Global demand for uranium is expected to surge by nearly 30% by 2030 and more than double by 2040, according to the latest biennial Nuclear Fuel Report from the World Nuclear Association (WNA). This rise is driven by expanding nuclear capacity worldwide, with nuclear power seen as a vital tool for countries seeking reliable, low-carbon energy. Russia’s invasion of Ukraine and heightened concerns over energy
security have further accelerated interest in nuclear as an alternative to fossil fuels and geopolitically sensitive energy sources.
Yet the report also warns of impending supply shortfalls. While uranium supply—partially bolstered by a 22% production increase between 2022 and 2024—is sufficient in the near term, existing mines are projected to produce half as much by the end of the next decade. Developing and bringing new mining operations online takes a decade or more, placing urgent pressure on the industry to act now. Additionally, nuclear expansion requires not only raw uranium but also increased capacity for its conversion and enrichment—previously dominated by Russian facilities—highlighting a broader need for investments across the entire nuclear fuel cycle.
For the nuclear sector, this projection serves as both an opportunity and a warning. On one hand, the demand outlook supports renewed investment in exploration, mining, and related infrastructure, key to supporting the clean energy transition. On the other, the timeline underscores how delays in licensing, permitting, or financing could translate into supply gaps, higher prices, or restrictions on planned nuclear builds. Strategically, the yield of this forecast hinges on coordinated global efforts to scale mining, diversify supply chains, and develop enrichment capacity—ensuring nuclear energy can grow as a dependable complement to renewables in the decades ahead.