by Gamma ray spectroscopy is an analytical technique used for elemental analysis and characterization of materials. It helps determine the presence and quantity of different isotopes in various samples including minerals, forensic evidence, and nuclear waste. Gamma ray spectrometers are able to detect gamma rays emitted by radioactive isotopes and identify elemental composition and properties of a substance. Growing demand for non-invasive analysis across various industries such as petrochemical, pharmaceutical, and healthcare is driving the adoption of gamma ray spectroscopy technique.
The Global Gamma Ray Spectroscopy Market is estimated to be valued at US$ 1,301.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Gamma Ray Spectroscopy are Thermo Fisher Scientific Inc., Mirion Technologies, Inc., AMETEK, Inc. (Ortec), Flir Systems, Inc., Canberra Industries, Inc., Ludlum Measurements, Inc., Berthold Technologies GmbH & Co. KG, Hitachi, Ltd., LaBr3(Ce) – Saint-Gobain Crystals, Baltic Scientific Instruments, Rigaku Corporation, Atomtex SPE, Fuji Electric Co., Ltd., LND, Inc., BSI, Polimaster Inc., Advanced Measurement Technology, Tracerco.
The global Gamma Ray Spectroscopy Market Trendsis expected to witness lucrative growth opportunities owing to growing research and development activities in the field of nuclear physics and increasing medical applications of isotopes.
North America dominates the global gamma ray spectroscopy market and is expected to continue its dominance during the forecast period. However, Asia Pacific region is expected to witness highest growth owing to increasing investment in healthcare infrastructure and growing nuclear power industry.
Market Drivers
Growing demand for gamma ray spectrometers from oil & gas and mining industries for non-destructive material analysis is expected to be a key driver for the market growth. Gamma ray spectroscopy helps identify element distribution and concentration in rock or fluid samples non-invasively. This helps optimize exploration and mining activities. Increasing investment in nuclear security measures globally is another factor driving the adoption of gamma spectrometers for detecting nuclear threats.
PEST Analysis
Political: This market is regulated by various government agencies that set regulatory standards and monitor radiation levels to ensure public safety. Any changes in regulations could impact industry players.
Economic: The overall growth of the industries that utilize gamma ray spectroscopy techniques such as healthcare, homeland security, nuclear power plants etc. influences demand trends in this market. Changes in economic conditions can impact spending on such equipment.
Social: Growing public concerns over radiation safety and management of nuclear waste are driving efforts to develop more efficient and accurate gamma ray detection solutions. Advances support applications in the medical field as well.
Technological: Continued R&D is helping introduce novel detection materials, improved detector designs, analytical software and miniature portable devices with enhanced detection capabilities. Automation integration is augmenting productivity.
Regions of concentration:
In terms of value, North America represents the largest Gamma Ray Spectroscopy Market Regional Analysis owing to sizeable investments and a strong presence of industry players in the US and Canada. The growing emphasis on nuclear science and technology also drives opportunities in the region.
Fastest growing region:
The Asia Pacific region is anticipated to experience the fastest growth over the forecast period supported by rising healthcare expenditure, increasing nuclear power generation and progress within the materials analysis industry across major Asian economies. Growing collaboration between global industry leaders and Asian research institutes also stimulates regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
