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The uranium mining market size is forecast to increase by 3,490.06 tons, at a CAGR of 1.39% between 2022 and 2027. The market's expansion hinges on numerous factors, notably the heightened emphasis on clean energy technologies, the growing reliance on nuclear power, and governmental incentives aimed at bolstering nuclear power generation. These trends signify a broader shift towards sustainable energy solutions and underscore the pivotal role of nuclear power in meeting energy demands while mitigating environmental impact. Government support, through incentives and policies, further propels the growth trajectory of the market, fostering innovation and investment in nuclear energy infrastructure. As clean energy agendas gain momentum globally, the nuclear power sector stands poised for substantial growth, driving advancements in technology, operational efficiency, and sustainable energy practices.
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This market report extensively covers market segmentation by method (ISL, underground and open pit, and by-product), technique (dynamic leaching and heap leaching), and geography (APAC, Middle East and Africa, North America, Europe, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The sector faces a dynamic landscape influenced by several factors. Multinational companies drive global uranium industry growth, navigating challenges like licensing and radiation protection. Advanced ISL operations and conventional mines play vital roles in accessing uranium reserves and recoverable resources. Trends indicate increased exploration efforts, especially in regions like Kazakhstan, led by companies like Kazatomprom. Challenges such as long-term management of radioactive waste and base metal co-extraction underscore the industry's focus on sustainability and regulatory compliance amidst evolving market demands. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising focus on clean energy technologies is notably driving the market growth. According to the IEA, energy-related CO2 emissions increased globally by 6% in 2021 when compared to 2020 due to the rising global energy demand and the extensive use of fossil fuels. The demand for clean energy technologies such as nuclear power has been growing globally to reduce carbon emissions. Nuclear power plants do not produce CO2, methane, or other toxic emissions.
Though nuclear power reactors can cause radiation, it is less than the radioactivity released by coal-fired power plants. One ton of uranium is approximately equivalent to 1,000 tons of coal, 42,000 gallons of oil, or 17 million cubic feet of natural gas for a kilowatt of power generation. Hence, a very small amount of uranium is needed to be mined, which reduces the environmental impact of mining uranium when compared to fossil fuels. The rise in demand for clean energy technologies will increase the construction of nuclear reactors during the forecast period. This, in turn, is expected to propel the market during the forecast period.
Technological advances are influencing market growth. The digitization of mining operations has been a key trend in the global market. Stringent regulations on the safety of uranium mining operations have impacted the operating and capital costs of running mining facilities. The need for employee safety and machine and process productivity has increased in the mining industry.
Automation helps in capturing real-time data to monitor processes and make process-related decisions. For instance, Cameco Corp. is making its operations safer and more efficient with the help of robots, artificial intelligence, and advanced process control. For on-site underground mining operations, mining companies use automation solutions such as remotely controlled systems to operate equipment and machinery and reduce safety risks. Organizations can reduce unnecessary costs and enhance the efficiency and productivity of operations by employing remote monitoring and control solutions. Such developments are expected to support the market during the forecast period.
The competition for nuclear power from other energy sources may impede market growth. Geothermal, solar, wind, hydropower, and biomass energy are some examples of renewable energy sources. According to the IEA, renewables and natural gas accounted for 28% and 24% of the total electricity generation, respectively, in 2020. The popularity of renewables has increased significantly across the world. The adoption of clean energy sources for electricity is rising. Therefore, the demand for harnessing renewable energy sources has been increasing at a rapid rate.
From 2003 to 2021, the share of renewables in global electricity production increased from 17.60% to 28%. During the same period, renewables were the largest contributors to the change in electricity production by source. The EU has set a target of achieving a share of 35% of the total power generation from renewables by 2030. The increasing adoption of renewables for clean power generation restricts the growth of nuclear power generation. According to the IEA, the share of nuclear power in total electricity production declined by about 3 GW globally in 2021 compared with 2020. These factors are expected to hinder the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A Cap Energy Ltd. - The company offers uranium mining services such as exploration and evaluation of uranium deposits in Botswana.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The sector encompasses a diverse range of activities and processes crucial for extracting uranium resources. These activities include ISL (in-situ leach) operations and conventional mines, each with unique approaches to accessing uranium reserves and recoverable resources. Multinational ownership structures play a pivotal role in shaping the global uranium industry and the distribution of active Uranium mines worldwide. Within these mines, processes such as mill operations and carbonate leaching are employed to extract uranium oxides and U3O8, vital components for nuclear fuel production. Countries like Kazakhstan and organizations such as Kazatomprom are significant players in mining, contributing to the industry's exploration, licensing, and excavation efforts. Ensuring radiation protection, long-term management of radioactive waste, and adherence to industry executives' guidelines are crucial for sustainable uranium mining practices.
