The gamma ray spectroscopy market size is projected to reach US$ 1399.37 million by 2031 from US$ 816.96 million in 2023. The market is expected to register a CAGR of 7.0% during 2023–2031. The rise in government investment in space research and mineral exploration activities is likely to remain a key trend in the market.
The use of gamma-ray spectrometer to determine the identity and quantity of gamma emitters present in a gamma source leads to market growth. It is an important tool for useful environmental radio assay and the analysis of low amounts of radioactive materials. The growing use of gamma ray spectroscopy for space research and exploration activities drives market growth. In addition, mineral exploration activities around the world further foster market growth.
Gamma-ray spectrometry is used to determine the qualitative and quantitative properties of radionuclides that emit gamma radiation. Gamma spectrometry has numerous advantages because sample preparation for radionuclide analysis is simple, and in most cases, a radiochemical separation procedure for analysis is not required. Additionally, the data obtained by the detection system are extremely suitable for data processing by a computer, making them appropriate for the design of automatic analysis systems.
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Gamma Ray Spectroscopy Market: Strategic Insights
Gamma ray spectroscopy is widely used in space research to determine the elemental makeup of the surfaces of planets, moons, and asteroids. For example, the gamma-ray spectrometer (GRS) can detect gamma rays emitted by the nuclei of atoms on Mercury's surface when cosmic rays strike them. When cosmic rays strike chemical elements in soils and rocks, they emit uniquely identifiable energy signatures in the form of gamma rays. These data can assist scientists in looking for geologically significant elements such as magnesium, iron, hydrogen, silicon, oxygen, sodium, titanium, and calcium. Thus, for such research, the demand for gamma ray spectroscopy is increasing. The investment in space research drives the demand for gamma ray spectroscopy. For example, NASA funds small businesses that help them research new ideas and develop innovative aeronautics, human exploration, science, and space technology solutions.
There is a rise in mineral exploration activities around the world, where the demand for gamma ray spectroscopy increases. For example, gamma ray spectroscopy is widely used in uranium exploration because they directly identify the presence of natural radioactive elements. For such mineral exploration, the government authorities invest that further driving the market growth. For example, in July 2023, to facilitate self-sufficiency on the critical minerals front, the Ministry of Mines announced a financial incentive for exploration, equivalent to 25% of the project cost, for public as well as private agencies.
Key segments that contributed to the derivation of gamma ray spectroscopy market analysis are the type and end-user.
The geographic scope of the gamma ray spectroscopy market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe holds a significant global market share in 2023. According to the World Nuclear Association, France's nuclear energy generates about 70% of electricity due to the energy security-based policy passed in 2014. According to this government policy, the country aimed to reduce the nuclear share of electricity production to 50% by 2025, which was postponed from 2019 to 2035. Further, in February 2022, the country announced its plan to construct 6 new nuclear reactors. Developing nuclear reactors will further contribute to the gamma ray spectroscopy market in Europe.
The regional trends and factors influencing the Gamma Ray Spectroscopy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Gamma Ray Spectroscopy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 816.96 Million |
| Market Size by 2031 | US$ 1399.37 Million |
| Global CAGR (2023 - 2031) | 7.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Gamma Ray Spectroscopy Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Gamma Ray Spectroscopy Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The gamma ray spectroscopy market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the gamma ray spectroscopy market are listed below:
The "Gamma Ray Spectroscopy Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The estimated value of the gamma ray spectroscopy market will be US$ 1399.37 million by 2031.
CAEN s.p.A.; Mirion Technologies, Inc; AMETEK Inc.; Linde Plc; Sander Geophysics Limited; NUVlATech Instruments; ANTECH; NATS, Inc; Geomatrix Earth Science Ltd; and ATOMTEX are some of the key players operating in the gamma ray spectroscopy market.
The rise in government investment for space research and mineral exploration activities are the key driving factors impacting the gamma ray spectroscopy market.
Multifaceted applications of gamma rays in science and technology are a key trend in the gamma ray spectroscopy market.
The global gamma ray spectroscopy market is estimated to register a CAGR of 7.0% during the forecast period 2023–2031.