Nuclear Fuel Market Analysis, Key Company Profiles, Types, Applications and Forecast to 2030

The nuclear fuel market was worth USD 41.4 billion in 2020 and is poised to amass a valuation of USD 58.4 billion by 2030, registering a CAGR of 3.5% over the forecast period of 2022-2030.
Nuclear fuel refers to materials used in nuclear power plants to generate heat to drive turbines. This heat is a byproduct of the nuclear fission reaction that occurs in nuclear reactors. The majority of commercially accessible nuclear fuel is made of oxides.However, producing nuclear fuel based on metal, nitrides, and other forms has received more attention from industry and academic research departments. Along with nuclear fuel fabrication services, it is predicted that throughout the course of the projection period, the market will experience significant growth.

The nuclear fuel cycle is made up of front-end procedures that prepare uranium for use in reactors and back-end procedures that securely handle, prepare, and dispose of used nuclear fuel that has already been used but is still extremely radioactive.The most popular fuel for nuclear fission in nuclear power plants is uranium. A specific variety of uranium, U-235, is used as fuel in nuclear power reactors because its atoms are simple to separate. Despite being nearly 100 times more prevalent than silver, uranium, or U-235, is only found in a little over 0.7% of naturally occurring uranium. At uranium mills or in-situ leaching plants, uranium concentrate is separated from uranium ore or from a slurry. Following processing in conversion and enrichment facilities, the level of U-235 is raised to 3% to 5% for use in commercial nuclear reactors.

It is subsequently transformed into reactor fuel pellets and fuel rods in reactor fuel fabrication facilities, where conversion and enrichment processes raise the level of U-235 to 3%-5% for commercial nuclear reactors.

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Reactors are filled with nuclear fuel, which is then used until the fuel assemblies get extremely radioactive and need to be removed for short-term storage and eventual disposal. Technically possible but illegal in the US is the chemical processing of spent fuel material to recover any leftover product that may undergo fission again in a new fuel assembly.

Global Nuclear Fuel Market- Key trends

Escalating demand for clean power sources to aid industry expansion

With rising pollution levels and threats of global warming, there has been an increase in the environmental cognizance of the masses. This has created a demand for sustainable and green electricity sources. Nuclear energy poses lesser threat to the environment since it is renewable in nature. These factors are positively swaying the dynamics of this marketplace.
Global Nuclear Fuel Market- Segmental assessment

By Type

• Uranium Fuel
• Mixed Oxide (MOX) Nuclear Fuel
The uranium fuel segment is expected to generate significant returns over the stipulated timeline. This is credited to the ability of uranium to undergo extreme nuclear fission reactions.

By Reactor type

• Boiling Water Reactor (BWR)
• Pressurized Water Reactor (PWR)
The boiling water reactor segment is anticipated to amass notable gains over the estimated timeframe due to their energy efficiency and affordability.
Global Nuclear Fuel Market- Competitive terrain

The prominent players characterizing the competitive landscape of the business sphere are Cameco, 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, and Eagle Plains Resources.

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