What is Nuclear Fuels Market Scope?
Nuclear Fuel is a fuel that is used in nuclear chain reactor so that it can sustain a nuclear chain reaction. The most important and common chain reactor is Uranium 235 and plutonium 239. It is seen that the Uranium 235 is used as a fuel in different concentrations levels. Some reactors, such as the CANDU reactor, can use natural uranium with uranium-235 concentrations of only 0.7%, while other reactors require the uranium to be slightly enriched to levels of 3% to 5%. Plutonium-239 is produced and used in reactors (specifically fast breeder reactors) that contain significant amounts of uranium-238. Nuclear fuel is one of the major sources to produce electricity, many key players are trying are invest in nuclear fuel cycle so that they can generate great revenue.
The Nuclear Fuels market study is being classified by Type (Mixed Oxide (MOX) Fuel, Uranium Fuel and Other), by Application (Nuclear Power Plants, Nuclear Research Labs and Other) and major geographies with country level break-up.
Analysts at AMA predicts that Manufacturers from Canada will contribute to the maximum growth of Global Nuclear Fuels market throughout the predicted period.
ARMZ Uranium Holding Company (Russia), Cameco (Canada), Energy Resources of Australia (Australia), Japan Oil, Gas and Metals National Corporation (Japan), KazAtomProm (Kazakhstan), Berkeley Energia (United Kingdom), BHP Billiton (Australia), Canalaska Uranium (Canada), China National Nuclear Corporation (China) and China General Nuclear Power (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Denison Mines (Canada), Eagle Plains Resources (Canada), Forsys Metals (Canada), Globex Mining Enterprises (Canada), International Montoro Resources (Canada) and Rio Tinto (United Kingdom).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Nuclear Fuels market by Type, Application and Region.
On the basis of geography, the market of Nuclear Fuels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
On 10th April 2018, the office of Nuclear Energy, Ed McGinnis of the United States Department of Energy (DOE) stated that there will be a New Wave of Innovation coming to Nuclear Energy. The technology of small modular reactor will make more areas accessible to nuclear, which continues to make a tremendous contribution to our emissions-free electricity generation.
International Atomic Energy Agency (IAEA), headquartered in Austria, is the international body which encourages the peaceful use of nuclear energy worldwide. The IAEA has set up the Safety Requirements (earlier Codes), providing a good basis for the safety of nuclear power plants. This governing body focus on design, operation, siting, quality assurance and government focus over nuclear power plants. The purpose of monitoring aforesaid points is to ensure optimum safety of workers and minimize the environmental impact.
Influencing Market Trend
- Advanced and Innovative Technologies in Nuclear Plants
Market Drivers
- Rising Awareness of the Carbon Emissions in The Process Of Mining, Transportation and Refining Fuel
- Increasing Usage of Nuclear Fuel to Generate Electricity
Opportunities
- Growing Reduction in the Dependence of Fossil Fuels and the Presence of Countries That Are Reliant On Electricity
- Rapid Urbanization and Industrialization across the World Have Led To the Rise in Global Electricity Demand
Restraints
- Nuclear Fuels Require Far More Complicated Systems to Extract Their Energy
- Stringent Rules and Regulation on Nuclear Fuels
Challenges
- Issue Related To the Public Opinions on Nuclear Energy Tend To Be More Negative Than With Other Energy Sources
- Risk of Exposure to Radioactive Substance While Extraction of Nuclear Fuel
- Increased Competitive Challenge from Other Modes of Generation Such As Geothermal, Solar, Wind, Hydropower, and Biomass
Key Target Audience
Potential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Suppliers and Distributors and Others
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