
Gamma Ray Spectroscopy Industry
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 gamma ray spectroscopy market growth is expected to grow due to its increased demand in the medical industry as the technique is used to destroy tissues, cancerous cells, etc. However, spectrometers have high penetration power, and high exposure to gamma rays is dangerous for living beings. It is capable of destroying healthy tissues and can damage DNA. Further, companies are focusing on developing portable spectrometers that can be carried out easily. This is expected to offer growth opportunities for the gamma ray spectroscopy market size.
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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.
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.
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.
Gamma Ray Spectroscopy Market: Competitive Landscape and Key Developments
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. Several other major players were also analyzed for a holistic view of the gamma ray spectroscopy market report.
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.
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
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