The key participants in the global ionic exchange based liquid nuclear waste treatment market include Areva SA, Bechtel Corporation, Augean plc, SRCL Limited, Fluor Corporation, and Svensk Kärnbränslehantering AB.
As per a report by Transparency Market Research (TMR), the global ionic exchange based liquid nuclear waste treatment market is expected to expand at a healthy CAGR of 12.1% between 2017 and 2025. Expanding at this rate, the market which stood at US$803.8 mn in 2016 is projected to become worth US$2,276.9 mn by 2025.
Asia Pacific to Emerge as Lucrative Regional segment for Ionic Exchange based Liquid Nuclear Waste Treatment Market?
In terms of ionic exchange process, the segments of Ionic Exchange based liquid nuclear waste treatment market are inorganic natural ion exchangers, organic natural ionic exchangers, synthetic inorganic ionic exchangers, synthetic organic exchangers, and modified natural ionic exchangers. Amongst all, inorganic natural ion exchangers is the widely used technique for treating liquid radioactive waste. This accounts for the leading share of inorganic natural ion exchangers. However, other techniques such as organic natural ionic exchangers, synthetic inorganic ionic exchangers, synthetic organic ionic exchangers, and modified natural ionic exchangers are also used considerably.
Region-wise, Europe led the global IE based liquid nuclear waste treatment market in 2016 vis-à-vis revenue. Powered mainly by Germany, France, Russia, and the U.K., the region held more than 49.0% of the market in the year.
Asia Pacific is expected to display an increased market share in terms of revenue over the forecast period. This is ascribed to a few factors such as availability of nuclear technology, economic development, adequate suppliers of nuclear fuel, and increasing demand for clean and sustainable energy generation.
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Regulations from International Organizations for Safe Disposal of Nuclear Waste Fuels Growth
There are several factors driving the global ionic based liquid nuclear waste treatment market. International agencies such as International Atomic Energy Association, Department of Energy (DoE) USA, and World Nuclear Organization have laid stringent rules for the treatment and storage of radioactive waste. This is because there are a number of hazards that surround nuclear waste storage and disposal. The key among them is the long half-life of nuclear fission products that keep them radioactive for several thousand years, storage of nuclear waste, and effect of nuclear waste on plant and animal life.
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Another key factor driving the growth of the IE based liquid nuclear waste treatment market is the need to complement fossil fuels with other fuels for energy generation. Energy generation from nuclear plants is free of greenhouse gas emissions and high thermal efficiency. Nuclear plants also produce cheap and sustainable energy which is also a key reason for their growing numbers across the globe.
However, the growth of the global IE based liquid nuclear waste treatment market is impeded due to several factors. This includes the high capital requirement of the construction of nuclear power plants and waste treatment facilities, high risk of accidents during natural disaster, and rising popularity of solar and wind power to complement fossil fuels for energy generation.
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