LONDON, Oct. 17, 2016 /PRNewswire/ -- 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.
The radiation monitoring and safety market is 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.
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.
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.
The 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.
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The report provides insights on the following pointers:
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