LONDON - Uranium demand for nuclear reactors is expected to jump by almost 30% in the next five years as more governments rely on nuclear power to meet zero-carbon targets, the World Nuclear Association (WNA) said in a report on Friday.

As a result, new uranium mines and restarted operations will be needed in coming years to meet the burgeoning demand, the WNA's biennial Nuclear Fuel Report added.

Concerns over energy security and independence due to geopolitical factors have also boosted interest in nuclear power, it said.

Demand for uranium in nuclear reactors is forecast to climb by 28% by 2030 and more than double by 2040 to over 150 000 metric tons a year compared to about 67 000 tons in 2024, the report said.

Mine supply is adequate in the short term, but shortfalls could occur after 2030, according to the report.

"It is currently taking 10 to 20 years to reach production after first discovery of a uranium resource," the report said.

"Thus accelerated development of new projects will be needed in the current decade to avoid potential future supply disruptions."

Global nuclear capacity at the end of June 2025 was 398 gigawatts of electricity (GWe) with another 71 GWe under construction.

Nuclear capacity is expected to rise by 13% by 2030 and surge by 87% to 746 GWe by 2040, the report said.

"A number of countries with existing phase-out policies or nuclear moratorium policies are now reviewing their long-term energy policies and reconsidering nuclear energy as part of the energy mix," it said.

Small modular reactors, which are easier and cheaper to build, are also driving the projected gains, the report said.

Global uranium production has recovered in recent years, jumping by 22% from 2022 to 2024 to 60 213 tons. Output is due to continue growing, and along with secondary supplies will be adequate to supply reactors in the short term, it added.

In the decade after 2030, however, output from existing mines is due to halve, so new mines will be needed along with restarts of idle operations.

There has been an increased need for enrichment capacity, due to regional market disruptions since Russia invaded Ukraine, the report said.