Uranium traded flat at 71.25 USD/Lbs on July 30, 2025. Over the past month, Uranium's price has fallen 8.71%, and is down 15.63% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Uranium - values, historical data, forecasts and news - updated on July of 2025.

In December 2024, the global average price per pound of uranium stood at roughly 60.22 U.S. dollars. Uranium prices peaked in June 2007, when it reached 136.22 U.S. dollars per pound. The average annual price of uranium in 2023 was 48.99 U.S. dollars per pound. Global uranium production Uranium is a heavy metal, and it is most commonly used as a nuclear fuel. Nevertheless, due to its high density, it is also used in the manufacturing of yacht keels and as a material for radiation shielding. Over the past 50 years, Kazakhstan and Uzbekistan together dominated uranium production worldwide. Uranium in the future Since uranium is used in the nuclear energy sector, demand has been constantly growing within the last years. Furthermore, the global recoverable resources of uranium increased between 2015 and 2021. Even though this may appear as sufficient to fulfill the increasing need for uranium, it was forecast that by 2035 the uranium demand will largely outpace the supply of this important metal.

Graph and download economic data for Global price of Uranium (PURANUSDM) from Jan 1990 to Jun 2025 about uranium, World, and price.

Despite holding over 30.0% of the world's uranium deposits, Australia accounts for only 8.0% of global uranium production, making it the fourth largest producer. Australia's reserves include the single largest orebody of uranium, located at Olympic Dam, South Australia. The site primarily produces copper, with gold and uranium harvested as byproducts. Currently, the mine, operated by BHP, can produce 4,600 tonnes of uranium, dwarfing that of Four Mile, operated by Heathgate, and Honeymoon, the newly restarted mine owned and operated by Boss Energy. Although domestic production is below that of 2019-20, a surging world price of uranium has provided Australian uranium miners with much-needed growth, elevating revenue at an annualised 9.1% for the five years through 2024-25, including an 8.3% spike in the current year to reach $1.4 billion. The Uranium Mining industry's profitability is highly volatile, so much so that it's commonplace for mines to enter care and maintenance until uranium prices improve. This variability in sale price can result in numerous years of negative profit, where miners elect to stockpile produced uranium to sell it later when prices are more favourable. However, elevated uranium prices have boosted miners' profit margins in recent years. In the coming years, revenue for the Uranium Mining industry is expected to climb at an annualised rate of 15.3% through 2029-30. The ramping up of the Honeymoon mine owned by Boss Energy will drive this growth. Having purchased the site in September 2015, the company has waited until now to restart uranium production following a feasibility study in early 2020 and an updated study 18 months later. With this third Australian mine contributing to domestic production and several proposed mines in Western Australia, the Northern Territory and South Australia, industry revenue is expected to reach $2.7 billion by the end of 2029-30.

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Uranium Market Size 2025-2029

The uranium market size is forecast to increase by USD 2.18 billion at a CAGR of 8.2% between 2024 and 2029.

The market is characterized by the rising adoption of uranium in nuclear weapons and nuclear reactors, presenting significant growth opportunities. This is due to the escalating reliance on renewable energy, and the rise in uranium mining initiatives. Uranium's role as a primary fuel source in nuclear energy generation continues to expand, driven by the increasing demand for clean energy and the depletion of conventional energy resources. However, the market faces substantial challenges due to the high initial and production costs of uranium. These costs, coupled with the volatility in uranium prices, pose significant challenges for market participants.
Additionally, investments in research and development of advanced nuclear technologies, such as small modular reactors and nuclear fusion, could offer potential solutions to the high production costs and supply constraints, positioning these companies at the forefront of the evolving market landscape. To capitalize on the growth opportunities and navigate these challenges effectively, companies must focus on optimizing production costs, exploring alternative sources of uranium, and collaborating with industry peers to share best practices and resources. The market is witnessing significant growth due to the increasing adoption of uranium in nuclear weaponry and nuclear reactors.

What will be the Size of the Uranium Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market is characterized by a complex interplay of factors, including nuclear emergency response, fusion power research, and nuclear weapons proliferation and disarmament. Small modular reactors and advanced reactors are gaining traction as solutions for nuclear energy security, while radioactive tracer and isotope production are essential in various industries, from agriculture to medical imaging. Nuclear fuel reprocessing and spent fuel management are critical aspects of nuclear arms control and non-proliferation efforts. Breeder reactors and nuclear forensics contribute to nuclear security, while radiation therapy, protection, and nuclear medicine imaging advance healthcare applications.
Nuclear energy sustainability is a pressing concern, with the need for effective radioactive waste storage and transportation solutions. The Nuclear Security Summit underscores the importance of addressing nuclear terrorism risks. Nuclear magnetic resonance is a versatile technology with applications in various sectors, from materials science to medical research. Additionally, the production cost of uranium and the prices in the market significantly influence the profitability of nuclear power plants.

How is this Uranium Industry segmented?

