The global uranium market is entering a “tipping point” where sustained demand for the energy fuel and supply constraints could lead to a significant rally in prices in the coming years, according to a report by Teniz Capital.

In a research report published this week, the Abu Dhabi-based investment bank said the entire sector is undergoing what they call a “second nuclear renaissance” with accelerating demand from tech giants for data centres and global energy policy are helping to form a multi-year demand cycle.

Meanwhile, the supply side has reached an “acute” structural deficit that is incapable of meeting this demand due to the slow pace of mine development.