Key elements anticipated to propel market revenue growth during the forecast period include growing helium-3 use in imaging techniques, increased interest in its potential use as a fuel in nuclear power plants, and rising demand for helium-3 from the defense, medical, and industrial sectors. Moreover, helium-3 has been widely employed in neutron radiation detectors, medical diagnostic procedures like MRI, and other clinical imaging techniques, all of which have increased demand for helium-3 and are expected to support the market's future revenue growth.
The market for helium-3 may be affected by the recession since it may have an impact on the supply and demand for this rare isotope. Economic activity often declines during a recession, which can lower demand for a variety of goods and services, including those that need helium-3. The availability of helium-3 may potentially be impacted by the recession. Several of the helium-3 sources are located in nations that rely largely on the export of natural resources, such Russia and Kazakhstan. During a recession, if there is a decline in demand for these resources, helium-3 availability may also be impacted.
Continuous Use Of Detecting Technology To Support Market Expansion
In devices that use the absorption theory to detect neutrons, helium-3 is crucial. Common neutron detectors that work best for detecting thermal neutrons are He-3 loaded proportional counters. Neutron counts are obtained by converting the high-energy particles that helium-3 produces while also absorbing neutrons into currents. For pulse height spectroscopy of epithermal and fast neutrons, larger types are also used. This detector can distinguish well between residual quantities due to its high photon sensitivity. He-3 proportional counters have a wide range of uses, including monitoring hydrogen-rich substrates like water and oil, where the measured substrate acts as a moderator. For instance, TGM's He-3 detectors are frequently used in conjunction with a fast neutron source to determine the amount of moisture in soil and concrete. They are also used to estimate the level of oil in an oil well's stratum as it is being drilled.
Issues Raised in Extraction of Helium-3 from Lunar Surfaces to Limit Market Growth
It is exciting and raises a number of questions to consider helium-3 mining on the Moon as a potential fuel source for clean and secure nuclear power plants in the future. Several of these issues, which concern the applicability of the nuclear physics concerned, are fairly sophisticated. Other worries centre on the important realities of going to the Moon, mining and heating enormous amounts of lunar rock, and bringing back the precious cargo to Earth. Three feasible difficulties have been taken into account. The work is difficult technically. Current international agreements do not provide a political or legal framework for lunar mining operations. In terms of finances, the mission only achieves a net profit in the best-case scenario and only for medium- to large-scale activities that need a sizeable initial expenditure.
Based on type, the helium-3 market is segmented into ultra-high purity grade helium and high purity grade helium. The high purity grade heliumcategory dominated the market in 2022. It is vital to remove any impurities that can interfere with the special features of helium-3, hence high-purity grade helium is frequently utilised in the manufacturing of helium-3. Helium-3's behaviour can be significantly impacted by impurities like water, oxygen, nitrogen, and other trace gases, especially at very low temperatures.
By Product Type
Based on product type, the helium-3 market is segmented into gas and liquid. The liquid category dominated the market in 2022. A form of helium, liquid helium-3, can be found in a liquid condition at very low temperatures. It possesses two protons and one neutron, as opposed to the two protons and two neutrons found in regular helium (helium-4) At atmospheric pressure, helium-3 is a gas up to the point when it liquefies at a temperature below 3.19 Kelvin (-269.96 degrees Celsius or -452.33 degrees Fahrenheit). The boiling point of helium-4, which is 4.22 Kelvin, is substantially warmer than this. As with other cryogenic fluids, liquid helium-3 can be utilised as a refrigerant by evaporating it or by using a similar procedure in phase separated solutions of helium-3 in helium-4.
Based on application, the helium-3 market is segmented into oil and gas, defense, power plant, medical and others. The medical category dominated the market in 2022 owing to helium-3's growing application in imaging technologies like MRI and NMR, where it is combined with other materials. The demand for helium-3 has increased due to expanding scientific and medical advancements as well as the increasing use of nuclear magnetic resonance (NMR) technology in research. Further boosting its usage in imaging techniques for anatomical and functional imaging of the human body is the fact that helium-3 has the potential to be the clean energy of the future and produces no radiation or hazardous pollutants.
By End Use
Based on end use, the helium-3 market is segmented into NMR, border security, fusion research labs and others. The fusion research labs category dominated the market in 2022. In fusion labs, helium-3 is used to convert water into steam. This turns a turbine, which generates power. The development of the modern energy business is accelerating due to the efforts of numerous governments worldwide. Two fundamental governmental policies—resource conservation and environmental protection—place emphasis on creating a resource-conserving and environmentally friendly society as a result of the country's industrialisation and modernisation.
North America is projected to hold the largest share of the helium-3 market over the forecast period due to the United States' growing helium-3 supply and manufacturing. Additionally, the U.S. Department of Energy (DOE) Isotope Program oversees the production, sales, and distribution of helium-3 in the country. A few of the major factors propelling the market's revenue growth in the area are the expansion of government initiatives to promote helium-3 mining, the expansion of space research initiatives, and the implementation of commercial helium-3 use plans for defence and monitoring nuclear weapon production. On the other hand, the Europe helium-3 market is anticipated to grow significantly ascribed to an increase in the number of government plans and programmes to mine helium-3 from the moon, an increase in the use of helium-3 in the defence and medical fields, and an increase in the region's manufacturing of neutron detectors for nuclear weapons.
LIST OF KEY COMPANIES PROFILED:
- Raims Ltd
- LND, INC
- Laurentis Energy Partners Inc.
- Air Liquide
- Savannah River Site
- Space Industries and Federal state unitary enterprise
- In October 2018, the neutron detectors 70 060 - 70 065 used proportional counter tubes filled with helium-3 for the best thermal neutron sensitivity, according to VacuTec MeBtechnik GmbH. It works well for portable neutron detectors and neutron measurements in small cavities or pipes due to its high neutron sensitivity and relatively low gamma-radiation sensitivity.
|Market Size in 2022||USD 0.2 Billion|
|Market Forecast in 2030||USD 0.3 Billion|
|Compound Annual Growth Rate||3.10 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Product Type, By Application, By End Use and By Geography|
|By Product Type||
|By End Use||