Helium-3 Market: Introduction
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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.
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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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