The gamma ray spectroscopy market is valued US$ 765.61 million in 2022; It is estimated to grow at a CAGR of 6.7% from 2022 to 2028.
According to Bundesamt für Strahlenschutz, Germany has ~100,000 radioactive sources that are sealed and used in medicine, agriculture, and research industries. According to the Atomic Energy Act and Radiation Protection Act, these radioactive sources are used under government supervision and require a license. The UK has around eight nuclear facilities. The UK government plans to derive a quarter of the country's energy from nuclear facilities. The Russian Federation is one of the world's leading providers of nickel, iron ore, coal, diamond, aluminum, uranium, palladium, platinum, and gold. It accounts for 14% of the total mineral extraction in the world. The gamma ray spectrometer is used for mineral exploration, one of the factors fueling the gamma ray spectroscopy market growth.
According to 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 size.
Gamma Ray Spectroscopy Market -
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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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Impact of COVID-19 Pandemic on Gamma Ray Spectroscopy Market Analysis
Before COVID-19, the gamma ray spectroscopy market was experiencing substantial growth due to the rising demand from manufacturing industries and the growing development of spectrometers. However, lockdowns, business shutdowns, international trade restrictions, and various containment measures negatively impacted the production and supply chain of the market until June 2020 and during the second large outbreak in October 2021. On the other side, during the COVID-19 pandemic, some big manufacturers developed new sales, services, and delivery techniques by adopting digital platforms.
As industrial activities picked pace from the last quarter of 2020, market players experienced steady growth in demand from end users. Therefore, the global gamma ray spectroscopy market is expected to recover strongly in the coming years owing to the increasing requirement for exploring the rock's potassium, uranium, thorium, and other minerals. Further, in the aerospace industry, scientists can determine the composition of other planets and stars with the help of a detector placed in a space telescope.
Lucrative Regions for Gamma Ray Spectroscopy Market
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Market Insights – Gamma Ray Spectroscopy Market
The Asia Pacific gamma ray spectroscopy market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In Australia, Australian Radiation Protection and Nuclear Safety, under the National Commonwealth Government of Australia, deals with protecting the country's citizens from nonionizing and ionizing radiations; these organizations will contribute to the growth of the Australian gamma ray spectroscopy market growth. In December 2020, China launched gamma ray-hunting satellites to trace the gravitational waves. Such developments are expected to influence the region's gamma ray spectroscopy market size positively.
China’s Chang’E-1/2 spacecrafts’ major payload onboard is gamma ray spectrometers, aimed to provide major elements’ map of abundances including Si, O, Mg, Al, Ca, Na, Fe, and Ti and of the natural radioactive elements, Th, U, and K, in the subsurface of the moon. Moreover, in May 2021, the Large High Altitude Air Shower Observatory (LHAASO), a cosmic ray observatory, announced that it had found 12 ultrahigh-energy photons sources and detected a photon with an energy level of 1.4 PeV. The country has a Hongyanhe Nuclear Power Plant presence, with a total installed capacity of more than 6.71 million kilowatts.
India currently has 22 nuclear power reactors operating in its 7 states. In March 2021, Indian scientists developed a low-cost spectrograph that can locate faint light sources from distant quasars. Such spectroscopes were previously imported from other countries. However, the government of India launched the “Make in India” campaign to support the businesses of local manufacturers. The country’s Aries-Devasthal Faint Object Spectrograph & Camera (ADFOSC), an optical spectrograph, was developed by an autonomous institute of the Department of Science and Technology (DST)- Aryabhatta Research Institute of Observational Sciences (ARIES) and Government of India. The country has Radiation Processing Plant in Vashi, India’s first commercial-scale Gamma Irradiator for food processing.
Type-Based Insights
The gamma ray spectroscopy market is segmented based on type: hardware, software, and services. Compared to software and services, the hardware segment led the market in 2021. However, due to high adoption in nuclear facilities, space research, and mineral exploration, the software segment is the fastest growing segment during the forecast period. Hardware gamma-ray spectrometer is the most common equipment used in several industries to detect gamma radiation. In October 2021, NASA announced that the organization is working on the Compton Spectrometer and Imager (COSI), a new space telescope, to study the origin of stars. This gamma-ray telescope will be launched by 2025.
CAEN S.p.A.; Mirion Technologies, Inc.; AMETEK Inc; Linde PLC; Sander Geophysics Limited; NVIATech instruments; ANTECH; NATS, Inc.; Geomatrix Earth Science Ltd; and ATOMTEX are a few key players that are profiled in this gamma ray spectroscopy market analysis. Moreover, the performances of several other essential players were analyzed to get a holistic view of the gamma ray spectroscopy market and its ecosystem.
In the gamma ray spectroscopy market report, players are majorly adopting strategic market initiatives, which involve the expansion of footprint globally and meeting the surge in customer demand. Market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In October 2021, NASA announced that it would proceed with the development of the Compton Spectrometer and Imager (COSI) spacecraft as its next small Explorer, or SMEX, astrophysics mission. COSI, led by John Tomsick at the University of California Berkeley, is scheduled for launch in 2025.
- In September 2021, Mirion Technologies, Inc. announced the release of its new Apex-Guard software, an exciting addition to the Mirion Apex-Gamma Lab Productivity Suite.
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 global gamma ray spectroscopy market is expected to be valued at US$ 765.61 million in 2022.
Increased preference for gamma rays in medical industry and rising usage of HPGe ejectors are major driving factors contributing towards the growth of gamma ray spectroscopy market.
The introduction of portable gamma ray spectrometer information system is one of the major trends anticipated to propel the market growth during the forecast period.
AMETEK Inc., Thermo Fisher Scientific, Mirion Technologies, Inc., Teledyne FLIR LLC, and Linde plc are the five key market players operating in the global gamma ray spectroscopy market.
China holds the major market share of gamma ray spectroscopy market in 2021. China is the prominent user of gamma ray spectroscopy. In December 2020, China launched gamma ray-hunting satellites to trace the gravitational waves. The country also has presence of Hongyanhe Nuclear Power Plant which is supporting the market growth.
The nuclear facility segment held the largest share gamma ray spectroscopy market. The gamma ray spectrometer usually identifies nuclear sites’ radioactive contamination, which is why it is highly used in nuclear facilities.
The US, Germany, China, UAE, and Brazil register a high growth rate during the forecast period.
By 2028, the global market size of the gamma ray spectroscopy market will be US$ 1,130.26 million.
The List of Companies - Gamma Ray Spectroscopy Market
- CAEN S.p.A.
- Mirion Technologies, Inc.
- AMETEK Inc.
- Linde Plc
- Sander Geophysics Limited
- NUVIATech Instruments
- ANTECH
- NATS, Inc.
- Geomatrix Earth Science Ltd
- ATOMTEX
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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