The Radiation Monitoring and Safety Marketis projected to reach USD 652.8 million by 2020 from USD 512.1 million in 2015, at a CAGR of 5.0% in the next five years (2015 to 2020).
The radiation monitoring and safety market is undergoing a significant transformation, with the changing landscapes of healthcare, nuclear power plants, homeland security and defense, and manufacturing industries. The growth of this market is majorly influenced by the dynamics of these industries.
The scope of the study is confined to photomultiplier tubes (PMTs), silicon photomultipliers (SiPMs), and others (PIN photodiodes and avalanche photodiodes); hence, the market size is estimated only for the abovementioned product segments.
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Growing safety concerns post the Fukushima disaster, technological advancements, growing security threats, growing security budgets of global sporting events, increasing incidence of cancer, growth in the number of PET/CT scans, and growing threat of nuclear terrorism are some factors expected to drive the growth of the global radiation monitoring and safety market in the coming years.
On the other hand, factors such as shortage of a nuclear power workforce worldwide and nuclear power phase-out in some European countries are expected to restrain the growth of the market. However, the increase in the number of nuclear power plants in India and Pacific countries, growing focus on clean and reliable electricity generation in China, and the decision of the Japanese government to reverse its nuclear power phase-out are posing lucrative opportunities for the radiation monitoring and safety market.
In 2015, the photomultiplier tubes segment is expected to account for the largest share of the radiation monitoring and safety market, by product, while the healthcare segment is expected to account for the largest share of radiation monitoring and safety market, by application.
TheRadiation Monitoring and Safety Market witnesses’ high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, collaboration, expansion, new product launches, and acquisition) to increase their market shares and establish a strong foothold in the global market.
Market Drivers of Radiation Monitoring and Safety Market:
- Growing safety concerns post the Fukushima disaster
- Technological advancements in radiation monitoring systems
- Growing security threats to drive radiation monitoring market for homeland security
- Growing security budgets of global sporting events
- Increasing incidence of cancer
- Growth in the number of PET/CT Scans
- Growing threat of nuclear terrorism
- Use of drones for radiation monitoring
Market Restraints of Radiation Monitoring and Safety Market:
- Shortage in nuclear power workforce
- Nuclear power phase-out in some European countries
Market Opportunities in Radiation Monitoring and Safety Market:
- Proposed increase in number of nuclear power plants
- Decision of the Japanese government to reverse its nuclear phase-out plan
- Rising focus on nuclear power in India to meet energy demands
- Growing focus on clean and reliable source of electricity generation in China
- Introduction of nuclear power in pacific countries
Radiation Monitoring and Safety Market Segmented on the Basis of Region:
- North America
- Asia-Pacific (APAC)
- Rest of the World (RoW)
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In 2015, North America is expected to account for the largest share of the global radiation monitoring and safety market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). North America’s large share is attributed to the increasing prevalence of cancer, rising adoption of nuclear imaging systems, government initiatives, the increase in the number of nuclear power plants in the U.S., growing security concerns, and the rising number of conferences. In the coming years, the radiation monitoring and safety market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan. This can be attributed to factors such as high spending on homeland security in Asia, Japan’s decision to continue with the use of nuclear power, high growth expected in China’s nuclear power industry, presence of global and local players in the Chinese market, increasing number of nuclear power plants in India, and increasing installations of nuclear imaging systems in India.
Reasons to Buy the Radiation Monitoring and Safety Market Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps firms to garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
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The Radiation Monitoring and Safety Market report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the products and services offered by top players in the radiation monitoring and safety market. The report analyzes the radiation monitoring and safety market by product and application.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the radiation monitoring and safety market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for radiation monitoring and safety across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the radiation monitoring and safety market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and distribution networks of the leading players in the radiation monitoring and safety market.
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