The market share growth by the ISL segment will be significant during the forecast period. A majority of uranium mining across the world is done through the in-situ leach (ISL) method. Most of the mining carried out in the US, Kazakhstan, and Uzbekistan is done through this method, which is also called in-situ recovery (ISR).
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The ISL segment was valued at USD 29,982.23 tons in 2017 and continued to grow until 2021. This method is favorable due to various factors, such as cost-effective and environmentally acceptable methods of mining. However, ISL leaves the ore where it is in the ground and recovers the uranium from the ore by dissolving them and pumping the pregnant solution to the surface. These factors will drive the ISL segment during the forecast period.
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APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in APAC is attributed to factors such as the increasing demand for nuclear power for clean electricity generation. Countries such as Kazakhstan, Australia, China, and India will contribute significantly to the growth of the regional market during the forecast period. The installed capacity for electricity production, especially nuclear power, has been growing in APAC. Various countries are building new nuclear power reactors to meet their increasing demand for clean electricity in APAC. These factors are expected to increase the demand for uranium as a fuel, which will propel the regional market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "tons" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market is a complex landscape that encompasses various aspects, from uranium reserves and active mines to recoverable resources and uranium production. With multinational ownership structures involving major players like Uranium One, CNNC, BHP, and ARMZ, the market is characterized by significant diversity and competition. Key operations such as conventional mines, in-situ leach (ISL) operations, and uranium milling play crucial roles in extracting uranium oxides like U3O8. These processes often involve technologies like ion exchange and carbonate leaching, supported by infrastructure such as mills and sulfuric acid plants.
Moreover, despite its importance in reactor requirements for nuclear energy, the industry faces challenges like radiation protection, long-term management of radioactive waste, and economics affected by uranium prices' volatility. The Red Book provides valuable insights into uranium reserves and production forecasts, influencing market dynamics and investor decisions. Industry executives and regulatory bodies like the IAEA oversee licensing, excavation, and sustainability efforts. Price forecasts and market cycles, including peaks and troughs, impact uranium spot prices and mining operations. Balancing costs of production with price estimates remains critical for long-term sustainability in the mining sector.
Furthermore, the global uranium industry encompasses a network of active Uranium mines and uranium production operations worldwide. Mill facilities and in-situ leach (ISL) operations are key components of this industry, alongside mineral resources like Copper and Phosphate that often co-occur with uranium deposits.The market structure involves multinational ownership, with companies like Cigar Lake, Husab, Olympic Dam, and Rössing being significant players. These entities contribute to world uranium production and influence market dynamics, including uranium spot price trends. Challenges such as operating costs, restart considerations, and care-and-maintenance modes during market fluctuations impact operations. Industry metrics like peak and trough cycles, inventory levels, and cost of production estimates guide decision-making and strategy formulation.
Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.39% |
Market growth 2023-2027 |
3,490.06 tons |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
1.31 |
Regional analysis |
APAC, Middle East and Africa, North America, Europe, and South America |
Performing market contribution |
APAC at 55% |
Key countries |
Canada, Namibia, Kazakhstan, Australia, and Uzbekistan |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A Cap Energy Ltd., ActivEX Ltd., Adavale Resources Ltd., African Energy Ltd., Alligator Energy Ltd., Altius Minerals Corp., ALX Resources Corp., Aurora Energy Metals, Berkeley Energia Ltd., Cameco Corp., CGN Mining Co. Ltd., China National Nuclear Corp., Deep Yellow Ltd., General Atomics, Jindalee Resources Ltd., Joint Stock Co. Navoi Mining and Metallurgical Co., National Atomic Co. Kazatomprom Joint Stock Co., Orano, State Atomic Energy Corp. Rosatom, and State Enterprise Eastern Mining and Processing Plant |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Method
6 Market Segmentation by Technique
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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