According to the new research report, titled "Gamma Ray Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 1,130.26 million by 2028 and register a CAGR of 6.7% from 2022 to 2028.

The lightweight gamma ray spectrometers can be used in unmanned aerial vehicles (UAVs) for field spectroscopy. The airborne gravitational reference sensor (GRS) measurements can be utilized to determine radionuclide concentrations in the ground. For the GRS sensors' successful applications, the correct measurement of absolute values of concentrations is necessary. The airborne gamma ray data must determine the absolute radionuclide concentrations for the correct height measurement from the ground. A lightweight CeBr3 gamma ray spectrometer developed for the small UAV radiation monitoring systems. Several trial runs were conducted post-development, resulting in high energy resolution that ultimately helped users gain substantial data. Due to its varied applications in end-user industries, the companies started offering lightweight gamma ray spectrometers. For instance, Geo-Matching offers MS-1000, a gamma ray detector for UAVs. Thus, the high uptake of gamma ray spectrometers in UAVs brings in lucrative growth opportunities for the gamma ray spectroscopy market players.

Based on type, the gamma ray spectroscopy market is segmented into 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 expected to surface as the fastest growing segment during the forecast period.

Based on end user, the gamma ray spectroscopy market is segmented into space research, nuclear facility, and mineral exploration. Due to increasing nuclear research activities, the nuclear facilities segment is rapidly growing, followed by space research and mineral exploration. Several countries, such as the US, India, and China, are highly involved in nuclear power development. This is anticipated to catalyze the gamma ray spectroscopy market player's businesses.

Key Findings of Gamma Ray Spectroscopy Market Study

The North America gamma ray spectroscopy market is segmented into the US, Canada, and Mexico. According to the US Energy Information Administration, in 2021, there were about 55 nuclear power plants in 28 states of the US. These nuclear facilities require gamma ray spectroscopy devices to collect information on radiation. Thus, the increase in nuclear facilities is bolstering the gamma ray spectroscopy market growth.

The country houses several organizations, such as the US Energy Information Administration, the US Geological Survey (USGS), the US National Science Foundation, and the US Department of Energy. These organizations some way or the other, require gamma ray spectroscopy devices for their research concerning gamma rays or radiation. The gamma rays are developed in power plants for nuclear energy and are used in medical imaging tests, food irradiation, cancer treatment, and airport security scanners. The requirement for gamma rays will stay in the market due to the presence of such organizations. Thus, the presence of these organizations is positively influencing the gamma ray spectroscopy market size in the US.

Canada boasts of the presence of the Canadian Nuclear Safety Commission (CNSC), which deals with information related to radiation, its effects on health, and related protection. CNSC sets a dose limit of radiation for the public of Canada and nuclear energy workers to keep the doses of radiation below harmful levels for the health and safety of people. The country has an 8i gamma-ray spectrometer, an array of 20 HPGe detectors that provide measurements of high-resolution gamma rays emitted from the atomic nucleus' excited states. The 8pi spectrometer is worth US$5.0 million and was funded by NSERC and Atomic Energy of Canada Ltd. It was used in the experiments at the Chalk River Laboratories with accelerated stable ion beams. This is expected to boost the gamma ray spectroscopy market size.

Mexico has 300 giant tanks holding over 50,000 gallons of pure water. The array of tanks is part of a joint project, High-Altitude Water Cherenkov Gamma-ray Observatory (HAWC), between Mexico and the US. The HAWC project aims to observe gamma and cosmic rays to contribute to the dark matter search. The country has a gamma irradiation service installed on an irradiator model J S-6500 of Canadian manufacture, the National Institute of Nuclear Research (NINR). It is the largest plant situated in the Mexican Republic that provides a gamma irradiation process to diverse industries, thereby catalyzing the gamma ray spectroscopy market growth.

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