North America Nuclear Waste Management System Market to Grow at a CAGR of 2.9% to reach US$ 5,447.63 million from 2021 to 2028

The nuclear waste management system market in North America is expected to grow from US$ 4,473.37 million in 2021 to US$ 5,447.63 million by 2028; it is estimated to grow at a CAGR of 2.9% from 2021 to 2028.

The US, Canada, and Mexico are major economies in North America. Rising deployment of nuclear power plants is the major factor driving the North America nuclear waste management system market. The demand for energy is surging hugely owing to the increasing rate of population and urbanization coupled with the growing rate of industrialization. Moreover, growing carbon emission is one of the major concerns, with which the modern age is dwelling with. Governments across the world are actively initiating various efforts to incorporate multiple sources of clean energy into the energy mix of their respective country’s energy mix. Meanwhile, due to geographic and climatic challenges, solar and wind power cannot generate stable and consistent amount of energy. However, nuclear power plants are a reliable and stable source for energy generation as they can be deployed at any geographic terrain and can generate significant amount of energy throughout the year as compared to solar and wind. Owing to these advantages, governments across the world are investing in building nuclear power plant to generate energy, without emitting carbon. For instance, government in Ontario, Canada invested over US$ 25 billion in refurbishing nuclear reactors at the Darlington and Bruce nuclear generating stations from 2020–2033.    

North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any impact on the growth of industrial sector hampers the economic growth of the region. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak pandemic. The nuclear waste management industry’s reliance on manufacturing industry, such as companies using nuclear reactors and electricity produced from them, has been highlighted by the recent pause in manufacturing units due to the pandemic. Several industries, such as healthcare and research facilities, saw a sharp drop in waste generation during the early stages of the pandemic, when factories and offices were partially or entirely closed. As a result, the expansion of the North American nuclear waste management system market was hampered. In the US, there are 60 nuclear plants with around 98 nuclear reactors, officials have suggested isolating or quarantining critical nuclear power plant (NPP) specialists and allowing them to live on-site to reduce their closeness to others if this is required. The overall demand for nuclear waste management system is likely to increase once the industries attain normal operational conditions as these systems are much needed because of the rise in nuclear waste.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America nuclear waste management system market. The North America nuclear waste management system market is expected to grow at a good CAGR during the forecast period.

North America Nuclear Waste Management System Report Scope