Nuclear Fuel Revival: Uranium Markets, SMRs, and Global Energy Security

This review examines the renewed strategic relevance of uranium within the evolving global energy system, emphasizing uranium market dynamics, emerging nuclear technologies, and geopolitical realignments. Moving beyond traditional perspectives that treat uranium primarily as a cyclical commodity or focus narrowly on reactor design, the article frames uranium as a critical strategic resource at the intersection of energy security, decarbonization, and industrial transformation. The analysis integrates market fundamentals with technological developments, particularly small modular reactors (SMRs) and advanced high-temperature reactor systems, and regional policy strategies to provide a holistic perspective largely absent from the existing literature. Quantitative evidence indicates a structurally tightening uranium market, with global reactor demand of approximately 67,500 tU per year and mine production historically meeting only 74–90% of annual requirements. Uranium prices have rebounded from below $20 lb−1 U3O8 in 2016 to above $80 lb−1 by late 2023, reflecting supply concentration, long development timelines for new mines, and renewed political commitments to nuclear energy. Demand projections suggest an increase of around 28% by 2030 and the potential for a doubling by mid-century under high-nuclear deployment scenarios. From a technological perspective, while SMRs and advanced reactors may increase uranium consumption per unit of electricity, they substantially expand nuclear energy deployment into new domains, including remote power systems, industrial heat applications, and large-scale low-carbon hydrogen production. Overall, the study highlights a qualitative shift in uranium’s role, positioning it as both a foundational component and a key enabler of integrated low-carbon energy systems spanning electricity, heat, and hydrogen production.