Connect with us

Technology

Nuclear Spent Fuel Market size is set to grow by USD 1.21 billion from 2024-2028, Rising focus on clean energy technologies to boost the market growth, Technavio

Published

on

NEW YORK, July 9, 2024 /PRNewswire/ — Several countries reprocess spent nuclear fuel, including France, Russia, Japan, and India. Reprocessing involves extracting usable materials from spent nuclear fuel to recycle and reuse, addressing both energy and waste management concerns. The global nuclear spent fuel market is projected to grow significantly, driven by increasing focus on clean energy technologies despite competition from other energy sources. Key players such as AECOM, Babcock International Group Plc, and Orano are crucial in advancing reprocessing capabilities and managing nuclear waste.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Wet storage and Dry storage) and
Geography (APAC, Europe, North America, Middle
East and Africa, and South America)

Region Covered

APAC, Europe, North America, Middle East and
Africa, and South America

Key companies profiled

AECOM, Ansaldo Energia Spa, Augean Plc,
Babcock International Group Plc, Bechtel Corp.,
BHI Energy, Ecology Services Inc.,
EnergySolutions Inc., Fluor Corp., GNS
Gesellschaft fur Nuklear Service mbH, Hitachi
Zosen Corp., Holtec International, Mitsubishi Heavy
Industries Ltd., OCL Corp., Orano, SKODA JS AS,
Svensk Karnbranslehantering AB, Veolia
Environnement SA, Waste Control Specialists LLC,
and Westinghouse Electric Co. LLC

 

Key Market Trends Fueling Growth

Nuclear power plants worldwide operate under licenses granted by government bodies for approximately 30 years, after which they can be renewed for another 20 years. However, once licenses expire, plants must be upgraded or decommissioned to ensure safety. Safety norms mandate improvements to seismic instrumentation, structure reinforcement, backup cooling water supply, and mobile generators. These requirements increase capital expenditures, making some plants uneconomical to operate. Consequently, several European countries, including France and Germany, have announced the phase-out of nuclear plants. Belgium aims to decommission reactors during 2022-2025. Upon reactor shutdown, nuclear spent fuel remains radioactive and generates heat as it decays. The US NRC sets requirements for handling and storage to protect public and environment. The impending closure of nuclear reactors will drive the growth of the global nuclear spent fuel market. 

Nuclear spent fuel market is a significant sector in the energy industry, focusing on managing the radioactive material generated from nuclear power plants during a nuclear chain reaction. With growing concerns over public safety, environmental contamination, and human health, the market is witnessing trends like advanced reactors, nuclear propulsion systems, and nuclear waste management. Renewable sources, such as solar and wind power, are gaining popularity due to decreasing carbon emissions. However, nuclear power continues to contribute to energy demand and decarbonization efforts. Uranium fuel is the primary source of nuclear power, but managing spent fuel remains a challenge. Wet and dry storage facilities are used for spent fuel management. Low-level waste and intermediate-level waste are currently being stored, while high-level waste requires long-term solutions. Nuclear accidents and fuel security are major concerns, leading to research on advanced fuel designs and reprocessing technologies. Environmental concerns, climate change, and foreign energy sources are driving the need for nuclear fuel cycle optimization and spent fuel management. Proliferation risks and solvent extraction techniques are also under consideration. The market is evolving with electrochemical and ion exchange processes, and the development of new fuel designs and reprocessing technologies. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

