Nuclear Fuel Market Report 2026

The nuclear fuel market size has grown steadily in recent years. It will grow from $34.23 billion in 2025 to $35.33 billion in 2026 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to need for base load power, expansion of nuclear reactors, energy demand growth, government energy policies, technological maturity of nuclear fuel.

The nuclear fuel market size is expected to see steady growth in the next few years. It will grow to $40.21 billion in 2030 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to decarbonization targets, investments in nuclear capacity, development of advanced reactors, long term power stability needs, geopolitical energy security concerns. Major trends in the forecast period include renewed interest in nuclear power generation, growth in low enriched uranium usage, advancements in fuel fabrication technology, rising focus on energy security, expansion of nuclear research programs.

The rising global electricity consumption is expected to drive the growth of the nuclear fuel market in the coming years. Electricity consumption refers to the total amount of electrical energy used by consumers over a specific period. The increase in electricity demand worldwide is driven by factors such as industrial and manufacturing electrification, population growth, higher technology usage, and the electrification of transportation. Nuclear fuel supports electricity generation due to its high energy density, low greenhouse gas emissions, reliability, and ability to provide continuous baseload power. For example, in June 2025, Eurostat, a Luxembourg-based government agency, reported that in 2023, total electricity supply in the EU rose by 2% compared with 2022, with 47.3% of electricity produced from renewable sources, up from 44.9% in 2022. Therefore, the growing global electricity consumption is driving 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 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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