The World Nuclear Association (WNA) has forecast that global uranium demand for nuclear reactors will rise sharply by 28% by 2030. The projection was released on Friday in the WNA’s biennial Nuclear Fuel Report.
According to the report, demand will more than double by 2040, reaching over 150,000 metric tons annually, compared with about 67,000 tons in 2024. This growth is being driven by governments turning to nuclear power to achieve zero-carbon targets.
Geopolitical pressures and concerns over energy security have also boosted global interest in nuclear energy. The WNA warned, however, that while mine supply is adequate in the short term, potential shortages may emerge after 2030.
It currently takes 10 to 20 years to bring new uranium projects into production. The report emphasized that accelerated mine development will be essential to avoid future supply disruptions.
At the end of June 2025, global nuclear capacity stood at 398 gigawatts (GWe), with another 71 GWe under construction. Capacity is expected to grow by 13% by 2030 and surge by 87% to 746 GWe by 2040.
Several countries reviewing phase-out or moratorium policies are now reconsidering nuclear power as part of their long-term energy mix. Small modular reactors, which are easier and cheaper to build, are also contributing to the sector’s momentum.
Uranium production has already recovered in recent years, rising 22% between 2022 and 2024 to 60,213 tons. While short-term supply appears sufficient, output from existing mines is projected to halve after 2030, making new projects and restarts critical.
The WNA concluded that nuclear energy is set to play an expanded role in the global energy transition. But it cautioned that timely investment in uranium production will be key to meeting rising demand.