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 - AT1320? 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.