Gamma Ray Spectroscopy Market Research Report and Outlook by 2028

The gamma ray spectroscopy market is projected to expand from US$ 765.61 million in 2022 to US$ 1,130.26 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.7% during this period.

Gamma ray spectroscopy is a rapid and non-invasive analytical method utilized for the identification of various radioactive isotopes present in a sample. By comparing the energy of measured gamma rays with the known energies emitted by radioisotopes, the identity of the source can be established. This technique is essential in numerous fields, including space exploration, nuclear energy facilities, and mineral exploration. The anticipated growth in the gamma ray spectroscopy market is largely attributed to its rising application in the medical sector, where it is employed for tissue destruction and the targeting of cancerous cells.

Detectors based on germanium and silicon have proven to be effective for gamma ray detection, significantly enhancing the measurement capabilities of gamma ray detectors. High-Purity Germanium (HPGe) detectors are regarded as one of the most effective solutions for gamma ray spectroscopy, primarily due to the superior efficiency of germanium in detecting radiation compared to silicon. This advantage arises from germanium's higher atomic number and its lower average energy requirement of 2.9 eV to generate an electron-hole pair, compared to silicon's 3.6 eV. Furthermore, germanium's sensitive thickness allows it to function as a total absorption detector for gamma rays, thereby driving the increased adoption of HPGe detectors and contributing to the growth of the gamma ray spectroscopy market.

Impact of COVID-19 on the Gamma Ray Spectroscopy Market

The COVID-19 pandemic has had a significant negative impact on major economies in the Asia Pacific region, including China, India, Australia, and Japan, as reported by the Organization for Economic Co-operation and Development (OECD). The pandemic disrupted supply chains and economic activities, particularly affecting electronic manufacturing units in East Asia, such as those in Vietnam, South Korea, Malaysia, and Thailand during the first half of 2020. However, by the end of 2020, there was a renewed focus on space technology and the geospatial information sector in Asia, leading to an increased demand for gamma-ray spectroscopy devices. For instance, in 2021, the Indian government allocated US$ 1.86 billion to the Department of Space to enhance its capabilities in launching vehicles and developing space technologies, which is expected to positively influence the gamma ray spectroscopy market.

In 2022, the demand for gamma-ray spectroscopy devices is anticipated to surge, particularly driven by the expanding nuclear energy sector in India. A notable development occurred in June 2021 when CAEN S.p.A, a provider of power supply systems and data acquisition solutions, announced the expansion of its operations in India, which is likely to further stimulate the gamma ray spectroscopy market.

In the United States, the National Science Foundation and the Department of Energy, along with Mexico's Consejo Nacional de Ciencia y Tecnologia (CONACYT), are operating the High-Altitude Water Cherenkov (HAWC) observatory, a facility dedicated to gamma ray astrophysics that detects high-energy electromagnetic radiation. This observatory complements several other global gamma ray observatories and highlights the presence of key players in the gamma ray spectroscopy market, such as AMETEK Inc., Mirion Technologies, Inc., and Sander Geophysics Limited.

The European Commission has introduced various policies aimed at ensuring supply security and technological leadership in semiconductor technologies. In 2021, the EU successfully recorded gamma spectra of plutonium and uranium using multiple gamma spectrometers, which is part of their efforts to develop data evaluation programs.

Countries in the Asia Pacific region, including China, Taiwan, and South Korea, are heavily engaged in the production of electronics and semiconductors. Notable companies in the gamma ray spectroscopy market include Shenzhen Jiechuangfeng Technology Co., Ltd and Taixng Suxig Co., Ltd.

In the Middle East and Africa, nations are prioritizing investments and strategic initiatives that are expected to boost the demand for gamma-ray spectroscopy devices in the coming years. For example, as part of its Vision 2030 reform agenda, Saudi Arabia announced a plan to invest US$ 2.1 billion in its space program in 2020, which is anticipated to drive growth in the gamma ray spectroscopy market.

Additionally, in January 2020, representatives from 15 member states in South & Central America and the Caribbean convened to address challenges related to radiation protection and safety. They agreed to implement concrete projects aimed at strengthening radiation safety infrastructure, which is expected to support the gamma ray spectroscopy market in the region.

Key players in the gamma ray spectroscopy market include 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. These companies are employing both organic and inorganic growth strategies to maintain their competitive advantage. For instance, in November 2021, ATOMTEX and LARSA Scientific showcased their products at the International Laboratory and Analytical Exhibition ArabLAB, where attendees expressed significant interest in various laboratory equipment, including gamma activity monitors and spectrometers.

The overall size of the gamma ray spectroscopy market has been determined through extensive primary and secondary research. The research process involved comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the gamma ray spectroscopy market across all segments. Furthermore, industry participants and experts conducted numerous primary interviews to validate the data and gain deeper analytical insights. Participants in the market study typically included VPs, business development managers, market intelligence managers, national sales managers, external consultants, research analysts, and key opinion leaders specializing in gamma ray spectroscopy.