Gamma Ray Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Hardware, Software, and Services), End-User (Space Research, Nuclear Facilities, and Mineral Exploration)

List of Tables

The gamma ray spectroscopy market is expected to grow from US$ 765.61 million in 2022 to US$ 1,130.26 million by 2028. It is estimated to grow at a CAGR of 6.7% from 2022 to 2028

Gamma ray spectroscopy is a fast and nondestructive analytical technique that is used to identify several radioactive isotopes of the sample. The measured energy and known energy of gamma rays, which are produced by radioisotopes, are compared to determine the identity of an emitter. Gamma ray spectroscopy is required in applications such as space research, nuclear facilities, and mineral exploration. The gamma ray spectroscopy market size is expected to grow due to its increased demand in the medical industry as the technique is used to destroy tissues, and cancerous cells, among others.

Germanium and silicon-based detectors are a proven solution for gamma ray detection and have improved the measurement capability of gamma ray detectors. The HPGe detectors are considered one of the best solutions for gamma ray spectroscopy due to germanium's high efficiency for radiation compared to silicon. This is because germanium's atomic number is much higher than silicon and its average energy, i.e., 2.9 eV, which is necessary to create an electron-hole pair, is lower than silicon, i.e., 3.6 eV. Germanium has a sensitive thickness of centimeters. Thus, it can be used as a total absorption detector for gamma rays. Hence, the increased usage of HPGe detectors is contributing to the gamma ray spectroscopy market growth.

Impact of COVID-19 Pandemic on Gamma Ray Spectroscopy Market Growth

According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic adversely affected China, India, Australia, Japan, and other major economies in Asia Pacific. The COVID-19 pandemic had prolonged effects on the region's economy and supply chains. For instance, in Q1 and Q2 of 2020, The East Asian electronic manufacturing units-Vietnam, South Korea, Malaysia, and Thailand-faced supply chain disruption due to the pandemic. In the last quarter of 2020, Asian Pacific focused on space technology and the geospatial information industry, as there were instances where gamma-ray spectroscopy devices were in demand in this sector. For example, in 2021, as per The Ministry of Finance's annual budget, India allocated US$ 1.86 billion to the Department of Space to produce the launch vehicle, transfer technologies, and market space products. Such instances are likely to enhance the gamma ray spectroscopy market size.

In 2022, gamma-ray spectroscopy devices are expected to receive high demand from the growing nuclear energy industry, especially in India, from 2021 to 2022. For instance, in June 2021, CAEN S.p.A (a provider of the power supply systems and front-end/data) announced the expansion of its Indian subsidiary as CAEN S.p.A India Private Limited. Such developments in nuclear modules are likely to contribute to the expansion of the gamma ray spectroscopy market in the coming years.

The US National Science Foundation, the US Department of Energy, and Consejo Nacional de Ciencia y Tecnologia (CONACYT), Mexico, are operating a High-Altitude Water Cherenkov (HAWC) observatory. It is a gamma ray astrophysics facility to detect high-energy electromagnetic radiation, and it also complements several other observatories for gamma rays around the world. Further, the region has the presence of several prominent gamma ray spectroscopy market players, including AMETEK Inc; Mirion Technologies, Inc.; and Sander Geophysics Limited.

The European Commission (EU) has proposed various policies to ensure the EU's supply security, resilience, and technological leadership in semiconductor-based technologies and applications. In 2021, the EU recorded samples of gamma spectra of plutonium and uranium using several gamma spectrometers to develop programs for data evaluation.

Asia Pacific countries, such as China, Taiwan, and South Korea, are most actively involved in manufacturing electronics and semiconductors. Companies, such as Shenzhen Jiechuangfeng Technology Co., Ltd and Taixng Suxig Co., Ltd., are among the well-recognized gamma ray spectroscopy market players.

In the Middle East and Africa, the countries are focusing on investments and strategic initiatives that are likely to drive demand for gamma-ray spectroscopy devices over the next few years. For instance, in 2020, as a part of the Vision 2030 reform agenda, Saudi Arabia announced its plan to invest US$ 2.1 Bn in the space program. Such investments and strategic initiatives are anticipated to drive the gamma ray spectroscopy market during the forecast period.

Further, in January 2020, the representatives of South & Central America and the Caribbean's 15-member state regulatory bodies met to identify the challenges concerning protection and safety from radiation. Further, the members decided to introduce concrete project activities to strengthen the radiation safety infrastructure. Such activities are expected to support the gamma ray spectroscopy market in the region.

