Vancouver, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global helium-3 market size was USD 378.0 Million in 2022 and is expected to register a rapid revenue CAGR of 9.0% during the forecast period. Rising demand for detecting equipment and increasing adoption of Magnetic Resonance Imaging (MRI) and other medical imaging modalities are key factors driving market revenue growth.
The global demand for detection equipment is rising rapidly due to increasing popularity of fast neutron spectroscopy measurements, with the demand for helium-3 reaching 65,000litres per year. Most of this demand will be driven by helium detectors used in medical labs, particularly during magnetic resonance imaging and nuclear magnetic resonance spectroscopy.
For example, on 7 December, 2021, Air Liquide signed a long-term agreement with Laurentis Energy Partners, a leader in the clean energy sector, for the production and distribution of helium-3 (3He). This molecule is a rare isotope of helium used in quantum computing, quantum science, astrophysics, neutron detection, medical imaging. With this new partnership, Air Liquide will be able to supply large quantities of helium-3 to customers worldwide. Laurentis Energy Partners will extract helium-3 as a byproduct of the energy produced by the Darlington power plant in Canada.
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However, high production costs and limited availability requirements of high amounts of energy and heavy mining are key factors, which could restrain market revenue growth. The availability of helium 3, as a fraction of all helium is very minimal, only about 1.37 parts per million. The complex and resource-intensive extraction processes incur additional costs in helium-3. Helium 3 was created during the dismantling of nuclear weapons, but with dwindling reserves, less tritium means less helium 3. In addition, stringent quality control measures are taken while mining helium 3.
Segment Insights
Type Insights:
On the basis of type, the global helium-3 market is segmented into ultra-high purity grade and high purity grade. The ultra-high purity grade segment accounted for largest revenue share in the global helium-3 market in 2022 due to rising demand for ultra-high purity grade helium in MRI machines, semi-conductor manufacturing and optical fiber production. Ultra-high purity grade has the purity level of 99.9995%, which is well-suited in shielding gas, blimps, and lab research where higher purity has been not necessary and cryogenics.
In addition, helium-3 has low mass weight, which can be controlled to sense, measure, and manage the amount of chemical vapor dispensed, essential for manufacturing semiconductors chips. Low temperature property of helium-3 also enhances the superconductivity in metal alloys, contributing to electrical industries. For example, on 25 January, 2022, Air Liquide announced a long-term agreement to supply high-purity hydrogen, helium, and Carbon Dioxide (CO2) to the world's largest semiconductor manufacturers. Air Liquide will also invest nearly USD 60 million to build, own and operate on-site facilities and systems at its new manufacturing site in Phoenix, Arizona.
Product Insights:
On the basis of the product, the global helium-3 market is segmented into gas and liquid. The gas segment is expected to register steadily fast revenue growth rate in the global helium-3 market during the forecast period owing to rising demand for gas in nuclear fusion, welding, chromatography, and leak detection procedures. Gas helium offers potential for anticipating new opportunities in renewable energy sources and hydrogen-based fuel cells.
In addition, helium gas allows for precise control over the thermal process, resulting in a higher degree of purity in the gas produced. This is crucial in industries where ultra-helium purity grade is required, such as power plants to produce heat, where even trace impurities can impact performance.
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Regional Insights:
North America market accounted for largest revenue share in the global helium 3market in 2022 due to rising demand for neutron detectors, oil exploration, and medical imaging in countries across the region especially in the U.S. and Canada. Helium-3 is valued at 2,000 to 2,500 USD per liter. The Savannah River Site is the only location in Western Hemisphere with the ability and know-how to collect, purify, and bottle this valuable gas, making it the only source of helium-3 gas in the U.S. The facilities, personnel, knowledge, and operations at the Savannah River Site (SRS) pertaining to tritium, an essential component of nuclear weapons and an isotope of hydrogen, are collectively referred to as the ’Savanna River Tritium Enterprise‘ (SRTE).
The Europe market is expected to register fastest revenue growth rate in the global helium 3 market during the forecast period owing to implementation of extraction of helium-3 from lunar surfaces and increasing applications in defense and medical sectors in countries across the region especially in UK, Germany, and France.
In Europe, Electric Vehicle (EVs) sales witnessed a growth of over 15% in 2022, resulting in electric cars accounting for over 20% of all cars sold. According to European Space Agency, the idea of harnessing clean and efficient form of energy from the Moon has fueled science fiction and reality in recent decades. Unlike Earth, which is protected by its magnetic field, the Moon is bombarded by the solar wind with large amounts of helium 3. It is believed that this isotope could provide safer nuclear power in fusion reactors because it is not radioactive and would not produce hazardous waste, which in turn, rises demand for helium 3.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 378.0 Million |
| CAGR (2023–2032) | 9.0% |
| Revenue Forecast To 2032 | USD 888.6 Million |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, product, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Helium-3 Ventures, Bruker, Oxford Instruments, Praxair Technology Inc., Air Liquide, Savannah River Site, Raims Ltd., LND Inc., Isoflex, Chemgas, NTI, Merck KGaA, European Space Agency, and Laurentis Energy Partners Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global helium-3 market is consolidated, with large and medium-sized players accounting for most of the market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective helium-3 products in the market. Some of the major companies included in the global helium-3 market report are:
- Helium-3 Ventures
- Bruker
- Oxford Instruments
- Praxair Technology Inc.
- Air Liquide
- Savannah River Site
- Raims Ltd.
- LND Inc.
- Isoflex
- Chemgas
- NTI
- Merck KGaA
- European Space Agency
- Laurentis Energy Partners Inc.
Strategic Development
- On February 3, 2023, Bruker installed two new compact 1.0 GHz NMR spectrometers for advanced molecular and structural biology applications, exceeding expectations. initially late 2022. Two new Ascend NMR Evo 1.0 GHz systems operate at 4.2 Kelvin with no sub-liquid temperatures. The helium temperature and thus liquid helium consumption are approximately 65% lower than with the previous 1.0 GHz, 2 Kelvin two-stage magnet. These new 1.0 GHz NMR magnets also significantly reduce area, weight and ceiling height requirements and are suitable for most single-story laboratories.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global helium-3 market on the basis of type, form, application, end-use, and region:
- Type Outlook (Revenue, USD Million; 2019-2032)
- Ultra-High Purity Grade
- High Purity Grade
- Product Outlook (Revenue, USD Million; 2019-2032)
- Gas
- Liquid
- Application Outlook (Revenue, USD Million; 2019-2032)
- Oil & Gas (O&G)
- Defense
- Power Plant
- Medical
- Others
- End-use Outlook (Revenue, USD Million; 2019-2032)
- Cryogenics
- Nuclear Magnetic Resonance (NMR)
- Border Security
- Fusion Research Labs
- Space Exploration
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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