“In 2013, nuclear power contributed around 5% of the world’s total energy supply, and is a major source of energy in developed markets like Europe (26%) and the US (20%). According to analysts, nuclear power output is expected to grow faster over the next five years than over the last 20 years. This demand is largely being driven by emerging markets which have massive electricity needs, but are struggling with air pollution issues, like China and India,” according to Global X research.
SEE MORE: Good News for the Uranium ETF
With nuclear energy industry looking brighter, uranium demand is expected to rise. According to the World Nuclear Association, the number of new nuclear plants due to go online this year and in the next three years is expected to total around 40, and more are planned in the years ahead, mostly in Asia, writes Lawrence Williams for Mineweb.
“Overall while there are many factors in the fundamental arena calling for a bottom, the technical and psychological patterns offer opposing viewpoints; both suggest that uranium is likely to test the $22 ranges before a long-term base in is in place. As the sector has taken a massive beating since it peaked in 2007, it would be a good idea to keep this sector on your radar and possibly start looking at some stocks in the industry,” adds Mining.com.
Global X Uranium ETF
