Uranium Enrichment Market Share & Industry Analysis To 2022

Global uranium enrichment market is expected to witness growth in light of rising expenditure by governments of the U.S., Canada, China, and India towards increasing output of nuclear energy at the domestic level. Rising power demand in emerging economies of China and India in light of rising manufacturing output along with infrastructure development has increased the importance of nuclear energy. The increasing importance of nuclear energy in the aforementioned markets is expected to amplify the popularity of radioactive enrichment in fission and fusion applications in the near future.

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Increasing expenditure on developments of nuclear weapons in the face of implementing modernization programs by governments of Israel, China, Russia, the U.S., and Japan is expected to fuel the uranium enrichment demand. Rising incorporation of centrifugal technology for uranium enrichment on account of low energy consumption than gaseous diffusion technology is likely expected to augment the industry

Asia Pacific is likely to be a promising industry on account of the abundance of nuclear element reserves in Australia which is expected to open new opportunities for enrichment technology manufacturers. In 2012, a joint venture AREVA between and Kazatomprom was established for the manufacturing and processing of enriched radioactive material.

Russia is likely to be a lucrative market in vague of the presence of uranium reserves coupled with increasing expenditure on the development of technology for the processing of enriched radioactive material. In 2014, Urals Integrated Electrochemical Company announced its plans for the investment in nuclear enrichment technologies for effective processing and utilization of radioactive materials. The Urals Company is also planning to invest in R&D for tenth generation technologies in the nuclear enrichment process.

Canada is expected to be a prospective market owing to the potential of uranium reserves at the domestic level. Cameco Company in Canada owns and operates the reserves of Cigar Lake Mine and McArthur River Mine which is planned to commence production by 2017 which is likely to open new market opportunities. Africa is expected to be a potential market for enriched radioactive material in light of the presence of radioactive element reserves in Niger.

Key players include Nucleoelectrica Argentina, Urenco Group, Nukem Technologies, Energy Resources of Australia, Constellation Energy Nuclear Group, and National Thermal Power Corporation. In 2015, the governments of the U.S. and Iran have planned to sign a nuclear deal intended for allowing Tehran to increase its enriched radioactive elements production. This agreement is likely to have a positive impact on the uranium enrichment market in the near future.