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 gamma ray spectroscopy market players. The market players are following organic and inorganic growth strategies to sustain the competitive edge. For instance, in November 2021, ATOMTEX and LARSA Scientific shared a stand at the International Laboratory and Analytical Exhibition ArabLAB. Guests of the stand were mostly interested in the following laboratory equipment - AT1320C Gamma Activity Monitor, AT1315 Gamma Beta Spectrometer, AT1329 Sample Counter, field AT6101DR Spectrometer, and stationary area monitors - AT2327 Alarm Dosimeter.

The overall size of the gamma ray spectroscopy market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the gamma ray spectroscopy market. The process also serves the purpose of obtaining an overview and forecast of the gamma ray spectroscopy market size with respect to all market segments. Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights. Participants typically involved in the market study include VPs, business development managers, market intelligence managers, national sales managers, external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the gamma ray spectroscopy market.

Reasons to Buy:

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global gamma ray spectroscopy market

Highlights key business priorities in order to assist companies to realign their business strategies

The key findings and recommendations highlight crucial progressive industry trends in the global gamma ray spectroscopy market, thereby allowing players across the value chain to develop effective long-term strategies

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

Scrutinize in-depth regional market trends and outlook coupled with the factors driving the market, as well as those hindering it

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

Product Code: TIPRE00029729

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Gamma Ray Spectroscopy Market Landscape

4.1 Market Overview
4.2 PEST Analysis
- 4.2.1 North America
- 4.2.2 Europe
- 4.2.3 Asia Pacific
- 4.2.4 Middle East & Africa
- 4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Competitive Benchmarking

5. Gamma Ray Spectroscopy Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Increased Preference for Gamma Rays in Medical Industry
- 5.1.2 Rising Usage of HPGe Detectors
5.2 Market Restraints
- 5.2.1 Adverse Effects of Gamma Rays on Consumer's Health
5.3 Market Opportunities
- 5.3.1 Use of Lightweight Gamma Ray Spectrometers
5.4 Future Trends
- 5.4.1 Introduction of Portable Gamma Ray Spectrometer Information System
5.5 Impact Analysis of Drivers and Restraints

6. Gamma Ray Spectroscopy Market - Global Analysis

6.1 Gamma Ray Spectroscopy Global Overview
6.2 Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players

7. Gamma Ray Spectroscopy Market - Type

7.1 Overview
7.2 Gamma Ray Spectroscopy Market Breakdown, By Type (2021 and 2028)
7.3 Hardware
- 7.3.1 Overview
- 7.3.2 Hardware: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)
7.4 Software
- 7.4.1 Overview
- 7.4.2 Software: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)
7.5 Services
- 7.5.1 Overview
- 7.5.2 Services: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)

8. Gamma Ray Spectroscopy Market - By End-User

8.1 Overview
8.2 Gamma Ray Spectroscopy Market Breakdown, By End-User (2021 and 2028)
8.3 Space Research
- 8.3.1 Overview
- 8.3.2 Space Research: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)
8.4 Nuclear Facilities
- 8.4.1 Overview
- 8.4.2 Nuclear Facilities: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)
8.5 Mineral Exploration
- 8.5.1 Overview
- 8.5.2 Mineral Exploration: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)

