Uranium Ore Mining Market Characteristics
The uranium mining market consists of sales of uranium ores and concentrates by entities (organizations, sole traders and partnerships) that mine and beneficiate uranium-radium-vanadiu ores.
Competitive Landscape of the Uranium Ore Mining Market
Major players in the global uranium ore mining market include Cameco, Rio Tinto Group, BHP Billiton Ltd., Paladin Energy, and Energy Resources of Australia.
Uranium Ore Mining Market Size
The uranium ore mining market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the uranium ore mining market is due to increase in nuclear fuel spend in countries such as Australia, Kazakhstan, and Canada owing to increasing spend in the defense industry.
However, the market for uranium ore mining is expected to face certain restraints from several factors such as interest rate increases, workforce issues and safety.
Uranium Ore Mining Market Segmentation
The global uranium ore mining market is further segmented based on type and geography.
By Type - The uranium ore mining market is segmented into granite-type uranium deposits, volcanic-type uranium deposits, sandstone-type uranium deposits, carbonate-siliceous-pelitic rock type uranium deposits.
By Geography - The global uranium ore mining is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific uranium ore mining market accounts the largest share in the global uranium ore mining market.
Trends in the Uranium Ore Mining Market
The use of autonomous hauling systems trucks in the mining industry is significantly enhancing production efficiency and reducing turnaround time. Autonomous haulage systems control and track mining vehicle movements, coordinates and autonomously drives off-highway haul trucks operating in a mine. This system increases efficiency by minimizing delays, reducing operating costs and reducing fuel consumption, thereby minimizing carbon emissions.
Potential Opportunities in the Uranium Ore Mining Market
With increase in mining projects and development of technology the scope and potential for the global uranium ore mining market is expected to significantly rise in the forecast period.