Uranium Ore Market Report 2026

The uranium ore market size has grown steadily in recent years. It will grow from $0.74 billion in 2025 to $0.78 billion in 2026 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to expansion of nuclear power generation capacity, development of surface and underground uranium mines, rising demand for nuclear fuel, availability of sandstone and granite-type deposits, establishment of on-site processing facilities.

The uranium ore market size is expected to see strong growth in the next few years. It will grow to $0.97 billion in 2030 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing investments in nuclear energy programs, rising focus on low-carbon power generation, expansion of uranium exploration activities, growing demand for long-term fuel supply contracts, increasing adoption of advanced extraction technologies. Major trends in the forecast period include increasing focus on secure uranium supply chains, rising adoption of advanced mining and processing technologies, growing emphasis on environmental safety in uranium mining, expansion of nuclear fuel demand, enhanced monitoring of uranium extraction activities.

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.

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 August 2024, Highrock Resources Ltd., a Canada-based mining and exploration company focused on developing uranium and related mineral assets, acquired Liberty Uranium Corporation through a consideration consisting of 6,000,000 common shares and a cash payment of $100,000. This acquisition allowed Highrock Resources to strengthen its strategic position in the Uravan uranium district by obtaining 100% ownership of the Dry Creek uranium project, thereby expanding its uranium ore asset base in a historically prolific uranium-producing region of the United States. Liberty Uranium Corporation is a U.S.-based mineral company that owns the Dry Creek project, which contains uranium ore mineralization within the Uravan mineral belt of Colorado.

Major companies operating in the uranium ore market 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., 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 2025. The regions covered in the uranium ore market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the uranium ore market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

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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