic Energy Agency (IAEA) has recently issued guidelines and norms for safe disposal of nuclear waste. These norms have compelled countries to adopt sophisticated nuclear waste management solutions. This has, in turn, increased the scope of the market across the globe.

Moreover, acquisitions and mergers by different companies in the market have pushed the growth rate of the market higher. The acquisition of Philotechnics, Ltd. by NAC International Inc. (NAC) is a case in point. This acquisition of a nuclear waste management company will help NAC International Inc. to cater to the demands of the market comprehensively.

To summarize, nuclear waste management is a multi-stage process which ensures safe treatment, storge, and disposal of radioactive material. Growing dependence on nuclear energy and IAEA guidelines on nuclear waste management will help the market to flourish in the coming period.

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