Conversion will see the highest growth rate of all fuel cycle services in the period to 2020, according to a new report by GBI Research.
The report, “The Future of the Global Nuclear Fuel Processing Industry to 2020” also predicts that the nuclear fuel processing market will double in size, from being valued at $20.8 billion in 2009 to $42 billion by 2020.
According to the report, the uranium conversion market, which was worth $0.7 billion in 2009, will be worth $1.4 billion by the end of 2020. It will expand at an average annual growth rate (AAGR) of 6.6% over the period, increasing by almost 2% in volume. The enrichment and fabrication markets will grow in volume by 1.4% over the same period.
The market for uranium enrichment services will grow most rapidly in the Asia-Pacific region with an increase of over 150% from $1.7 billion in 2009 to $4.3 billion by 2020, the study says.
This increase will be due to the addition of reactors in countries such as China, India, the Republic of Korea and Japan. Japan currently has the largest market for enriched uranium in Asia, generating $1 billion in revenue.
This is expected to increase to $2 billion by 2020. India will see the highest growth rate in terms of revenue generation, which will increase from its present value of $33m to $207m by 2020, equivalent to an average annual growth rate of some 16%.