The uranium industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Energy
  Military
  Others


Source

  Primary
  Secondary


Application

  Industrial counterweights
  Radiation shielding
  Medical isotopes


Geography

  North America

    US
    Canada
    Mexico


  Europe

    Germany
    Russia
    Ukraine


  APAC

    Australia
    China
    India


  Rest of World (ROW)

By End-user Insights

The energy segment is estimated to witness significant growth during the forecast period. Uranium plays a crucial role in nuclear power generation, supplying fuel for electricity production in power plants around the world. The global shift towards cleaner energy sources and the rising awareness of carbon footprint reduction have fueled the demand for nuclear power. Nuclear power economics have gained significance, leading to increased investment in uranium production and conversion to uranium hexafluoride for enrichment. Uranium mining continues to be a critical aspect of the industry, with safety, regulation, and sustainability being key considerations. Nuclear power plants require stringent safety measures, including radiation detection and shielding, to ensure reliable operation. Nuclear fuel services provide essential support, from fabrication and licensing to decommissioning and waste management.

Uranium oxide is used in fuel assemblies, while uranium metal is essential for nuclear engineering and innovation. Nuclear power infrastructure development, including construction and technology advancements, continues to drive market growth. Despite the challenges of nuclear power regulation and the presence of nuclear weapons, the industry remains committed to nuclear power safety and security. Uranium enr

According to Cognitive Market Research, the global uranium mining market size will be USD 8548.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 3419.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2564.46 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1966.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 427.41 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 170.96 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
The underground mining category is the fastest growing segment of the uranium mining industry

Market Dynamics of Uranium Mining Market

Key Drivers for Uranium Mining Market

Growing Demand for Nuclear Energy to Boost Market Growth

Nuclear power reactors can emit radiation, but it is less than that produced by coal-fired power plants. A ton of uranium is about equivalent to 1,000 tons of coal, 42,000 gallons of oil, or 17 million cubic feet of natural gas for one kilowatt of electricity generation. As a result, just a tiny amount of uranium is required for mining, which has a lower environmental impact than mining fossil fuels. During the predicted period, the need for clean energy technologies will expand, resulting in more nuclear reactor construction. This, in turn, is likely to drive the market throughout the forecast period. The growing focus on clean energy technology is significantly driving market growth. To minimize carbon emissions, there is an increasing need for clean energy solutions such as nuclear power around the world. Nuclear power stations do not emit CO2, methane, or other hazardous gases. For instance, According to the IEA, energy-related CO2 emissions grew globally by 6% in 2021 compared to 2020 due to rising global energy demand and widespread usage of fossil fuels.

Technological Advancements to Drive Market Growth

Technological advancements are impacting market expansion. The digitization of mining operations has become a major trend in the global industry. Stringent safety standards for uranium mining activities have influenced operating and capital expenses. Employee safety, as well as machine and process productivity, have become increasingly important in the mining business. Automation facilitates the collection of real-time data for process monitoring and decision-making. For example, Cameco Corp. uses robots, artificial intelligence, and enhanced process control to make its operations safer and more efficient. On-site underground mining operations use automation solutions such as remotely operated systems to operate equipment and machinery and eliminate safety risks.

Restraint Factor for the Uranium Mining Market

The Competition for Nuclear Energy Will Limit Market Growth

Nuclear power may face competition from alternative energy sources, limiting market expansion. Renewable energy sources include geothermal, solar, wind, hydropower, and biomass. According to the International Energy Agency, renewables and natural gas accounted for 28% and 24% of total energy generation in 2020, respectively. Renewables' popularity has grown dramatically all over the world. The use of sustainable energy sources for power is increasing. As a result, the need for renewable energy sources has grown rapidly. According to the IEA, nuclear power's contribution to total electricity output fell by around 3 GW globally in 2021 compared to 2020. These factors are projected to impede the global market throughout the forecast period.

Impact of Covid-19 on the Uranium Mining Market

The pandemic caused a slowdown in economic activity, lowering demand for electricity and, thus, nuclear power. This decrease in demand for nuclear energy resulted in lower demand for uranium. The epidemic disrupted supply lines, making it impossible ...

Nuclear Energy Index fell to 39.55 USD on July 31, 2025, down 1.76% from the previous day. Over the past month, Nuclear Energy Index's price has risen 5.98%, and is up 51.24% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Nuclear Energy Index.

The largest coherent cold-water coral (CWC) mound province in the Atlantic Ocean exists along the Mauritanian margin, where up to 100 m high mounds extend over a distance of ~400 km, arranged in two slope-parallel chains in 400-550 m water depth. Additionally, CWCs are present in the numerous submarine canyons with isolated coral mounds being developed on some canyon flanks. Seventy-seven Uranium-series coral ages were assessed to elucidate the timing of CWC colonisation and coral mound development along the Mauritanian margin for the last ~120,000 years. Our results show that CWCs were present on the mounds during the Last Interglacial, though in low numbers corresponding to coral mound aggradation rates of 16 cm kyr-1. Most prolific periods for CWC growth are identified for the last glacial and deglaciation, resulting in enhanced mound aggradation (>1000 cm kyr-1), before mound formation stagnated along the entire margin with the onset of the Holocene. Until today, the Mauritanian mounds are in a dormant state with only scarce CWC growth. In the canyons, live CWCs are abundant since the Late Holocene at least. Thus, the canyons may serve as a refuge to CWCs potentially enabling the observed modest re-colonisation pulse on the mounds along the open slope. The timing and rate of the pre-Holocene coral mound aggradation, and the cessation of mound formation varied between the individual mounds, which was likely the consequence of vertical/lateral changes in water mass structure that placed the mounds near or out of oxygen-depleted waters, respectively.