Global uranium enrichment market is expected to witness growth in light of rising expenditure by governments of the U.S., Canada, china and India towards increasing output of nuclear energy at domestic level. Rising power demand in emerging economies of China and India in light of rising manufacturing output along with infrastructure development have increased the importance of nuclear energy. Increasing importance of nuclear energy in aforementioned markets is expected to amplify the popularity of radioactive enrichment in fission and fusion applications in the near future.
Increasing expenditure on developments of nuclear weapons in face of implementing modernization programs by governments of Israel, China, Russia, U.S. and Japan is expected to fuel the uranium enrichment demand. Rising incorporation of centrifugal technology for uranium enrichment on account of low energy consumption than gaseous diffusion technology is likely expected to augment the industry
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Asia Pacific is likely to be a promising industry on account of abundance of nuclear element reserves in Australia which is expected to open new opportunities for enrichment technology manufacturers. In 2012, a joint venture AREVA between and Kazatomprom was established for manufacturing and processing of enriched radioactive material.
Russia is likely to be a lucrative market in vague of presence of uranium reserves coupled with increasing expenditure on development of technology for processing of enriched radioactive material. In 2014, Urals Integrated Electrochemical Company announced their plans for the investment in nuclear enrichment technologies for effective processing and utilization of radioactive materials. The Urals Company is also planning to invest in R&D for tenth generation technologies in nuclear enrichment process.
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Canada is expected to be a prospective market owing to potential of uranium reserves at domestic level. Cameco Company in Canada owns and operates the reserves of Cigar Lake Mine and McArthur River Mine which is planned to commence production by 2017 which is likely to open new market opportunities. Africa is expected to be a potential market for enriched radioactive material in light of presence of radioactive element reserves in Niger.
Key players include Nucleoelectrica Argentina, Urenco Group, Nukem Technologies, Energy Resources of Australia, Constellation Energy Nuclear Group and National Thermal Power Corporation. In 2015, the governments of the U.S. and Iran have planned to sign a nuclear deal intended for allowing Tehran to increase its enriched radioactive elements production. This agreement is likely to have a positive impact on uranium enrichment market in the near future.
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