Uranium demand is projected to rise about 28 percent by 2030 as nuclear plant construction and reactor restarts accelerate, according to market data compiled in 2026, a shift that has fueled a strong run in uranium prices and mining equities. Requirements are forecast to climb from roughly 67,000 metric tons in 2024 toward nearly 87,000 tons annually by the end of the decade, with longer-range estimates showing demand more than doubling to over 150,000 tons by 2040.

Prices reflected the tightening outlook. Spot uranium surged roughly 25 percent in January 2026, topping $100 per pound for the first time in two years and peaking near $101 before geopolitical instability prompted a pullback. The spot price then consolidated in the second quarter in a range of about $84 to $87 per pound.

The market itself is growing in value terms. Industry estimates put the global uranium market at $9.73 billion in 2025, projected to reach $13.59 billion by 2033 at a compound annual growth rate near 4.9 percent.

Supply remains a constraint. Production is concentrated among a handful of countries, with Kazakhstan, Canada, and Australia together accounting for close to 75 percent of output, and Kazakhstan alone supplying roughly 39 percent. A majority of surveyed investors expect mined uranium to meet less than three-quarters of future reactor requirements, citing years of underinvestment, long permitting timelines, and declining secondary supplies.

Demand from AI data centers has become a notable driver, as technology companies sign long-term agreements for nuclear power, adding to the case for expanded reactor development and, in turn, uranium supply.

Source: Carbon Credits -- https://carboncredits.com/uranium-prices-2026-supply-crunch-and-rising-demand-fuel-a-nuclear-bull-market/