Press release
Uranium Ore Market Size Forecasted To Achieve $1.14 Billion By 2029 With Steady Growth
Uranium Ore
How Big Is the Uranium Ore Market Size Expected to Be by 2034?
The uranium ore market size has grown strongly in recent years. It will increase from $0.84 billion in 2024 to $0.89 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth can be attributed to the expansion of nuclear power plant construction, military demand during the Cold War, the effects of the Chernobyl and Three-Mile Island incidents, global economic trends, and regulatory changes in the sector.
The uranium ore market is expected to increase to $1.14 billion by 2029, growing at a CAGR of 6.5%. Contributing factors are supportive government policies, decarbonization goals, geopolitical balance, new deposit discoveries, and greater public acceptance. Key trends include innovations in nuclear technology, ISR development, uranium enrichment progress, enhanced ESG oversight, and broader application areas.
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What Are the Emerging Segments Within the Uranium Ore Market?
The uranium ore market covered in this report is segmented -
1) By Type: Granite-Type Uranium Deposits, Volcanic-Type Uranium Deposits, Sandstone-Type Uranium Deposits, and Carbonate-Siliceous-Pelitic Rock Type Uranium Deposits
2) By Mining Type: Underground Mining, Surface Mining
Subsegments:
1) By Granite-Type Uranium Deposits: Hydrothermal Deposits, Pegmatitic Deposits
2) By Volcanic-Type Uranium Deposits: Rhyolitic Deposits, Basaltic Deposits
3) By Sandstone-Type Uranium Deposits: Unconformity-Related Deposits, Roll-Front Deposits
4) By Carbonate-Siliceous-Pelitic Rock Type Uranium Deposits: Carbonate Rock Deposits, Siliceous Rock Deposits, Pelitic Rock Deposits
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What Long-Term Drivers Are Shaping Uranium Ore Market Trends?
Rising nuclear fuel consumption is expected to fuel the uranium ore market. Uranium ore is a key material in producing nuclear fuel, which is used in nuclear reactors to generate electricity. In 2023, global nuclear plants generated 2,602 TWh of electricity, a rise from 2,545 TWh in 2022, indicating an increase in demand for uranium and driving market growth.
Who Are the Top Competitors in Key Uranium Ore Market Segments?
Major companies operating in the uranium ore market include Cameco Corporation, Rio Tinto Group, BHP Billiton Ltd., Paladin Energy Ltd., Energy Resources of Australia Ltd., Kazatomprom, Orano, Uranium One Inc., CGN Mining Company Limited, Navoi Mining and Metallurgical Combinat, China National Nuclear Corporation, ARMZ Uranium Holding Co., Denison Mines Corp., Energy Fuels Inc., Uranium Energy Corp., Peninsula Energy Ltd., Uranium Resources Inc., Ur-Energy Inc., Laramide Resources Ltd., Fission Uranium Corp., NexGen Energy Ltd., GoviEx Uranium Inc., Berkeley Energia Limited, Boss Resources Limited, Aura Energy Limited, Deep Yellow Limited, Yellow Cake plc, Uranium Participation Corporation, Uranium Royalty Corp.
What Trends Are Expected to Dominate the Uranium Ore Market in the Next 5 Years?
Several leading nations are actively developing new uranium ore mining facilities to support their nuclear energy goals. For instance, in August 2023, Iran launched a uranium mine in the Jang-e Sar region of Khoy, aimed at advancing its nuclear power generation plans. Additionally, the Narigan Mining and Industrial Complex in Yazd province, now in its operational phase, is the largest uranium-molybdenum mine in the country. The uranium extracted from these sites will be transported to Isfahan for purification and fabrication into nuclear fuel. Moreover, a newly established mining complex in West Azarbaijan province is expected to supply critical raw materials for nuclear energy production, helping Iran move toward its target of increasing nuclear electricity generation capacity to 20,000 MWe.
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Which Regions Are Becoming Hubs for Uranium Ore Market Innovation?
The countries covered in the uranium ore market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Uranium Ore Market?
2. What is the CAGR expected in the Uranium Ore Market?
3. What Are the Key Innovations Transforming the Uranium Ore Industry?
4. Which Region Is Leading the Uranium Ore Market?
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