Nuclear Fuel Market Report 2024

This Nuclear Fuel market 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 nuclear fuel market size has grown steadily in recent years. It will grow from $32.17 billion in 2023 to $33.28 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth during the historic period can be attributed to improved living standards, increased electricity consumption, higher demands for fresh water, and a rise in both the usage of nuclear fuel and the adoption of nuclear power.

The nuclear fuel market size is expected to see steady growth in the next few years. It will grow to $38.27 billion in 2028, at a compound annual growth rate (CAGR) of 3.6%. The growth during the forecast period can be attributed to the rising need for industrial-scale clean water, increased demand for substantial energy in industrial boiler systems, heightened concerns about energy security, and growing awareness of rising carbon emissions. Major trends expected in this period include the development of innovative products and technologies, advancements in nuclear technologies, increased investments in research and development, the adoption of specialized nuclear fuels for enhanced performance, and the commercialization of advanced nuclear reactors.

The increasing global consumption of electricity is anticipated to drive growth in the nuclear fuel market in the coming years. Electricity consumption refers to the total electrical energy used by consumers over a specific period. Factors contributing to the rise in electricity consumption include the electrification of industrial and manufacturing processes, a growing population, greater use of technology, and the electrification of transportation. Nuclear fuel is essential for electricity generation due to its high energy density, low greenhouse gas emissions, reliability, and capacity to provide continuous base load power. For example, the US Energy Information Administration reported in December 2023 that total U.S. electricity end-use consumption in 2022 was about 3.2% higher than in 2021. As a result, the increasing global demand for electricity is fueling the growth of the nuclear fuel market.

Key players in the nuclear fuel market are focusing on expanding their product offerings through strategic collaborations to enhance their market presence and address a wider range of consumer needs. Collaborations are a strategy used to broaden a company’s product or service range by forming partnerships with other businesses. For instance, in July 2024, NANO Nuclear Energy, a US-based advanced nuclear energy and technology company, teamed up with Curio Solutions, a US-based firm specializing in advanced nuclear recycling technology. This partnership aims to develop more sustainable nuclear energy solutions using NANO's portable microreactors. The collaboration involves sharing fuel design information with Curio to identify optimal recycling methods via Curio's NuCycle process. The goal is to integrate recycled fuel into NANO’s microreactor designs, creating a more sustainable nuclear fuel cycle. This partnership highlights Curio’s commitment to working within the nuclear industry to develop cleaner, more sustainable solutions.

In November 2023, Cameco Corporation, a Canada-based uranium producer, and Brookfield Corporation, a Canada-based investment management firm, acquired Westinghouse Electric Company for $8.2 billion. This acquisition represents Cameco’s strategic effort to expand its portfolio by incorporating Westinghouse’s expertise in providing global solutions for secure, reliable, and emissions-free baseload power, along with uranium production and fuel services. Westinghouse Electric Company is a US-based manufacturer of nuclear fuel products for various types of reactors.

Major companies operating in the nuclear fuel market are Mitsubishi Heavy Industries ltd, Hitachi Ltd, Siemens AG, General Electric, Fluor Corporation, Rosatom State Nuclear Energy Corporation, CNNC Nuclear Fuel Corp, Framatome, JSC National Atomic Company Kazatomprom, Urenco, Cameco Corporation, Babcock & Wilcox, TVEL Fuel Company, Atomenergomash, Centrus Energy, Holtec International, Orano SA, Uranium One Inc, KEPCO Nuclear Fuel Co, ŠKODA JS a.s., Techsnabexport, ENUSA Industrias Avanzadas, Global Nuclear Fuel Co Ltd, AREVA S.A.

North America was the largest region in the nuclear fuel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuclear fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the nuclear fuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Nuclear fuel consists of materials used in nuclear reactors to maintain a nuclear chain reaction. These fuels undergo fission, where atomic nuclei split into smaller fragments, releasing a substantial amount of energy in the form of heat. This heat is then harnessed to generate electricity.

The primary types of nuclear fuels include mixed-oxide (MOX) fuel, uranium fuel, and others. Mixed-oxide fuel (MOX) is a type of nuclear fuel that contains multiple oxides of fissile materials. It is used in nuclear power plants, nuclear research laboratories, and other applications. The industries that utilize MOX fuel include chemical and petrochemical, energy and power, automotive, and healthcare, among others.

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

The nuclear fuel market consists of sales of fuel reprocessing materials, fuel assemblies, thorium fuel, and depleted uranium. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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