Transparency Market Research Report Added "Uranium Market" to its database.
Albany, NY -- (SBWIRE) -- 03/13/2015 -- Demand in the global uranium market is likely to register impressive growth in the forthcoming years. The rising demand for cheap and more reliable sources of energy along with the need to curtail the harmful effects of air pollution have spurred growth in the global market for uranium. The nuclear fuel cycle cannot function without uranium resources. Despite its growth being hampered by accidents in major nuclear plants, nuclear power still remains an integral part of the global energy mix. In fact, emerging economies of the world such as India, China, the Russian Federation, and the Republic of Korea currently have nuclear power plants under construction, which would directly correspond to the rapid expansion of the global uranium market.
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Studying the Incumbent Trends in the Global Uranium Market
Uranium enjoys a flourishing market. Unlike other sources of energy, the demand for uranium is likely to witness steady growth in foreseeable years owing to the dynamic policies adopted by governments to curb the adverse environmental effects associated with carbon emission. Furthermore, growing concern about emerging economies to devise more energy efficient and eco-friendly ways of producing electricity will bolster increased demand in the global market for uranium.
In the section below we shall study various trends incumbent in the global uranium market to understand the present market behavior as well as its future prospects better:
Commercial Application of Uranium in the Generation of Electricity
As mentioned earlier, the global demand for uranium is substantially boosted by the increasing demand for electricity across the world. Rising demand for electricity together with the escalating capacity of nuclear reactors have created new market opportunities for uranium to capitalize on. At present, almost 11% of the global electricity consumption is produced by nuclear reactors, and the share is expected to grow exponentially over the next five to six years. Among the many factors driving growth in the global uranium market, the rising demand for electricity and growing capacity of nuclear reactors are most crucial.
Mining Activities Account for 75% of the Global Uranium Produce
Almost 75% of the uranium produced globally comes from mining activities. However, it is important to note that some portions of the global uranium produce comes from secondary sources such as civil build up stocks, ex-military weapons grade uranium and recycled uranium.
Russia and China Accounted for the Maximum Demand in the Global Uranium Market
The growing demand for Uranium from China and Russia has significantly contributed to its overall growth in the global scenario. It is almost obvious that the uranium market in these countries was slated to grow since they have already acquired equity shares in the uranium mines aboard. In fact, the countries are gearing up to make substantial investments in uranium production irrespective of its fluctuating price in the global market in order to suffice the unfathomable rise in demand for electricity. Market studies reveal that emerging economies like India, China, Middle East, and other European Regions will register maximum demand for uranium in the forthcoming years.
Escalating Electricity Demands and Oil Price Fluctuations to Drive Global Demand for Uranium
Factors such as growing electricity demand, fluctuating oil prices, rising environmental concerns, growing awareness about the harmful effects of other fuels and the benefit of using nuclear power to generate electricity, and economic benefits associated with uranium production will boost the global demand for uranium exponentially in the next few years.
Fukushima Daiichi Disaster to Hinder Growth of Global Uranium Market
The demand of uranium in the global market dropped substantially after the disaster was triggered by an earthquake and a consequent tsunami in the Fukushima Daiichi reactor in Japan. Moreover, it takes a lot of time and investment to set up a uranium mining operation, which is another factor that adversely affects the demand for uranium in the global market. This situation is likely to create shortage of the metal despite of the same being abundantly available in nature. Additionally, complexity involved in the process of obtaining mining permits would further hamper growth in the uranium market.
Major Industry Players
The global market for uranium has only a sparse number of players with fewer countries engaged in mining operations. Among them the most dominant names include China National Nuclear Corp., National Atomic Company Kazatomprom, African Energy Resources Ltd, JOGMEC, Cameco Corp., and Gulf Mines Ltd.
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