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Nuclear Materials Transportation Market Set for Explosive Growth rate (CAGR) of 7.4% by 2030 | Emergen Research

Nuclear Materials Transportation Market

According to the most recent analysis by Emergent Research, the Nuclear Materials Transportation Market had a value of USD 1.22 billion in 2021 and is anticipated to grow at a rate of 7.4% during the projected period. The market’s revenue growth is primarily driven by the increased usage of radioactive materials for spacecraft and the growing popularity of blockchain in the logistics of nuclear materials. A system that converts heat into electricity is known as a radioisotope power system. Heat is produced when a radioactive substance decays. Engineers utilize this material to make thermocouples, which generate electricity. An electrical voltage is produced when electrical charges travel from the hot shoe to the cold shoe of a thermocouple due to heat.

Transporting radioactive material, however, inevitably raises the risk of accidents, which can lead to radiation exposures that could jeopardize the safety of people, property, and the environment. Even though the organizations in charge of the facilities and activities that generate these risks bear the primary responsibility for safety, there are several government regulations to oversee the transport of these nuclear materials on land, water, or air, including transport that is related to the use of radioactive material. These transportation standards should be known by all relevant parties, including the government, regulators, owners of nuclear installations, carriers, users of radiation sources, and those involved in cargo handling.

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Some Significant Report Highlights:

A sizable increase in market revenue is anticipated for the fresh fuel segment. It is projected that rising demand for new fuel will fuel the segment’s sales rise in uranium fuel assemblies. Fuel fabrication facilities produce uranium fuel assemblies. The ceramic pellets that make up the fuel component are sintered at a high temperature (about 1400°C) from pressed U3O8. Assemblies of fuel are then made by packing aligned pellets within long hollow metal rods, which are prepared for reactor installation.

The healthcare segment is expected to register substantial growth over the forecast period. Nuclear medicine uses radioactive chemicals inside the body to diagnose illnesses or identify and remove diseased or damaged organs and tissue. Many cancers can be treated with radiation therapy, either by itself or in conjunction with other treatments such as surgery and chemotherapy. If a disease cannot be treated, radiotherapy helps control the growth of cancer cells by reducing cancer cells and preventing their spread. Radiation therapy can minimize the suffering cancer patients normally experience and enhance their quality of life.

The market in North America is anticipated to increase significantly during the anticipated period. Every year, radioactive materials are transported over American soil in up to 3 million parcels through land, rail, air, or ocean. NRC and the Department of Transportation are jointly in charge of monitoring the security of these shipments. NRC develops regulations for radioactive material packaging. The Department of Transportation establishes requirements for packaging, including smaller packages, and monitors shipments as they move across the country.

Some major companies in the market report include Daseke Inc., Agility Public Warehousing Co. KSCP, Deutsche Post AG, FedEx Corp., Alara Global Logistics Group, DG Air Freight Pty. Ltd., Clean Harbors Inc., Edlow International Co., Boyle Transportation, and DSV Panalpina AS.

Emergen Research has segmented the nuclear materials transportation market based on material type, end-user, and region:

  • Material Type (Revenue, USD Billion; 2019–2030)
    • Uranium Oxide
    • Fresh Fuel
    • Used Fuel
    • Vitrified Waste
    • Others
  • End-User Outlook (Revenue, USD Billion; 2019–2030)
    • Healthcare
    • Industrial
    • Agriculture
    • Others
  •  Regional Outlook (Revenue, USD Billion; 2019–2030)
    • North America
      1. the U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. the UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • the Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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