Global Power Plant Uranium Market Size (2024 - 2029)

The global power plant uranium market is anticipated to experience modest growth, influenced by the expansion of nuclear power plants, particularly in developing regions. Despite challenges such as high capital costs and the complexity of technology, the market is expected to benefit from the increasing nuclear energy targets set by countries like China and India. The Asia-Pacific region is projected to be a key area for uranium demand due to numerous upcoming nuclear projects. However, the market's expansion may be constrained by the growing adoption of renewable energy technologies.

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Market Size of Global Power Plant Uranium Industry

Power Plant Uranium Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 1.20 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Power Plant Uranium Market Key Players

*Disclaimer: Major Players sorted in no particular order

Power Plant Uranium Market Analysis

The global power plant uranium market is expected to grow at a CAGR of less than 1.2% during the forecast period. The COVID-19 pandemic had negatively impacted nuclear power plant projects in countries like France. Moreover, the pandemic has suspended the production of uranium from major mining centers. Factors like the increasing number of nuclear power plants especially in developing countries are likely to drive the market during the forecast period. However, high capital cost and complex technology are likely to hinder the market growth during the forecast period.

  • Increasing adoption of renewable technologies are likely to restraint the market growth in the study period.
  • Countries like China, and India has nuclear energy targets for 2030 and beyond. By 2030, China is likely to install 80 GW of nuclear power plants, whereas India to have around 22.4 GW of nuclear power by 2031. Such targets are likely to increase nuclear power projects and thus would leads to more demand for uranium in regions like Asia-Pacific.
  • Asia-Pacific is expected to be a significant market for Uranium demand during the forecast period owing to a number of upcoming projects.

Power Plant Uranium Industry Segmentation

The global power plant uranium market includes:

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Global Power Plant Uranium Market Size Summary

The global power plant uranium market is poised for modest growth over the forecast period, driven primarily by the increasing number of nuclear power plants in developing regions, particularly Asia-Pacific. Despite the challenges posed by the COVID-19 pandemic, which disrupted uranium production and nuclear projects in countries like France, the demand for uranium is expected to rise as countries such as China and India pursue ambitious nuclear energy targets. However, the market faces obstacles due to the high capital costs and complex technologies associated with nuclear power, as well as the growing adoption of renewable energy sources, which are seen as more accessible and rapidly deployable alternatives.

Asia-Pacific is anticipated to be a key region for uranium demand, with significant nuclear power expansion plans underway. China and India are leading this growth, with numerous reactors under construction and planned, aiming to enhance their nuclear capacity significantly. This expansion aligns with their strategic goals of decarbonizing energy production and developing nuclear technology for potential export. However, the global shift towards renewable energy, supported by various government policies and incentives, poses a challenge to the nuclear industry, potentially dampening uranium demand. The market remains moderately consolidated, with major players like NAC Kazatomprom JSC, Orano SA, and China General Nuclear Power Group playing pivotal roles in shaping its future.

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Global Power Plant Uranium Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Global Uranium Market Size and Demand, in thousand tonnes, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION BY GEOGRAPHY

    1. 2.1 North America

    2. 2.2 Asia-Pacific

    3. 2.3 Europe

    4. 2.4 Middle-East and Africa

    5. 2.5 South America

Global Power Plant Uranium Market Size FAQs

The Global Power Plant Uranium Market is projected to register a CAGR of less than 1.20% during the forecast period (2024-2029)

NAC Kazatomprom JSC, Orano SA, Uranium One Inc, China General Nuclear Power Group (CGN) and Navoi Mining and Metallurgy Combinat are the major companies operating in the Global Power Plant Uranium Market.

Global Power Plant Uranium Report Snapshots

Global Power Plant Uranium Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)