Energia
Radiation Detection Market is projected to Reach US$ 2,649.2 Mn by 2030 | CAGR: 5% | Astute Analytica
Since the early days of radiation testing by Roentgen and Becquerel, scientists have sought ways to measure and observe the radiation given off by the materials they worked with. Henri Becquerel used a method to demonstrate the existence of radiation in 1896. Since then, the use of radiation detectors is significant to measure radiation exposure to an individual's body. According to the World Energy Outlook (WEO) report, in 2021, the IEA's 'Stated Policies Scenario' sees installed nuclear capacity growth of over 26% from 2020 to 2050 (reaching about 525 GWe).
Use of radioactive materials by terrorists has raised serious concerns. The Fukushima Dai-Ichi accident in 2011 has affected many aspects of the nuclear society globally. In the defense sector, the common sources of radiation exposure to personnel include nuclear ships and submarines; depleted uranium-made weapons and military equipment; handling, detonation, and maintenance of nuclear weapons; and during nuclear waste transport and storage. Such events may cause a significant number of personnel to be exposed to harmful levels of radiation, the radiation detectors devices and services are majorly used in the defense sector to monitor the radiation exposure and limit the impact of radiation on personnel health.
Radiation detection devices must have to be highly reliable. There are ongoing technological developments in these devices which have mostly targeted the lighter weight, smaller size, longer useful life, high reliability, and cost-effectiveness.
Alternative energy sources such as hydrogen, solar power, natural gas, and thorium are a big concern for the radiation detection market. Turkey , India , Australia , and United States holds 59% of the world's thorium reserves. Thorium that is mined can be used as a fuel, whereas, only 1% of the mined uranium (primary element used in nuclear energy) is used as a fuel. Thorium produces less waste and is safer than uranium.
Radiation detection can be used for prevention of excessive radiation exposure due to imaging equipment when suffering from COVID-19. Healthcare entities are increasingly leveraging medical imaging and imaging analytics to improve COVID-19 detection and prevention. However, the restrictions imposed due the coronavirus pandemic somewhat impacted the medical supply chain of the global radiation detection market. Travel restriction and shortages of raw materials, including plastics, metals, glass, and electronics, hampered production. The nuclear power industry is currently witnessing a truly challenging environment, still, a high demand for nuclear energy is projected in the coming years due to rising energy demands across the globe.
Gas-filled Detectors segment holds highest market share of 55.3% in 2021, where the market was valued at US$ 941.6 Mn . Scintillators are reliable, efficient and competitive technology for contamination monitoring as compared to gas-filled detectors, creating lucrative growth opportunities in the global marketplace.
By end user, healthcare segment is estimated to have the highest market share of 44.9% in 2021. The importance of medical imaging is resulting in high market share of the healthcare segment. Homeland Security and Defense segment is estimated to exhibit highest CAGR of 5.3% during the forecast period. The high growth opportunity in the segment is due to increasing concerns regarding national security and rise in territorial tension between nations.
North America holds the highest market share of 35.2% in 2021. The region's market is valued at US$ 598.9 Mn in 2021. Despite the huge market share held by North America , Asia Pacific is estimated to grow at the highest CAGR of 5.7% during the forecast period. The growth opportunity in the regional market is estimated at US$ 270.6 Mn during the forecast period. The high growth opportunity in the region is due to countries like China and Japan . For instance, in China , several independent government departments related to nuclear medicine are emerging like the China Society of Nuclear Medicine.
The main competitors are Fuji Electric, HORIBA, Ltd., Hamamatsu Photonics, Mitsubishi Electric group, Fortive Corporation, Thermo Fisher Scientific, IBA Worldwide and others. Companies are adopting various competitive strategies to withhold significant market share in the global marketplace.
Global Radiation Detection Market is segmented on the basis of product type, end user, detection type and region. These segments are sub-divided to get a holistic picture of the market.
Following are the different segments of the Global Radiation Detection Market:
sales@astuteanalytica.com
Logo - https://mma.prnewswire.com/media/1582155/Astute_Analytica_Logo.jpg
Contact us:
Aamir Beg BSI Business Park, H-15,Sector-63, Noida- 201301- India
(US Toll Free); +91-0120- 4251598 (Rest of the World)
sales@astuteanalytica.com
www.astuteanalytica.com
LinkedIn | Twitter