Nuclear Fuel Market Outlook, Size, Share & Forecast 2022 to 2030

According to the Market Statsville Group (MSG), the global nuclear fuel market size is projected to grow at a CAGR of 3.1% from 2022 to 2030. Nuclear fuel is a type of material used in nuclear power plants to generate heat that drives turbines. When nuclear fuel undergoes nuclear fission, heat is produced. Most nuclear fuels contain heavy fissile actinide elements capable of undergoing and sustaining nuclear fission. Nuclear power currently contributes approximately 10% of the world's electricity production. Nuclear fuel is expected to play a lucrative role in future electricity and energy supply. Furthermore, government initiatives will drive the growth of the market. However, the disposal of remaining nuclear fuel is a major issue hampering market's growth.

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COVID-19 Impact on the Global Nuclear Fuel Market
COVID-19 has a significant impact on the growth of the market, the disrupted supply chains led to the loss of nuclear fuel due to its half-life factor. Further, in the second quarter of the pandemic, nuclear power plants were providing power to the data centers as work from home or online traffic increased, which increased the power consumption of data centers. Thus, COVID-19 has a significant impact on the market's growth.

Scope of the Global Nuclear Fuel Market
The study categorizes the nuclear fuel market based on fuel type, and reactor type at the regional and global levels.

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By Fuel Type Outlook (Sales, USD Million, 2017-2030
)
Uranium Fuel
Mixed Oxide (MOX) Nuclear Fuel

By Reactor Type Outlook (Sales, USD Million, 2017-2030)

Boiling Water Reactor (BWR)
Pressurized Water Reactor (PWR)

By Region Outlook (Sales, USD Million, 2017-2030)

North America

US
Canada
Mexico

Europe

Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
the Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
The Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific

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South America

Brazil
Argentina
Colombia
Rest of South America

The Middle East & Africa

Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA

Asia Pacific accounts for the highest CAGR in the nuclear fuel market

Based on region, the nuclear fuel market is segmented into North America, Europe, Latin America, MEA, and Asia-Pacific. Asia Pacific regions account for the highest CAGR during the forecasting period. The growth is attributed to the growing development of nuclear power plants in China and India. Further, Asia Pacific is the main region in the world where generating electricity via nuclear power is witnessing significant growth over the forecast period. According to World Nuclear Association, Asia Pacific has approximately 135-140 operable nuclear power reactors, about 30-35 under construction, and various government and public & private firms plan to build an additional 50-60.

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Key Market Players in the Global Nuclear Fuel Market
Key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

Major players in the market are:

ameco,
ARMZ Uranium Holding Company
KazAtomProm
Energy Resources of Australia, Ltd.
Japan, Oil, Gas and Metals National Corporation
Anglo-Canadian Mining Corp
Azimut Exploration
AREVA
China National Nuclear Corporation
Paladin Energy
Vattenfall
Eagle Plains Resources.

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This release was published on openPR.