According to the Market Statsville Group (MSG), the global nuclear fuel market size is projected to grow at a CAGR of 3.1% from 2022 to 2030. Nuclear fuel is a type of material used in nuclear power plants to generate heat that drives turbines. When nuclear fuel undergoes nuclear fission, heat is produced. Most nuclear fuels contain heavy fissile actinide elements capable of undergoing and sustaining nuclear fission. Nuclear power currently contributes approximately 10% of the world’s electricity production. Nuclear fuel is expected to play a lucrative role in future electricity and energy supply. Furthermore, government initiatives will drive the growth of the market. However, the disposal of remaining nuclear fuel is a major issue hampering market’s growth.
COVID–19 Impact on the Global Nuclear Fuel Market
COVID-19 has a significant impact on the growth of the market, the disrupted supply chains led to the loss of nuclear fuel due to its half-life factor. Further, in the second quarter of the pandemic, nuclear power plants were providing power to the data centers as work from home or online traffic increased, which increased the power consumption of data centers. Thus, COVID-19 has a significant impact on the market’s growth.
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Scope of the Global Nuclear Fuel Market
The study categorizes the nuclear fuel market based on fuel type, and reactor type at the regional and global levels.
By Fuel Type Outlook (Sales, USD Million, 2017–2030)
- Uranium Fuel
- Mixed Oxide (MOX) Nuclear Fuel
By Reactor Type Outlook (Sales, USD Million, 2017–2030)
- Boiling Water Reactor (BWR)
- Pressurized Water Reactor (PWR)
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Asia Pacific accounts for the highest CAGR in the nuclear fuel market
Based on region, the nuclear fuel market is segmented into North America, Europe, Latin America, MEA, and Asia-Pacific. Asia Pacific regions account for the highest CAGR during the forecasting period. The growth is attributed to the growing development of nuclear power plants in China and India. Further, Asia Pacific is the main region in the world where generating electricity via nuclear power is witnessing significant growth over the forecast period. According to World Nuclear Association, Asia Pacific has approximately 135-140 operable nuclear power reactors, about 30-35 under construction, and various government and public & private firms plan to build an additional 50-60.
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Key Market Players in the Global Nuclear Fuel Market
Key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.
Major players in the market are:
- ARMZ Uranium Holding Company
- Energy Resources of Australia, Ltd.
- Japan, Oil, Gas and Metals National Corporation
- Anglo-Canadian Mining Corp
- Azimut Exploration
- China National Nuclear Corporation
- Paladin Energy
- Eagle Plains Resources.
- In April 2022, Framatome launched Framatome Bulgaria, a wholly owned subsidiary of Framatome, focused on supporting the Kozloduy Nuclear Power Plant (NPP) and reinforcing its presence in Central Europe. This launch strengthens the cooperation between Kozloduy NPP and Framatome coupled with strengthening nuclear fuel segment.
- In April 2022, TRISO-X LLC, a wholly owned subsidiary of X-energy LLC, is expanding its capacity by estabilishing facility in Oak Ridge as the site for its operations. It will be United States’ first commercial advanced High-Assay Low-Enriched Uranium (HALEU) based nuclear reactor fuel fabrication facility of its kind.
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Key Issues Addressed
- What is the market size by various segmentation of the nuclear fuel by region and its respective countries?
- What are the customer buying behavior, key takeaways, and Porter’s 5 forces of the nuclear fuel market?
- What are the key opportunities and trends for manufacturers involved in the nuclear fuel supply chain?
- What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
- The market player positioning, top winning strategies by years, company product developments, and launches will be?
- How has COVID–19 impacted the demand and sales of nuclear fuel in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.