The renewable energy sector, including geothermal, solar, wind, hydropower, and biomass, accounted for a combined 53% of global electricity generation in 2020, with renewables leading the way at 29%. The International Energy Agency reports that renewables have gained significant traction worldwide, surpassing natural gas as the second-largest electricity source. The European Union aims to generate 35% of its power from renewables by 2030. This shift towards clean energy sources has resulted in a decline in nuclear power generation, which in turn reduces the generation of nuclear spent fuel. Consequently, the global nuclear spent fuel market may experience limited growth during the forecast period.The Nuclear Spent Fuel market faces several challenges that require innovative solutions. One challenge is the management of spent fuel from nuclear power stations, which contains radioactive materials. This includes finding safe and efficient methods for reprocessing and disposal. Proliferation risks associated with spent fuel must also be addressed, particularly in relation to foreign energy sources and military, medical, and defense programs. Another challenge is the transition to carbon-free electricity generation, as fossil fuels continue to dominate the energy landscape. Nuclear power, with its low carbon footprint, is a viable alternative. However, the high level radioactive waste generated from nuclear power reactors poses a significant challenge. Technologies such as MOX fuel, fast reactor fuels, and advanced fuel designs offer potential solutions. Emerging economies are increasing their investment in nuclear power, but they face unique challenges in spent fuel management. Decarbonization strategies and the integration of variable renewable energies require flexible electricity generation, making nuclear power an attractive option. However, public perception and mandates regarding nuclear waste disposal and radioactive contamination remain significant hurdles. Several technologies, including solvent extraction techniques, electrochemical processes, and ion exchange processes, are being researched to improve spent fuel management and reduce the environmental impact of nuclear waste. The nuclear fuel cycle, from uranium mining to spent fuel management and waste disposal, must be optimized for economic and environmental sustainability.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This nuclear spent fuel market report extensively covers market segmentation by

Type 1.1 Wet storage1.2 Dry storageGeography 2.1 APAC2.2 Europe2.3 North America2.4 Middle East and Africa2.5 South America

1.1 Wet storage-  The Nuclear Spent Fuel market refers to the buying and selling of used nuclear fuel rods from power plants. This market is significant due to the continuous production of spent fuel and the need for safe and efficient disposal or reprocessing options. Nuclear energy companies and utilities are key players, seeking solutions to manage their spent fuel inventory. The market size and growth depend on various factors such as government regulations, technological advancements, and market trends. Effective management of spent fuel is crucial for the sustainability and expansion of the nuclear power industry.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Nuclear Spent Fuel market refers to the management and disposal of radioactive material generated from nuclear power plants during the nuclear fission process. This includes fission products, transuranic elements, and Class C waste. The safe handling and storage of spent fuel is crucial for public safety and the environment, as improper management can lead to nuclear chain reactions, environmental contamination, and potential harm to human health. Renewable sources are increasingly replacing nuclear power generation, leading to a decrease in the demand for new nuclear projects. However, the nuclear fuel cycle continues to produce spent fuel, requiring effective spent fuel management. Dry storage facilities are commonly used for interim storage, while deep geological disposal is the preferred long-term solution for spent fuel disposal. Nuclear power stations generate spent fuel for various applications, including medical and military defense programs. Utilized nuclear fuel, such as MOX fuel and fast reactor fuels, can be reprocessed and used again in nuclear reactors to reduce the amount of spent fuel generated. Mandates and regulations play a significant role in spent fuel management, ensuring compliance with safety standards and minimizing risks.

Market Research Overview

The Nuclear Spent Fuel market encompasses the management and disposal of radioactive material generated from nuclear power plants during the nuclear chain reaction. This includes fission products and transuranic elements, which can pose risks to public safety if not properly managed. With the growing focus on renewable sources of energy and decarbonization efforts, the role of nuclear power in the energy mix is under debate. Nuclear waste management, including dry storage facilities and reprocessing technologies, is a critical aspect of the market. Nuclear accidents and environmental contamination are major concerns, while nuclear fuel security and uranium fuel imports are also key issues. The nuclear fuel cycle, from mining to spent fuel management, is a complex process with environmental concerns and proliferation risks. Advanced reactors, nuclear propulsion systems, and carbon emissions are also factors influencing the market. The market intersects with various industries, including power generation, medical, military, and defense programs, and is influenced by factors such as energy demand, climate change concerns, and emerging economies. The transition to clean energy and carbon-free electricity is driving innovation in advanced fuel designs and nuclear waste management solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeWet StorageDry StorageGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/nuclear-spent-fuel-market-size-is-set-to-grow-by-usd-1-21-billion-from-2024-2028–rising-focus-on-clean-energy-technologies-to-boost-the-market-growth-technavio-302191031.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Youth Power: Foreign Youth Embrace China’s Economic Prospects

