The global deficit of storage capacity and lack of clear disposal strategies are expected to drive the growth of the spent nuclear fuel (SNF) dry storage cask market in the short-term, according to a report by GlobalData.

Titled ‘Spent Nuclear Fuel Dry Storage Casks, Update 2016 – Global Market Size, Market Volume, Market Share and Key Country Analysis to 2020,’ the report analyses both global and regional markets, with primary focus on the US, Canada, Germany, Russia, Spain, the UK, Belgium, Ukraine, China, India, Japan, and South Korea. It states the global SNF dry storage cask market is expected to reach $1.9bn during the forecasted period of 2016-2020, compared to $1.05bn during 2010-2015.

The American region led the market in 2010-2015, with Canada continuing to be a key player and Brazil making an entry. The market size of the region is expected to reach $1bn by 2016-2020, compared to $600m in 2010-2015.

In Europe, the leaders of the SNF dry storage cask market are Russia, Germany, and Ukraine, while the UK’s share is gradually increasing. The market size in Europe is expected to reach between $800m and $900m during 2016-2020, compared to approximately $200m in 2010-2015.

The SNF dry store cask installations in the Asia-Pacific region are currently centred in Japan, the Republic of Korea, and China.