Industry Background:
The increase in nuclear power capacity, urban population, uranium usage in radiation, and uranium use in the military are all contributing causes to the growth of the world uranium market. Because it produces the nuclear fuel used in nuclear power plants to produce electricity, uranium is a very significant material. Additionally, it serves as the main raw material for creating additional synthetic transuranium elements. Like all commodity markets, the uranium market has a history of being volatile, fluctuating not only in response to supply and demand as usual, but also to the vagaries of geopolitics. In reaction to the distinctive nature and application of this material, it has also developed unique characteristics of its own.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Kazatomprom (Kazakhstan), Orano (France), Uranium One (Canada), Cameco (Canada), CGN (China), Navoi Mining (Uzbekistan), CNNC (China), Cameco (Canada), ARMZ (Russia), General Atomics/Quasar (US), BHP (Australia), Energy Asia (China), Sopamin (Niger), VostGok (Ukraine) and Paladin Energy (Australia) |
This growth is primarily driven by Rising Nuclear Power Capacity and Growing uranium use in the military.
Globally, a noticeable market trend is evident Utilizing uranium in thermoelectric radioisotope generators
Major Vendors, such as Kazatomprom (Kazakhstan), Orano (France), Uranium One (Canada), Cameco (Canada), CGN (China), Navoi Mining (Uzbekistan), CNNC (China), Cameco (Canada), ARMZ (Russia), General Atomics/Quasar (US), BHP (Australia), Energy Asia (China), Sopamin (Niger), VostGok (Ukraine) and Paladin Energy (Australia), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. In comparison to other commodities or energy businesses, the uranium industry is modest. The demand for uranium is global in scope, but the supply is characterised by a very small number of businesses that operate in only a few nations. Primary uranium production is geographically and among a small number of producers concentrated, with a large portion of global output in 2021 expected to come from only four nations: Kazakhstan, Canada, Australia, and Namibia. Companies engaged in exploration and development with a focus on finding or developing uranium deposits face somewhat different competition. While uranium is being explored on several continents, public corporations have recently focused their development efforts mostly in Canada, Africa, and Australia.
Key Developments in the Market:
On December 20,2021 To create America's largest uranium mining company, Uranium Energy Corp completed the acquisition of Uranium One Americas, On June 13, 2022, Uranium Energy Corp. announced the acquisition of UEX Corporation to create the largest, most diverse uranium company in North America. and On September 18 2021, enCore to acquire Azarga Uranium
India declared in March 2022 that it would purchase 133 fuel assemblies and almost 100 tonnes of natural uranium for the fiscal years 2022–2023. It's expected that the uranium will come from Canada, Kazakhstan, Russia, and Uzbekistan., In 2021, 27 new purchase contracts were signed by COOs with deliveries of 3.6 million pounds of U3O8e due in 2021 at a weighted average cost of USD 32.53 per pound., In 2021, COOs sent 34 million pounds U3O8e of natural uranium feed to enrichers in the United States and abroad. % of the feed was given to American enrichment suppliers, and the remaining 57 % was given to foreign enrichment suppliers. and In April 2022, the Minister of State for Atomic Energy gave the go-ahead for India to build ten indigenous 700 MW pressurised heavy water reactors.
Regulatory Insights:
The mining of uranium on non-federally owned lands is not particularly covered by any federal statute; instead, these mining operations are governed by state laws and regulations. Occupational safety and health, as well as air, water, and land pollution brought on by mining activities, are addressed in various ways by federal and state worker protection regulations as well as federal and state environmental laws.
Uranium Market Dynamics:
Attributes | Details |
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Growth Drivers | - Rising Nuclear Power Capacity
- Growing uranium use in the military
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Influencing Trends | - Utilizing uranium in thermoelectric radioisotope generators
- Increasing demand for uranium from developing nations
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Restraints | - High Cost of Building nuclear plant
- Uranium radioactivity have deleterious health effect
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Gaps & Opportunities | - Rising urban population in the developed and developing countries
- Use of uranium in healthcare sector to treat disease
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AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Uranium Market
- Analysis about New Entrants in Uranium Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Uranium Study Sheds Light on
The Uranium Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Uranium industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Uranium industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.