GAMMA RAY SPECTROSCOPY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Gamma Ray Spectroscopy Market Size and Trends

Global gamma ray spectroscopy market is estimated to be valued at USD 801.2 Mn in 2024 and is expected to reach USD 1,301.1 Mn by 2031, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

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The market is expected to witness positive growth over the forecast period due increasing application of gamma ray spectroscopy across various industries. Gamma ray spectroscopy is widely used in medical imaging, security inspection and oil & gas exploration. Rising demand for energy boosts more oil & gas E&P activities around the world, thus, boosting adoption of gamma ray spectroscopy for well logging applications. Moreover, growing security checks at airports and custom points can also boost demand. However, availability of substitutes and high procurement cost of gamma ray spectroscopy systems can hamper the market growth. Increasing industrialization and urbanization in developing nations can offer new growth avenues for the market players.

Growing Demand from Oil & Gas Industry

The oil & gas industry has emerged as one of the major end users of gamma ray spectroscopy technology. With growing demand for energy and declining reserves from conventional reservoirs, there have been increase in exploration and production activities targeting unconventional reservoirs such as tight oil & gas and shale. Gamma ray spectroscopy provides an effective means to analyze hydrocarbon composition and detect fluid levels in wells. This helps companies to optimize drilling processes, enhance production and recover hydrocarbons economically from such complex reservoirs. The technology is widely used in logging operations to identify potential hydrocarbon zones, characterize reservoir properties and gain insights to plan future drilling and stimulation activities. It plays a vital role in assessing hydrocarbon column thickness and movement of fluids over long periods of time. With more oil & gas companies investing heavily in tight oil & gas and shale plays worldwide to diversify their reserve base and boost supplies, there will huge reliance on gamma ray spectroscopy solutions for efficient E&P. For instance, in February 2024, according to the data from the International Energy Agency (IEA), India is set to become the primary driver of global oil demand growth over the next seven years. Despite a projected decrease in domestic production by 22%, India is poised to increase its oil imports significantly. By 2030, India's domestic production is expected to decline to 540 thousand barrels per day (b/d) from the current 700 thousand b/d, while its crude imports are forecasted to rise to 6.6 million b/d. This shift will have significant implications for India, which is already the world's second-largest importer of crude oil.

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Increasing Applications in Medical Isotope Production

Nuclear medicine has emerged as an important field in medical diagnostics and therapy in recent times. various medical diagnostic procedures such as SPECT and PET scans extensively use radioactive isotopes. Significant research is also ongoing to evaluate isotope therapy for cancer treatment. Growth in nuclear medicine applications has boosted demand for medical isotopes such as technetium-99m, iodine-123, iodine-131 and others. Precise characterization and quantification of these radioisotopes is critical to ensure dosage safety, purity and efficacy. Gamma ray spectroscopy plays a vital role in the production, purification and quality control of medical isotopes. It helps verify isotope identity, measure isotope quantities and check for presence of impurities. The technology is widely utilized at various stages right from isotope production to packaging for hospitals. With rapid expansion of healthcare infrastructure in developing nations and growing aging population susceptible to diseases worldwide, nuclear medicine referrals will increase substantially in the near future. This will further drive-up requirements for high-quality medical isotopes.