Nuclear Fuel Market Report 2024 – Adoption of Specialized Nuclear Fuels for Enhanced Performance and the Commercialization of Advanced Nuclear Reactors – A $38.27 Billion Market by 2028

Dublin, Nov. 29, 2024 (GLOBE NEWSWIRE) — The “Nuclear Fuel Market Report 2024” has been added to ResearchAndMarkets.com’s offering.

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, Hitachi, Siemens, General Electric, Fluor, Rosatom State Nuclear Energy, CNNC Nuclear Fuel Corp, Framatome, JSC National Atomic Company Kazatomprom, Urenco, Cameco, Babcock & Wilcox, TVEL Fuel Company, Atomenergomash, Centrus Energy, Holtec International, Orano, Uranium One, KEPCO Nuclear Fuel Co, SKODA JS a.s., Techsnabexport, ENUSA Industrias Avanzadas, Global Nuclear Fuel Co Ltd and AREVA.

This report focuses on nuclear fuel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

The 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.

Markets Covered:

• By Type: Mixed Oxide (MOX) Fuel; Uranium Fuel; Other Types
• By Application: Nuclear Power Plants; Nuclear Research Labs; Other Applications
• By End-Use Industry: Chemical And Petrochemical; Energy And Power; Automotive; Healthcare; Other End Use Industries

Key Companies Mentioned: Mitsubishi Heavy Industries, Hitachi, Siemens, General Electric and Fluor Corporation

Key Attributes:

Key Topics Covered:

1. Executive Summary

2. Nuclear Fuel Market Characteristics

3. Nuclear Fuel Market Trends and Strategies

4. Nuclear Fuel Market – Macro Economic Scenario

5. Global Nuclear Fuel Market Size and Growth
5.1. Global Nuclear Fuel Market Drivers and Restraints
5.2. Global Nuclear Fuel Historic Market Size and Growth, 2018 – 2023, Value ($ Billion)
5.3. Global Nuclear Fuel Forecast Market Size and Growth, 2023 – 2028, 2033F, Value ($ Billion)

6. Nuclear Fuel Market Segmentation
6.1. Global Nuclear Fuel Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

• Mixed Oxide (MOX) Fuel
• Uranium Fuel
• Other Types

6.2. Global Nuclear Fuel Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

• Nuclear Power Plants
• Nuclear Research Labs
• Other Applications

6.3. Global Nuclear Fuel Market, Segmentation by End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

• Chemical and Petrochemical
• Energy and Power
• Automotive
• Healthcare
• Other End Use Industries

7. Nuclear Fuel Market Regional and Country Analysis
7.1. Global Nuclear Fuel Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Nuclear Fuel Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8-29. Country Specific Nuclear Fuel Market Analysis

30. Nuclear Fuel Market Competitive Landscape and Company Profiles
30.1. Nuclear Fuel Market Competitive Landscape
30.2. Nuclear Fuel Market Company Profiles

• Mitsubishi Heavy Industries
• Hitachi
• Siemens
• General Electric
• Fluor Corporation

31. Nuclear Fuel Market Other Major and Innovative Companies

• 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
• Uranium One
• KEPCO Nuclear Fuel Co
• SKODA JS a.S.

32. Global Nuclear Fuel Market Competitive Benchmarking

33. Global Nuclear Fuel Market Competitive Dashboard

34. Key Mergers and Acquisitions in the Nuclear Fuel Market

35. Nuclear Fuel Market Future Outlook and Potential Analysis
35.1 Nuclear Fuel Market in 2028 – Countries Offering Most New Opportunities
35.2 Nuclear Fuel Market in 2028 – Segments Offering Most New Opportunities
35.3 Nuclear Fuel Market in 2028 – Growth Strategies

For more information about this report visit https://www.researchandmarkets.com/r/z3lnoz

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

• Nuclear Fuel Market Report 2024