Helium-3Market: Introduction
TransparencyMarket Research delivers key insights on the global helium-3 market.In terms of revenue, the global helium-3 market is estimated to expand at aCAGR of ~9% during the forecast period, owing to numerous factors, regardingwhich TMR offers thorough insights and forecasts in its report on the globalhelium-3 market.
The globalhelium-3 market is broadly affected by several factors, including usage ofhelium-3 in various nuclear power plant and medical applications. The increasein applications of helium-3 in neutron detectors is propelling the globalhelium-3 market.
Helium-3 Market: Dynamics
The demandfor helium-3 has been increasing constantly, due to rise in threat of terroristattacks. Currently, majority of the helium-3 supply is being used in fissilematerial neutron detectors. Furthermore, helium-3 isotope is anticipated tobecome more important with the advent of nuclear fusion.
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Theincrease in the demand for neutron detectors in military applications toprevent the smuggling of nuclear and radiological materials at borders isexpected 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 adetection signal.
Helium-3(helium-3) is gas that has the potential to be used as a fuel in future nuclearfusion power plants. Another significant benefit of using helium-3 fuels isthat the reaction products, being charged particles, can be manipulated byelectric and magnetic fields and can consequently be used for direct energyconversion, which is far more efficient than thermal conversion.
Helium-3 isan important isotope used in various applications such as defense, medical, andoil & gas. However, lower supply and higher prices of helium-3 are majorconcerns. Therefore, it is important to find the alternatives to helium-3.There are three major alternatives to helium-3 in neutron detectors: boron-10and BF3, which detect absorbed neutrons electronically via the resultant chargeemission, and lithium-6, which detects absorbed neutrons via scintillatedlight. Each of the product has its pros and cons, and scientists are working onresearch and development of these products.
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Helium-3 Market: Prominent Regions
AsiaPacific dominated the global helium-3 market in 2020. Thedevelopment of a strong defense industry and increase in the production, and usageof neutron detector in the countries of the region are major factors drivingthe demand for helium-3 in Asia Pacific.
Thehelium-3 market in North America is anticipated to expand at a significant paceduring the forecast period. The presence of a major manufacturer, NationalNuclear Security Administration, in the U.S.; and rise in demand for helium-3in military applications are projected to propel the market in the regionduring the forecast period.
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Theincrease in usage of helium-3 in countries of Europe and establishment ofvarious government programs to extract helium-3 from the moon are projected toboost the helium-3 market in the region in the near future.
Governmentsof various countries are promoting the implementation of nuclear fusion powerplants 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 globalhelium-3 market is consolidated with the presence of a few players. Key playersoperating in the global helium-3 market Savannah River Site, National NuclearSecurity Administration, The Mayak Production Association, and SpaceIndustries.
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