Uranium Ore Global Market Report 2024

The uranium ore market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The historic growth of the uranium ore industry was influenced by several factors, including a surge in nuclear power plant construction, heightened demand driven by Cold War military needs, incidents like Chernobyl and Three Mile Island shaping public perception, global economic trends, and evolving regulatory environments. These factors collectively impacted the trajectory of uranium ore production and utilization.

The uranium ore market size is expected to see strongly grown in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period for uranium ore production is expected to be propelled by government policies favoring cleaner energy sources, incentives promoting carbon emission reduction, geopolitical stability fostering mining activities, new discoveries of uranium deposits, and shifts in public perception and social acceptance. Significant trends in this period are likely to include advancements in nuclear technology, the emergence of in-situ recovery (ISR) techniques, advancements in uranium enrichment technologies, heightened attention on environmental and social impacts, and a broadening of uranium's applications.

The uranium ore market is anticipated to expand due to increased demand from rising nuclear fuel consumption. Nuclear fuel, essential for energy production through nuclear fission in reactors, heavily relies on uranium ore. For instance, in September 2021, the US Government Accountability Office reported over 86,000 metric tons of used nuclear fuel from commercial reactors stored across 75 locations in the United States, indicating a consistent increase, thus driving the uranium ore market growth.

Escalating electricity consumption is poised to fuel the uranium ore market. As the primary fuel source for nuclear power plants, uranium ore is integral to electricity generation via nuclear fission reactions. Notably, the Energy Information Administration reported a 2.6% surge in total electricity consumption in the United States in 2022. Retail electricity sales to residential and commercial sectors also rose by 3.5% and 3.4%, respectively, compared to 2021, highlighting the increasing demand for uranium ore to meet these energy needs. The implementation of autonomous hauling systems in mining significantly enhances efficiency and reduces turnaround times in 2021. These systems manage off-highway haul trucks by controlling and tracking their movements autonomously. By minimizing delays, operational costs, and fuel consumption, they contribute to increased productivity and reduced carbon emissions in the mining industry.

Numerous major countries are actively developing new facilities for uranium ore mining. For instance, in August 2023, Iran launched a new uranium mine in the Jang-e Sar region of Khoy, aiming to advance its nuclear power generation plans. Furthermore, the Narigan Mining and Industrial Complex in Yazd province has commenced its exploitation phase and stands as Iran's largest uranium-molybdenum mine. Extracted uranium from these mines will be sent to Isfahan for purification and fabrication into nuclear fuel. The establishment of a new mining complex in the northwestern province of West Azarbaijan will also contribute to Iran's goal of reaching a nuclear electricity generation capacity of 20,000 MWe.

In January 2022, Uranium Energy Corp, a prominent U.S. Entity in uranium mining and exploration, completed the acquisition of Uranium One Americas (U1A), Inc. The deal, valued at $112 million in cash alongside an estimated $2.9 million in working capital and the assumption of $19 million in reclamation bonding, significantly bolstered UEC's position. This strategic move amplified UEC's standing in the US ISR (In-Situ Recovery) production domain, projecting an annual output of 6.5 million pounds U3O8. This estimation is based on the operational capacities and permissions across UEC's hub-and-spoke operations in Wyoming and South Texas. Uranium One Americas (U1A), Inc., primarily operates in uranium, radium, and vanadium ores within the United States.

Major companies operating in the uranium ore market report are 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., General Atomics, 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.

Asia-Pacific was the largest region in the uranium ore market in 2023.the regions covered in the uranium ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the uranium ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Uranium ore primarily comes in various types, including granite-type, volcanic-type, sandstone-type, and carbonate-siliceous-pelitic rock-type deposits. The latter, carbonate-siliceous-pelitic rock-type deposits, stand out as significant mineralization phenomena outside the Red Bed. These deposits not only share the same source, timeframe, and location but also exhibit a cause-and-effect relationship. The mining methods employed encompass both underground and surface mining techniques.

The uranium ore market research report is one of a series of new reports provides uranium ore market statistics, including uranium ore industry global market size, regional shares, competitors with a uranium ore market share, detailed uranium ore market segments, market trends and opportunities, and any further data you may need to thrive in the uranium ore industry. This uranium ore global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The uranium ore market includes revenues earned by entities by generating electricity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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