Spent Nuclear Fuel (SNF) Dry Storage Cask Market: Current Analysis and Forecast (2023-2030)

The adoption of dry storage casks is rapidly increasing owing to an increase in the adoption of small and large nuclear plants for their capability of producing clean energy. As countries invest heavily in these nuclear plants, there are increasing concerns about large quantities of Spent Nuclear Fuels. These spent fuels are radioactive and need three to five years to decay or cool down; after that, these are stored in dry or wet storage casks. This has increased the vast adoption of dry casks as they offer various advantages, including easy transportation, protection from natural calamities, longer storage durations, and less storage space required.

Moreover, increasing nuclear waste regulations and advancements in storage technologies are further increasing the adoption of dry storage casks across the globe. These dry casks come in two types: concrete casks and metal casks.

The rising need and government focus on more clean energy is increasing the adoption of more nuclear power plants. These power plants offer clean energy and produce spent nuclear fuel. Earlier, these fuels were stored in wet casks, which required more storage and were more prone to natural calamities, making it riskier for leakage of radioactive waste. Dry casks overcome these disadvantages of wet storage, leading to more adoption of these cost-effective dry casks.

According to the United Nations' International Atomic Energy Agency (IAEA), as of December 2022, there are currently 422 nuclear reactors operating in 33 countries producing around 10.5 % of the world's electricity. Furthermore, there are 58 units in construction in 18 countries, including China, India, South Korea, Russia, and Turkey.

According to the US Nuclear Regulatory Commission, in 2023, 22 commercial nuclear power reactors at 18 sites in the US are in various stages of the decommissioning process.

Based on product, the spent nuclear fuel is segmented into concrete SNF dry storage casks and metal SNF dry storage casks. Metal SNF is forecast to capture the major market share owing to its well-known strength and corrosion resistance. Moreover, these casks offer compact and lightweight alternatives, adding an advantage in transportation and handling. Concrete casks are also forecasted to hold a significant market share, owing to their shielding properties, thus offering effective radiation protection. Moreover, these casks offer durability and can withstand various environmental conditions.

Based on application, based on the application, the market is divided into two major applications: Large nuclear plants and Small nuclear plants. The large nuclear plant segment is anticipated to capture the major market share owing to their higher power output and longer operational lifetime, thus generating a large quantity of spent nuclear fuels.

On the other hand, Small nuclear plants are forecast to capture the notable market share owing to their lower power output and reduced generation of spent nuclear plants. However, the increasing prevalence of small nuclear plants and increased adoption of commercial nuclear plants will further increase the adoption of dry storage casts in this segment.

For a better understanding of the market adoption of the dry storage cask industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Ukraine, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. Europe is expected to experience a significant growth rate in the projected period. The Asia Pacific Solar Shingles market is estimated to witness notable growth owing to rising government initiatives towards renewable sources and clean energy, thus increasing the adoption of dry casks. Furthermore, countries like China, Japan, India, and South Korea have been actively investing and manufacturing new nuclear power plants, leading to a surge in the adoption of dry storage casks. Moreover, the advancements in the small nuclear plant technology are further increasing the adoption of these plants in commercial sector thus increasing the adoption of dry storage casks. For instance, according to the World Nuclear Association, out of 22 nuclear power plants in India, there are 20 nuclear plants below the electric capacity of 630 MWe.

Some of the major players operating in the market include Orange SA, GNS Gesellschaft fur Nuklear-Service mbH, Hitachi Zosen Corporation, SKODA JS a.s., Holtec International, NAC International, OCL Corporation, Mitsubishi Heavy Industries, EnergySolutions, and British Nuclear Fuels Plc.