HELIUM-3 MARKET TO REACH VALUATION OF ~US$ 800 MN BY 2031
Transparency Market Research delivers key insights on the global helium-3 market. In terms of revenue, the global helium-3 market is estimated to expand at a CAGR of ~9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global helium-3 market.
The global helium-3 market is broadly affected by several factors, including usage of helium-3 in various nuclear power plant and medical applications. The increase in applications of helium-3 in neutron detectors is propelling the global helium-3 market.
Helium-3 Market: Dynamics
The demand for helium-3 has been increasing constantly, due to rise in threat of terrorist attacks. Currently, majority of the helium-3 supply is being used in fissile material neutron detectors. Furthermore, helium-3 isotope is anticipated to become more important with the advent of nuclear fusion.
The increase in the demand for neutron detectors in military applications to prevent the smuggling of nuclear and radiological materials at borders is expected to augment the global helium-3 market during the forecast period. Helium-3 is non-toxic and has the property to absorb neutron and produce a detection signal.
Helium-3 (helium-3) is gas that has the potential to be used as a fuel in future nuclear fusion power plants. Another significant benefit of using helium-3 fuels is that the reaction products, being charged particles, can be manipulated by electric and magnetic fields and can consequently be used for direct energy conversion, which is far more efficient than thermal conversion.
Helium-3 is an important isotope used in various applications such as defense, medical, and oil & gas. However, lower supply and higher prices of helium-3 are major concerns. Therefore, it is important to find the alternatives to helium-3. There are three major alternatives to helium-3 in neutron detectors: boron-10 and BF3, which detect absorbed neutrons electronically via the resultant charge emission, and lithium-6, which detects absorbed neutrons via scintillated light. Each of the product has its pros and cons, and scientists are working on research and development of these products.
Helium-3 Market: Prominent Regions
Asia Pacific dominated the global helium-3 market in 2020. The development of a strong defense industry and increase in the production, and usage of neutron detector in the countries of the region are major factors driving the demand for helium-3 in Asia Pacific.
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The helium-3 market in North America is anticipated to expand at a significant pace during the forecast period. The presence of a major manufacturer, National Nuclear Security Administration, in the U.S.; and rise in demand for helium-3 in military applications are projected to propel the market in the region during the forecast period.
The increase in usage of helium-3 in countries of Europe and establishment of various government programs to extract helium-3 from the moon are projected to boost the helium-3 market in the region in the near future.
Governments of various countries are promoting the implementation of nuclear fusion power plants and helium-3 to meet the required demand for energy across the globe. This is expected to boost the global demand for helium-3.
Helium-3 Market: Key Players
The global helium-3 market is consolidated with the presence of a few players. Key players operating in the global helium-3 market Savannah River Site, National Nuclear Security Administration, The Mayak Production Association, and Space Industries.
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