by The gamma ray spectroscopy market has emerged as a prominent non-destructive analytical technique used across various industrial verticals like healthcare, homeland security, manufacturing, and oil & gas. Gamma ray spectroscopy employs sophisticated sensors and detectors to identify and characterize gamma ray emitting isotopes in materials enabling applications like elemental analysis of unknown samples and detection of special nuclear materials. The oil & gas industry has significantly contributed to the growing adoption of gamma spectrometers for offshore exploration via borehole logging and well logging operations. Gamma ray detectors fitted in sondes are lowered down wellbores to map changes in natural radioisotope concentrations and aid in distinguishing different rock types and depth identification of oil reservoirs.
The Global Gamma Ray Spectroscopy Market is estimated to be valued at US$ 1,301.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the gamma ray spectroscopy are Thermo Fisher Scientific Inc., Mirion Technologies, Inc., AMETEK, Inc. (Ortec), Flir Systems, Inc., Canberra Industries, Inc., Ludlum Measurements, Inc., Berthold Technologies GmbH & Co. KG, Hitachi, Ltd., LaBr3(Ce) – Saint-Gobain Crystals, Baltic Scientific Instruments, Rigaku Corporation, Atomtex SPE, Fuji Electric Co., Ltd., LND, Inc., BSI, Polimaster Inc., Advanced Measurement Technology, Tracerco. The oil & gas industry has led to growing demand for gamma spectrometers in offshore exploration activities like borehole logging and well logging. Several governments across North America, Europe, and Asia Pacific are increasing funding for homeland security applications involving radioactive material detection and nuclear nonproliferation which is fueling the expansion of global Gamma Ray Spectroscopy Market Trends
Market key trends
One of the key trends witnessed in the gamma ray spectroscopy market is the increased application of portable and handheld spectrometers. The advantages of mobility and field deployment offered by portable detectors are prompting several end-use industries to replace fixed laboratory instruments. Moreover, technological advances in detector materials like LaBr3 and HPGe have improved the sensitivity and performance characteristics of modern spectrometers. Ongoing research towards developing novel detector crystals with better energy resolution, such as SrI2:Eu and CLYC:Ce, is further expanding the application scope of gamma ray spectroscopy.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter this market due to high capital requirements for research and development.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.
Bargaining power of suppliers: A few major companies dominate the supply market giving them higher bargaining power.
Threat of new substitutes: Potential threat from new non-destructive testing technology substitutes.
Competitive rivalry: Intense competition among key players to gain more market share.
Geographical regions: North America holds the major share of Gamma Ray Spectroscopy Market Regional Analysis in terms of value owing to high preference for safety and quality standards.
Fastest growing region: Asia Pacific is expected to grow at the fastest rate during the forecast period due to rising nuclear plant installations and increased research & development investments by developing nations in this region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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