Published

on

By

BEIJING, July 13, 2024 /PRNewswire/ — In the latest episode of China Daily’s Youth Power, which aired on June 30, Jan Kerekes, a Canadian who has lived in South China’s Hainan province for six years, shared what led him to settle down here.

Hainan is really opening up. The whole world comes here, and you see the opportunities right in front of you,” Kerekes said. “It is a place where you can pursue your dreams.”

Now a teacher at Hainan University, Andreev Aleksei, a 30-year-old Russian, found Kerekes’s story particularly resonant.

“When I went back to my country, I missed the island so much that I had to come back,” Aleksei said. “Hainan not only hosts the Boao Forum for Asia but it is also the best place for windsurfing and parachuting.”

To encourage international talent to come, Hainan has introduced 16 measures to streamline living and working conditions for foreigners.

For example, Aleksei mentioned that Hainan offers numerous benefits and advantageous policies to assist global talents in establishing businesses in the region.

“[The application process] takes just three days, and it can be completed entirely online, even for foreigners,” he said.

The young guests visited the Haikou Municipal Government Service Center to learn more about these measures. There, they met people from around the world with different needs — whether for visas, education, or business.

“I think it’s a testament to the inclusivity of the entire province,” said Jood Ghazwan Sharaf, a 27-year-old Bulgarian student at Tsinghua University.

Dylan Walker, 27, from the United States, was impressed by the efficiency of the “one window for all” system.

“It’s like a one-stop service,” he said. “You don’t have to run all over the place.”

In addition to aiding tourists and residents in their daily lives and business activities, Hainan has made significant economic progress.

One notable example is the Yangpu Economic Development Zone, which has evolved from a small port into Hainan’s largest international port.

In the zone, the young guests explored the Yangpu Offshore Wind Power Industrial Park, where they discovered Hainan’s commitment to developing its marine economy and striving for a harmonious coexistence with the ocean.

According to Lin Qingsong, the park’s general manager, while Hainan’s wind power utilization is still in its early stages, this project stands out as a pioneering model for future large-scale offshore wind power initiatives.

“We can see that China is not an economy that goes within itself. It goes outward to benefit the rest of humanity,” Sharaf said, impressed by China’s innovative economic experiments.

As a global resident of Hainan, Aleksei believes that this island is not only a dynamic free trade model but also a natural paradise that strikes a balance between work and leisure.

“This is quite a unique place in China,” Aleksei said. “No matter what purpose brings you here, whether it’s tourism, starting a business, or work, just come here, and you will fall in love with it.”

View original content to download multimedia:https://www.prnewswire.com/news-releases/youth-power-foreign-youth-embrace-chinas-economic-prospects-302196258.html

SOURCE 21st Century English Education Media

Continue Reading

Technology

Unimoni Student Stars 2024 – Scholarship & Rewards Program Launched: Study Abroad with ₹12 Lakhs Scholarship

Published

on

By

KOCHI, India, July 13, 2024 /PRNewswire/ — Unimoni, a leading provider of international money transfer services, is thrilled to announce the launch of its highly anticipated Unimoni Student Stars 2024 scholarship program. This year, the program offers a staggering ₹12 lakhs in scholarships and prizes, empowering ambitious Indian students to pursue their educational dreams abroad.

Unimoni Student Stars 2023 proved to be a monumental success, underscoring Unimoni’s commitment to nurturing India’s brightest talents pursuing international education. The program garnered widespread acclaim for its inclusive approach and impactful support of deserving students nationwide.

