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.
Gamma Ray Spectroscopy Market Analysis
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 Spectroscopy Market Overview
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.
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Gamma Ray Spectroscopy Market: Strategic Insights
Market Size Value in US$ 765.61 Million in 2022 Market Size Value by US$ 1,130.26 Million by 2028 Growth rate CAGR of 6.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Gamma Ray Spectroscopy Market: Strategic Insights
| Market Size Value in | US$ 765.61 Million in 2022 |
| Market Size Value by | US$ 1,130.26 Million by 2028 |
| Growth rate | CAGR of 6.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Gamma Ray Spectroscopy Market Drivers and Opportunities
Investment in space research
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.
Rise in mineral exploration activities.
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.
Gamma Ray Spectroscopy Market Report Segmentation Analysis
Key segments that contributed to the derivation of gamma ray spectroscopy market analysis are the type and end-user.
- Based on the type, the gamma ray spectroscopy market is divided into hardware, software, and services. The hardware segment held the largest market share in 2023.
- By end-user, the market is segmented into space research, nuclear facilities, and mineral exploration. The mineral exploration segment held a significant share of the market in 2023.
Gamma Ray Spectroscopy Market Share Analysis by Geography
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.
Gamma Ray Spectroscopy Market Report Scope
Gamma Ray Spectroscopy Market News and Recent Developments
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:
- Set 6.5 feet (2 meters) away from NASA's Psyche spacecraft on the tip of a boom, the mission's gamma-ray spectrometer (GRS) hummed to life in November 2023 for the first time since launch in mid-October. The GRS is one-half of the Gamma-Ray and Neutron Spectrometer (GRNS) instrument on the Psyche mission. The data was collected as part of a highly orchestrated set of activities that have been carefully planned and rehearsed over the past three years. (Source: The Johns Hopkins University Applied Physics Laboratory LLC, Press Release, December 2023)
Gamma Ray Spectroscopy Market Report Coverage and Deliverables
The "Gamma Ray Spectroscopy Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Gamma ray spectroscopy market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Gamma ray spectroscopy market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Gamma ray spectroscopy market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the gamma ray spectroscopy market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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