Wilmington, Delaware, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s most recent industry report, the Global Uranium Mining Market value is estimated at US$ 8,086.6 million in 2023 and is expected to rise at a strong CAGR of over 5.0% over the forecast period of 2023-2030. About 66% of the global production of uranium from mines is from Kazakhstan, Canada, and Australia.
Market Definition, Market Scope, and Report Overview
Uranium mining is the extraction of uranium ore from the ground for use in nuclear power plants and the development of nuclear weapons. Uranium is a radioactive element that occurs naturally in trace amounts in soil, rock, and water. Uranium is primarily used as a fuel in nuclear reactors, where it undergoes nuclear fission to produce energy in the form of heat.
Nuclear power is regarded as a clean energy source because it produces no greenhouse gases when in operation. Countries investing in nuclear energy to cut carbon emissions and battle climate change are boosting the uranium market.
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Global Uranium Mining Market: Segmental and Market Share Analysis
- Based on the mining method, the open-pit mining segment is the most common method of uranium mining, accounting for over 90% of global uranium production in 2022. Open-pit mining is a relatively simple and inexpensive method of mining, and it is suitable for deposits that are close to the surface.
- Based on region, the Asia Pacific region is predicted to be the fastest-growing uranium mining market in the next years, owing to the region's increased nuclear power generation.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 8,086.6 million |
| Market Size Forecast | US$ 11,388.3 million |
| Growth Rate | 5.0% |
| Dominant Segment | Open-pit mining |
| Dominant Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global uranium mining market include,
- In April 2022, JSC Dalur revealed that digital technology is being utilized to extend the operating life of Russia's Dalmatovskoye uranium deposit by three to five years.
Some of the prominent players and suppliers operating and contributing significantly to the global uranium mining market growth include Sinosteel, CNNC, Sinohydro, Jinduicheng Molybdenum, JiangXi Copper Corporation, Cameco, Areva, BHP Billiton, Kazatomprom, and Rio Tinto Group, among others.
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Market Segmentation and Table of Content:
RationalStat has segmented the global uranium mining market based on mining method, type, application, and region
- Global Uranium Mining Market Value (US$ Million), Volume (Kg/lb), and Market Share (2019-2030) Analysis by Mining Method
- Open-pit mining
- Underground mining
- Global Uranium Mining Market Value (US$ Million), Volume (Kg/lb), and Market Share (2019-2030) Analysis by Type
- Granite-Type Uranium Deposits
- Volcanic-Type Uranium Deposits
- Sandstone-Type Uranium Deposits
- Carbonate-Siliceous-Pelitic Rock Type Uranium Deposits
- Global Uranium Mining Market Value (US$ Million), Volume (Kg/lb), and Market Share (2019-2030) Analysis by Application
- Military
- Electricity
- Medical
- Industrial
- Others
- Global Uranium Mining Market Value (US$ Million), Volume (Kg/lb), and Market Share (2019-2030) Analysis by Region
- North America Uranium Mining Market
- US
- Canada
- Latin America Uranium Mining Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Uranium Mining Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Uranium Mining Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Uranium Mining Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Uranium Mining Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Uranium Mining Market
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Report Description
- According to a deep-dive market assessment by RationalStat, the global uranium mining market has been analyzed on the basis of market segments, including type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global uranium mining market covers market sizes on the basis of market value (US$/EUR Million) and volume (Kg/lb) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global uranium mining market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Key Questions Answered in the Uranium Mining Report:
- What will be the market value of the global uranium mining market by 2030?
- What is the market size of the global uranium mining market?
- What are the market drivers of the global uranium mining market?
- What are the key trends in the global uranium mining market?
- Which is the leading region in the global uranium mining market?
- What are the major companies operating in the global uranium mining market?
- What are the market shares by key segments in the global uranium mining market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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