The uranium ore market size has grown strongly in recent years. It will grow from $0.84 billion in 2024 to $0.89 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to the nuclear power plant construction boom, the cold war and military demand, the chernobyl and three-mile island incidents, global economic trends, and changes in the regulatory environment.
The uranium ore market size is expected to see strong growth in the next few years. It will grow to $1.14 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to government policies and incentives, focus on carbon emission reduction, geopolitical stability, exploration and discovery of new uranium deposits, public perception and social acceptance. Major trends in the forecast period include advancements in nuclear technology, development of in-situ recovery (ISR) technology, focus on uranium enrichment technologies, increased scrutiny on environmental and social impact, and diversification of uranium end-use applications.
The increasing consumption of nuclear fuel is anticipated to drive the growth of the uranium ore market in the future. Nuclear fuel consists of materials used in nuclear reactors to produce energy through nuclear fission. Uranium ore is essential for the production of nuclear fuel, which is utilized to generate electricity in nuclear power plants. For example, the World Nuclear Association, a UK-based international organization, reported in September 2024 that nuclear facilities generated 2,602 TWh (terawatt-hours) of electricity in 2023, up from 2,545 TWh in 2022. Thus, the rising demand for nuclear fuel is contributing to the expansion of the uranium ore market.
The anticipated increase in electricity consumption is expected to drive the growth of the uranium ore market in the future. Electricity consumption refers to the total amount of electrical energy utilized by individuals, businesses, industries, and other entities over a defined period. Uranium ore is crucial for electricity generation, serving as the primary fuel source for nuclear power plants, where nuclear fission reactions produce heat that is then converted into electricity. For instance, in July 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, reported in its mid-year update that global electricity demand is projected to rise by approximately 4% in 2024, up from 2.5% in 2023. Consequently, the increase in electricity consumption is fueling the growth of the uranium ore market.
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.
The extraction of uranium ore involves retrieving the mineral from the ground, followed by its treatment to produce uranium oxide, commonly known as yellowcake, which is then exported. This conversion process often occurs at the mine site itself.
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 that 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.
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.
Asia-Pacific was the largest region in the uranium ore market in 2024.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.
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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Table of Contents
Executive Summary
Uranium Ore Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on uranium ore market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for uranium ore ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The uranium ore market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Granite-Type Uranium Deposits; Volcanic-Type Uranium Deposits; Sandstone-Type Uranium Deposits; and Carbonate-Siliceous-Pelitic Rock Type Uranium Deposits2) By Mining Type: Underground Mining; Surface Mining
Subsegments:
1) By Granite-Type Uranium Deposits: Hydrothermal Deposits; Pegmatitic Deposits2) 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
Key Companies Mentioned: Cameco Corporation; Rio Tinto Group; BHP Billiton Ltd.; Paladin Energy Ltd.; Energy Resources of Australia Ltd.
Countries: 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
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this Uranium Ore market report 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.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | April 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 0.89 Billion |
Forecasted Market Value ( USD | $ 1.14 Billion |
Compound Annual Growth Rate | 6.5% |
Regions Covered | Global |
No. of Companies Mentioned | 30 |