Building on last year’s initiative’s resounding achievements, which supported numerous talented students in pursuing overseas education dreams, Unimoni aims to elevate its impact further in 2024. The Unimoni Student Stars 2024 scholarship program launched with increased prize offerings, expanded eligibility criteria, and enhanced participant engagement initiatives planned. The company is poised to attract an even broader pool of exceptional candidates.

Beyond the Mega Scholarships: Exciting Rewards Throughout the Year

The Unimoni Student Stars 2024 scholarship program offers a tiered prize structure. The grand prize winner receives a life-changing scholarship of ₹5 lakhs. Additionally, one student will be awarded a second prize of ₹2 lakhs and three deserving students will receive scholarships worth ₹1 lakh each. Every quarter during the application period, lucky applicants will have the chance to win a new laptop. Every month, registered students can win a stylish trolley bag, perfect for their international studies. Plus, every participant secures a coveted free study abroad forex card.

Brace yourselves for a journey of triumph and rewards with Unimoni Student Stars 2024.

Eligibility Criteria

The Unimoni Student Stars 2024 scholarship program is open to Indian students either pursuing higher education abroad or planning to do so. To be eligible, candidates must register on the Unimoni or Remit Forex website with relevant details by March 31, 2025. Eligibility criteria include securing 60% or more in 10+2/diploma or graduation from institutions recognized by CBSE/ICSE/UGC/State/Central government. Candidates must also possess a valid offer letter from a foreign university. Indian students studying overseas are eligible but must update their university details during registration.

The registration process is straightforward

The application process is designed to be simple and convenient. Students can register online at the Unimoni website or the Remitforex website. Or scan QR codes from advertisements or social media links and complete a dedicated registration landing page. Candidates must accept the terms and conditions after entering personal and educational details and confirming eligibility. Subscribing to Unimoni or Remit Forex’s social media pages is encouraged, and additional referral benefits are available.

The Application Window Opens July 1, 2024

Register for Unimoni Student Stars 2024

Embark confidently on the study abroad journey by joining the Unimoni Student Stars 2024 program. Register now to unlock exclusive benefits and services tailored to support every international education dreams. From seamless outward remittance solutions to expert guidance on financial transactions, Unimoni ensures everyone’s study abroad experience is smooth and stress-free.

Follow Unimoni on social media for updates on the Unimoni Student Stars 2024 scholarship program and other exciting initiatives.

Don’t miss out – seize this opportunity to realize global ambitions with Unimoni. Please register today and let Unimoni empower candidates on their educational journey abroad.

To begin the registration process, please visit https://cutt.ly/xehwoWCk  

About Unimoni & Their Customized Services to Meet Everyone’s Needs

Committed to facilitating global education opportunities, Unimoni empowers students to achieve their academic dreams abroad and promotes its services to aspiring students.

Whether you’re remitting funds for tuition fees or living expenses, Unimoni ensures secure and streamlined outward remittance services. Unimoni’s competitive rates and efficient exchange services also make navigating currency exchanges seamless. Our exclusive study abroad forex card offers convenience and security, facilitating hassle-free financial transactions wherever you are. If you need assistance with Guaranteed Investment Certificates (GICs), Blocked Accounts, or Foreign Telegraphic Transfers (FTS), Unimoni provides expert guidance and support.

Unimoni facilitates effortless payments for university fees, hostel charges, and other expenses abroad, ensuring timely transactions to support your academic journey. Unimoni offers comprehensive health insurance plans, flexible and competitive overseas education loan options, and suitable student accommodation to ensure a smooth transition to your new academic environment. You need not worry about visa procurement, passport assistance, flight bookings, and pre-departure orientation!

