Gamma ray spectroscopy involves the use of gamma rays detectors and analysers to obtain a gamma ray spectrum. Gamma ray spectroscopy finds wide applications across various industries such as oil & gas exploration, healthcare, homeland security, manufacturing, and environmental monitoring. The oil & gas exploration industry is one of the major end-users of gamma ray spectroscopy technology. Gamma ray spectrometers help in determining density, porosity, and lithology variations in formations, thereby assisting in crude oil and natural gas exploration activities. With growing global energy demand, oil & gas exploration activities have increased substantially over the past few years, driving the adoption of gamma ray spectroscopy systems.

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 of 2024 to 2031.

Key Takeaways

Key players operating in the gamma ray spectroscopy market 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.

Gamma Ray Spectroscopy Market Trends is expected to witness significant opportunities owing to increasing investments in nuclear energy generation and rising safety concerns across various industries. The major players are focusing on regional expansion strategies across emerging economies to gain higher market share.

Thermo Fisher Scientific Inc., Mirion Technologies, Inc., and AMETEK, Inc. have already established their global presence. However, other players are exploring opportunities in Asia Pacific and Middle East & Africa to tap the growing demand. Collaboration with local players is one of the key strategies adopted by international brands to penetrate regional markets.

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