PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1799205
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1799205
Global Spent Nuclear Fuel (SNF) Dry Storage Casks Market to Reach US$6.0 Billion by 2030
The global market for Spent Nuclear Fuel (SNF) Dry Storage Casks estimated at US$4.5 Billion in the year 2024, is expected to reach US$6.0 Billion by 2030, growing at a CAGR of 4.7% over the analysis period 2024-2030. Concrete SNF Dry Storage Cask, one of the segments analyzed in the report, is expected to record a 5.5% CAGR and reach US$4.3 Billion by the end of the analysis period. Growth in the Metal SNF Dry Storage Cask segment is estimated at 2.9% CAGR over the analysis period.
The U.S. Market is Estimated at US$1.2 Billion While China is Forecast to Grow at 4.6% CAGR
The Spent Nuclear Fuel (SNF) Dry Storage Casks market in the U.S. is estimated at US$1.2 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$959.8 Million by the year 2030 trailing a CAGR of 4.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.5% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.
Global Spent Nuclear Fuel (SNF) Dry Storage Casks Market - Key Trends & Drivers Summarized
Spent Nuclear Fuel Dry Storage: Are We Finally Solving the Long-Term Nuclear Waste Challenge?
As global nuclear energy generation continues to play a role in the decarbonization of power grids, the issue of managing spent nuclear fuel (SNF) has grown more urgent. Dry storage casks have emerged as a critical solution for safely housing SNF after it has cooled in spent fuel pools. These casks, typically made from high-strength concrete and steel with robust radiation shielding, are designed for long-term on-site or interim storage. A major trend in this market is the evolution of cask designs to accommodate higher burn-up fuel and increased storage density. With reactors generating more energy per fuel rod, the thermal and radiation challenges of SNF storage are becoming more complex, prompting innovations in passive cooling systems and multi-layer containment.
Another important trend is the push for modular and transportable dry storage solutions that facilitate easier transfer from interim to permanent disposal sites-should repositories become available. Nations without permanent geological repositories are particularly reliant on these scalable, retrievable storage systems. Additionally, dual-purpose (storage and transport) casks are being standardized to meet international safety protocols, reducing regulatory delays and enabling smoother cross-border cooperation in multinational nuclear energy projects. Increasing focus on post-Fukushima safety has also led to upgrades in seismic and flood resistance in new cask installations, especially in aging nuclear facilities.
What Are the Technological and Regulatory Innovations Enhancing Safety and Efficiency?
SNF dry storage technology is advancing rapidly through material science and thermal engineering. New composite shielding materials and hydrogen-absorbing alloys are being explored to improve long-term integrity. Advanced neutron-absorbing panels and internal configurations are being designed to manage criticality safety without requiring active intervention. Furthermore, passive ventilation systems are being optimized through computational fluid dynamics (CFD) modeling, enabling improved heat dissipation without the need for external power-an essential feature in emergency scenarios.
Regulatory harmonization across regions is also improving the pace of deployment. Collaborative frameworks among nuclear regulatory bodies, such as those in Europe and North America, are leading to shared safety protocols and design certifications. Digital monitoring technologies, including remote radiation tracking and structural integrity sensors, are enabling better real-time condition assessments of casks. These innovations are essential in ensuring the long-term viability of dry storage, especially as delays in permanent repository construction persist in many countries.
What’s Powering Market Growth for Dry Casks Worldwide?
The growth in the spent nuclear fuel dry storage casks market is driven by several interlinked factors related to fuel management policy, reactor operations, and global energy security. Key among them is the aging of existing nuclear reactors and the rising backlog of spent fuel that exceeds pool storage capacity. With no near-term availability of permanent geological repositories in most countries, dry storage remains the only safe, scalable interim solution. Moreover, the increasing global reliance on nuclear energy as a low-carbon alternative is expanding the number of reactors-and hence the volume of SNF requiring secure storage.
Another driver is the global standardization of cask licensing, enabling multinational companies to offer uniform dry storage solutions across regions. This reduces production costs and facilitates quicker site approvals. The rise of small modular reactors (SMRs) is also generating new demand for compact, site-specific dry storage solutions tailored for next-gen fuel cycles. In parallel, geopolitical instability and energy security concerns are prompting countries to invest in robust, sovereign SNF storage capacity. These dynamics, combined with regulatory clarity and ongoing safety innovations, are fueling steady growth in the global SNF dry storage market.
SCOPE OF STUDY:
The report analyzes the Spent Nuclear Fuel (SNF) Dry Storage Casks market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Product Type (Concrete SNF Dry Storage Cask, Metal SNF Dry Storage Cask); Application (Large Nuclear Power Plant Application, Small Nuclear Power Plant Application)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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