Unimoni Financial Services Ltd
Web: https://www.unimoni.in / https://remitforex.com  
Email: care@remitforex.com  
Contact : +918129922232

Photo: https://mma.prnewswire.com/media/2460401/Unimoni_Sanju_Samson.jpg
Logo: https://mma.prnewswire.com/media/2367338/4749965/Logo_Unimoni.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/unimoni-student-stars-2024—scholarship–rewards-program-launched-study-abroad-with-12-lakhs-scholarship-302195996.html

Continue Reading

Technology

Faith In Young Champions: Hisense Partners with UEFA Foundation to Bring the Beautiful Game to Hospitalized Children

Published

on

By

QINGDAO, China, July 12, 2024 /PRNewswire/ — During the EURO 2024 tournament, the global home appliance and consumer electronics brand Hisense and the UEFA Foundation jointly launched “Faith In Young Champions,” a public welfare initiative. Innovative robots powered by Hisense enabled hospitalized children from 22 countries to virtually connect with 23 EURO 2024 matches, fulfilling their dreams of attending the event despite physical limitations.

During these periods, children can employ the robot to gain entry into exclusive areas, such as the warm-up zone, locker room or VIP section, directing interaction with their beloved players or teams, so that every football-loving soul can express the purest passion of live football in this way.

As part of its commitment to improving the lives of children, Hisense wants to leverage user-centric technology and social responsibility worldwide. For this remarkable occasion, Hisense supported state-of-the-art commercial products like interactive displays to a hospital in South Africa, and the children had the enriching opportunity to learn how this technology works through interactive activities with the help of volunteers. Also, hospital can use that in their daily office, meeting or discussion, making their working processes more electronic and convenient. 

“We gladly accept the digital board and it will go a very long way to share ideas and brain storm with the directors, doctors and management teams of the hospital, this digital version will make life so much easier.” According to the manager of hospital.

UEFA Foundation was founded in 2015 as a charitable organization governed under Swiss law, with a long-standing philosophy that aligns with the concepts of youth care and social responsibility of Hisense. During the EURO 2024 tournaments, fans also noticed “BECAUSE EVERY CHILD IS A CHAMPION” slogan on the LED board at the pitch side, which perfectly coincides with the “Faith In Young Champions” proposal called upon by Hisense this year, also making the collaboration more possible.

Carine Nkoue, General Secretary of the UEFA Foundation, said, “Football is not only the number one sport in the world but is also a great platform to create solidarity projects for those in need. I would like to encourage all of you to join the activities of the UEFA Foundation for children and become a supporter of this global initiative. With Hisense’s support and the solidarity of the European football family, we can achieve even more.”

Engaging in charitable endeavors and fulfilling corporate social responsibility has long been a cornerstone of Hisense’s corporate culture. The company has proactively allocated resources towards public welfare initiatives with the concept of helping everyone enjoy every moment of life with user-centric technology.

Thanks to its global presence in the diversity industries, Hisense is empowered to take on a broad range of social responsibilities to enhance healthcare and education standards worldwide. Hisense exports ultrasound and other equipment to over 20 countries in Asia, Central and Eastern Africa, and Europe to meet a diverse range of those in needs. Hisense’s commercial display products have also gained market traction in over 40 countries, including Europe, the United States, and the Asia-Pacific region.

For many years, Hisense has actively participated in public welfare activities initiated by world-class sports events. The collaboration this time is a spiritual inspiration to upgrade the CSR campaign from product sponsorship to beyond time and space.

Looking ahead, Hisense and UEFA Foundation will keep working to advance their philanthropic efforts and provide greater benefits to various regions around the world by leveraging their respective resources. 

About Hisense
Hisense is a leading global home appliance and consumer electronics brand. Hisense’s business covers multimedia products (with a focus on Smart TVs), home appliances, and IT intelligent information. Hisense ranked No. 2 globally for TV shipments and No. 1 in 100″ TVs in both 2023 and Q1 2024, and now operates in more than 160 countries.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/faith-in-young-champions-hisense-partners-with-uefa-foundation-to-bring-the-beautiful-game-to-hospitalized-children-302196238.html

SOURCE Hisense Group

Continue Reading

Trending