With mounting demand for nuclear energy amid growing awareness regarding zero carbon emission, uranium is witnessing an uptick in demand. Given the industry’s solid growth potential and surge in uranium prices, Wall Street analysts expect uranium stocks Energy Fuels (NYSE:), Uranium Energy (NYSE:), and Ur-Energy (URG) to gain significantly in the coming months.With rising global demand for nuclear energy and increasing nuclear reactor capacity, uranium is witnessing a surge in demand. Furthermore, the resumption of production and rising demand have resulted in an optimistic prognosis for the industry’s growth prospects, leading August’s total spot market volume to 13.2 million pounds, the highest monthly volume in the uranium spot market since 1996.
The surging demand for and dependency on nuclear energy, growing awareness for decarbonization, oil price fluctuations, and the economic advantage of uranium production are projected to drive the industry’s growth. The global uranium market is expected to reach 92.3kt by 2027, registering a CAGR of 2%.
Given this backdrop, Wall Street Analysts expect uranium stocks Energy Fuels Inc. (UUUU), Energy Corp. (UEC), and Ur-Energy Inc. (URG) to rally by more than 30% in the upcoming months.
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