The market for spent nuclear dry storage casks in the Americas is set to rise from $602.5 million in 2015 to over $1 billion by 2020, as the region continues to generate the highest demand for nuclear fuel storage globally, according to research and consulting firm GlobalData.
The company’s latest report* states that the Americas lead the world for nuclear energy generation. The region observed the highest total nuclear power generated globally in 2015, with cumulative installed capacity forecast to rise from 117.1 Gigawatts (GW) in 2015 to 122.5 GW by 2020.
Rahul Khatri, GlobalData’s Analyst covering Power, explains: “While nuclear energy is one of the most efficient methods for producing electricity, a key concern for nuclear power-producing countries is the management of spent fuel. The absence of a permanent disposal solution for spent nuclear fuel, as well as limited space in the wet storage pools, continues to be a challenge.
“The dry storage method has provided a respite to many utilities facing a shortage of storage space for spent fuel by providing long-term storage, acknowledged by most countries as the most practical solution.
“In the US, for example, the Ameren Missouri’s Callaway Energy Center, a nuclear power plant, commissioned a new dry storage facility in 2015. As of now, wet pools store the nuclear waste, but experts suggest it will run out of space by 2020. This new facility will store spent nuclear fuel for the plant’s entire lifetime, which is until 2044.”
GlobalData’s report also states that other regions will also witness substantial growth of the dry cask market. Europe’s dry storage cask market is expected to increase from $216.4 million in 2015 to $866.1 million by 2020, while Asia-Pacific’s nuclear power-generating capacity has expanded rapidly since 2010, offering opportunities for the dry storage cask market over the forecast period.
Khatri concludes: “While the spent fuel dry storage casks market will be lucrative worldwide over the next five years, the Americas have very significant growth potential to 2020. Indeed, the market will continue to increase and is not expected to show any signs of saturation.”
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