Gamma Ray Spectroscopy Market Size and Competitive Analysis by 2031

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

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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 Regional Insights

The regional trends and factors influencing the Gamma Ray Spectroscopy Market throughout the forecast period have been thoroughly explained by the analysts at The 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.

Gamma Ray Spectroscopy Market Report Scope

Gamma Ray Spectroscopy Market Players Density: Understanding Its Impact on Business Dynamics

The Gamma Ray Spectroscopy 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.

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