Uranium
is mostly used in nuclear power plants to generate electricity. The rising
demand for electricity and the capacity of nuclear reactors is driving the
uranium market. The global uranium market is expected to witness significant
growth in next six years. Nearly 75% of uranium supply is through mining
activity and it is expected to grow further in the coming years.
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Other
secondary sources of uranium include civil stockpiles, recycled uranium, and
ex-military weapons-grade uranium. It is expected that there will be a balance
between the demand and the supply as the number of new reactors being
constructed and old plants retiring is nearly the same.
In
the next six years, it is expected that China, Russia, India, the Middle East,
and Europe will expand their use of nuclear energy, creating intense
competition for mined uranium. China and Russia are the fastest growing markets
and they have already started buying huge stakes in uranium mining
operations.
In
2011, after the incident of Fukushima Daiichi reactor owing to Japan’s tsunami
and earthquake, the uranium market might witness slow growth. Shortage of
uranium may be experienced in the next few years in spite of the abundance of
uranium in the earth’s crust, but it takes many years to build and finance
uranium mining operations.
Some
of the major factors driving the market are the growing demand for nuclear
energy, the economic advantage associated with uranium production, oil price
fluctuations, and increased awareness regarding reducing carbon emissions. The
restraint faced by the industry is the high entry barrier because it is a
highly capital intensive industry and requires a long time to obtain mining
permits. Owing to environmental concerns, obtaining a uranium mining permit is
a major challenge.
The
global uranium industry is highly concentrated as very few players are
operating in relatively few countries. Russia’s Rosatom and Kazakhstan’s
Kazatomprom have entered into a joint venture to dominate the uranium market.
Some of the key participants in the market are Cameco Corp., African Energy
Resources Ltd, Energy Resources of Australia Ltd, American Uranium Corp. Inc.,
National Atomic Company Kazatomprom, China National Nuclear Corp., Gulf Mines
Ltd., and JOGMEC.
This
research report analyzes this market depending on its market segments, major
geographies, and current market trends. Geographies analyzed under this
research report include
·
North
America
·
Asia
Pacific
·
Europe
·
Rest
of the World
This
report provides comprehensive analysis of
·
Market
growth drivers
·
Factors
limiting market growth
·
Current
market trends
·
Market
structure
·
Market
projections for upcoming years
This
report is a complete study of current trends in the market, industry growth
drivers, and restraints. It provides market projections for the coming years.
It includes analysis of recent developments in technology, Porter’s five force
model analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing market
players and new entrants along with detailed value chain analysis.
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