PUBLISHER: The Business Research Company | PRODUCT CODE: 1705486
PUBLISHER: The Business Research Company | PRODUCT CODE: 1705486
Nuclear fuel consists of materials used in nuclear reactors to maintain a nuclear chain reaction. These fuels undergo fission, where atomic nuclei split into smaller fragments, releasing a substantial amount of energy in the form of heat. This heat is then harnessed to generate electricity.
The primary types of nuclear fuels include mixed-oxide (MOX) fuel, uranium fuel, and others. Mixed-oxide fuel (MOX) is a type of nuclear fuel that contains multiple oxides of fissile materials. It is used in nuclear power plants, nuclear research laboratories, and other applications. The industries that utilize MOX fuel include chemical and petrochemical, energy and power, automotive, and healthcare, among others.
The nuclear fuel market research report is one of a series of new reports from The Business Research Company that provides nuclear fuel market statistics, including nuclear fuel industry global market size, regional shares, competitors with a nuclear fuel market share, detailed nuclear fuel market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear fuel industry. This nuclear fuel market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The nuclear fuel market size has grown steadily in recent years. It will grow from $33.28 billion in 2024 to $34.52 billion in 2025 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to a rise in the living standards of people, a rise in electricity consumption, an increase in fresh water requirements, a surge in the usage of nuclear fuel, and a surge in the usage of nuclear power.
The nuclear fuel market size is expected to see steady growth in the next few years. It will grow to $39.55 billion in 2029 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to the increasing need for industrial-scale clean water, the increase in demand for massive energy in industrial boiler systems, rising concerns around energy security, and growing awareness of rising carbon emissions. Major trends in the forecast period include the development of innovative products and technologies, advancements in nuclear technologies, investments in research and development, the adoption of specialized nuclear fuels that offer improved performance, and the commercialization of advanced nuclear reactors.
The increasing 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 within a specified period. The rise in electricity consumption worldwide can be attributed to factors such as the electrification of industries and manufacturing, population growth, greater reliance on technology, and the electrification of transportation. Nuclear fuel is a key source of electricity generation due to its high energy density, low greenhouse gas emissions, reliability, and capacity to provide consistent base-load power. For example, in December 2023, the U.S. Energy Information Administration (EIA), a U.S.-based government agency, reported that in 2022, total U.S. electricity end-use consumption increased by about 3.2% compared to 2021. Therefore, the growing demand for electricity worldwide is contributing to the expansion 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 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, SKODA 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 2024. 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, 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, 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.
Nuclear Fuel Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
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.
Where is the largest and fastest growing market for nuclear fuel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nuclear fuel market global report from the Business Research Company answers all these questions and many more.
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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.