9. Gamma Ray Spectroscopy Market - Geographic Analysis

9.1 Overview
9.2 North America: Gamma Ray Spectroscopy Market
- 9.2.1 Overview
- 9.2.2 North America Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
- 9.2.3 North America Gamma Ray Spectroscopy Market Breakdown, By Type
- 9.2.4 North America Gamma Ray Spectroscopy Market Breakdown, By End-User
- 9.2.5 North America Gamma Ray Spectroscopy Market Breakdown, by Country
  - 9.2.5.1 US Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.2.5.1.1 US Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.2.5.1.2 US Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.2.5.2 Canada Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.2.5.2.1 Canada Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.2.5.2.2 Canada Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.2.5.3 Mexico Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.2.5.3.1 Mexico Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.2.5.3.2 Mexico Gamma Ray Spectroscopy Market Breakdown, By End-User
9.3 Europe: Gamma Ray Spectroscopy Market
- 9.3.1 Overview
- 9.3.2 Europe: Gamma Ray Spectroscopy Market Revenue and Forecast to 2028 (US$ Million)
- 9.3.3 Europe Gamma Ray Spectroscopy Market Breakdown, By Type
- 9.3.4 Europe Gamma Ray Spectroscopy Market Breakdown, By End-User
- 9.3.5 Europe Gamma Ray Spectroscopy Market Breakdown, by Country
  - 9.3.5.1 Germany Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.3.5.1.1 Germany Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.3.5.1.2 Germany Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.3.5.2 France Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.3.5.2.1 France Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.3.5.2.2 France Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.3.5.3 Italy Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.3.5.3.1 Italy Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.3.5.3.2 Italy Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.3.5.4 UK Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.3.5.4.1 UK Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.3.5.4.2 UK Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.3.5.5 Russia Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.3.5.5.1 Russia Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.3.5.5.2 Russia Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.3.5.6 Rest of Europe Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028
    - 9.3.5.6.1 Rest of Europe Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.3.5.6.2 Rest of Europe Gamma Ray Spectroscopy Market Breakdown, By End-User
9.4 APAC: Gamma Ray Spectroscopy Market
- 9.4.1 Overview
- 9.4.2 APAC Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
- 9.4.3 APAC Gamma Ray Spectroscopy Market Breakdown, By Type
- 9.4.4 APAC Gamma Ray Spectroscopy Market Breakdown, By End-User
- 9.4.5 APAC Gamma Ray Spectroscopy Market Breakdown, by Country
  - 9.4.5.1 China Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
    - 9.4.5.1.1 China Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.4.5.1.2 China Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.4.5.2 India Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
    - 9.4.5.2.1 India Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.4.5.2.2 India Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.4.5.3 Japan Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
    - 9.4.5.3.1 Japan Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.4.5.3.2 Japan Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.4.5.4 South Korea Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
    - 9.4.5.4.1 South Korea Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.4.5.4.2 South Korea Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.4.5.5 Australia Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
    - 9.4.5.5.1 Australia Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.4.5.5.2 Australia Gamma Ray Spectroscopy Market Breakdown, By End-User
  - 9.4.5.6 Rest of APAC Gamma Ray Spectroscopy Market, Revenue and Forecast to 2028 (US$ Million)
    - 9.4.5.6.1 Rest of APAC Gamma Ray Spectroscopy Market Breakdown, By Type
    - 9.4.5.6.2 Rest of APAC Gamma Ray Spectroscopy Market Breakdown, By End-User
9.5 MEA: Gamma Ray Spectroscopy Market
- 9.5.1 MEA: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
- 9.5.2 MEA: Gamma Ray Spectroscopy Market- by Type
- 9.5.3 MEA: Gamma Ray Spectroscopy Market- by End-User
- 9.5.4 MEA: Gamma Ray Spectroscopy Market- by Key Country
  - 9.5.4.1 South Africa: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.1.1 South Africa: Gamma Ray Spectroscopy Market- by Type
    - 9.5.4.1.2 South Africa: Gamma Ray Spectroscopy Market- by End-User
  - 9.5.4.2 Saudi Arabia: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.2.1 Saudi Arabia: Gamma Ray Spectroscopy Market- by Type
    - 9.5.4.2.2 Saudi Arabia: Gamma Ray Spectroscopy Market- by End-User
  - 9.5.4.3 UAE: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.3.1 UAE: Gamma Ray Spectroscopy Market- by Type
    - 9.5.4.3.2 UAE: Gamma Ray Spectroscopy Market - by End-User
  - 9.5.4.4 Rest of MEA: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.4.1 Rest of MEA: Gamma Ray Spectroscopy Market- by Type
    - 9.5.4.4.2 Rest of MEA: Gamma Ray Spectroscopy Market- by End-User
9.6 SAM: Gamma Ray Spectroscopy Market
- 9.6.1 SAM: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
- 9.6.2 SAM: Gamma Ray Spectroscopy Market- by Type
- 9.6.3 SAM: Gamma Ray Spectroscopy Market- by End-User
- 9.6.4 SAM: Gamma Ray Spectroscopy Market- by Key Country
  - 9.6.4.1 Brazil: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.6.4.1.1 Brazil: Gamma Ray Spectroscopy Market- by Type
    - 9.6.4.1.2 Brazil: Gamma Ray Spectroscopy Market- by End-User
  - 9.6.4.2 Argentina: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.6.4.2.1 Argentina: Gamma Ray Spectroscopy Market- by Type
    - 9.6.4.2.2 Argentina: Gamma Ray Spectroscopy Market- by End-User
  - 9.6.4.3 Rest of SAM: Gamma Ray Spectroscopy Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.6.4.3.1 Rest of SAM: Gamma Ray Spectroscopy Market- by Type
    - 9.6.4.3.2 Rest of SAM: Gamma Ray Spectroscopy Market- by End-User

10. Gamma Ray Spectroscopy Market- COVID-19 Impact Analysis

10.1 Overview
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East and Africa
10.6 South America

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Product Development

12. Company Profiles

12.1 CAEN S.p.A.
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Mirion Technologies, Inc.
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 AMETEK Inc.
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services (Offerings of AMETEK, Inc.)
- 12.3.4 Products and Services (Offerings of Amptek -a subsidiary of AMETEK, Inc.)
- 12.3.5 Financial Overview
- 12.3.6 SWOT Analysis
- 12.3.7 Key Developments
12.4 Linde Plc
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Sander Geophysics Limited
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 NUVIATech Instruments
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 ANTECH
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 NATS, Inc.
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Geomatrix Earth Science Ltd
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 ATOMTEX
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Word Index