Gamma Ray Spectroscopy Market: Current Analysis and Forecast (2022-2028)

The Gamma Ray Spectroscopy Market is expected to grow at a strong CAGR of around 7% owing to the rising applications of gamma ray spectroscopy in space research, mineral explorations, and nuclear facilities. In general, gamma ray spectroscopy studies the energy spectrum of gamma-ray sources. For example, the nuclear industry, geochemical research, and astrophysics. Gamma rays are ultra-high frequency light emitted by radioactive elements, high-energy celestial bodies such as black holes and neutron stars, and high-energy events such as nuclear explosions and supernovae. Moreover, gamma ray spectroscopy is extensively used in the studies of nuclear structure, nuclear transition, and nuclear reaction, in space research such as water detection on planets. It is also used for the elemental and isotopic analysis of airless bodies in the solar system, especially the moon and mars.

Based on component, the market is segmented into hardware, software, and services. The hardware segment catered to a significant share of the market in 2020. This is because the hardware is used to measure the distribution or spectrum of gamma radiation intensity versus each photon's energy. In the mineral exploration industry, gamma ray spectroscopy hardware offers a rapid and reliable radiometric method of analysis of uranium and/or thorium ores

By application, the market is classified into space research, nuclear facilities, mineral exploration, and others. The mineral exploration segment held a prominent share of the market in 2020 and is expected to grow at a strong CAGR during the forecast period owing to the ongoing mineral exploration projects around the world for searching the radioactive fundamental elements mostly uranium and thorium, these are two elements found naturally in the Earth's crust

For a better understanding of the market adoption of the gamma ray spectroscopy industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific captured the highest share of the market in 2020. The Asia-Pacific region is anticipated to grow at a substantial CAGR during the forecast period. The region's large share can be attributed to the upcoming space research missions, the construction of nuclear facilities in countries such as China and India, and the presence of a large quantity of uranium mainly in China. For instance, according to World Information Service on Energy (WISE) Uranium project, China's uranium production is expected to top 30,000 tons by 2030

Some of the major players operating in the market include: CAEN S.p.A., Mirion Technologies Inc., AMETEK Inc., Sanders Geophysics Ltd., Linde PLC, NuviaTech Instruments, XIA, Kromek, Antech, and ATOMTEX