Radiation Detection Market is projected to Reach US$ 2,649.2 Mn by 2030 | CAGR: 5% | Astute Analytica
NEW DELHI, Jan. 20, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the radiation detection market from US$ 1,703.0 Mn in 2021 to US$ 2,649.2 Mn by 2030, registering a CAGR of 5% during the forecast period 2022-2030. The increasing use of radioactive materials in various sectors like medical research, medical imaging, power production, industrial processes and the defense has led to an increase in demand for medical radiation detectors which detects the presence of radiation. Accidents like the Three Mile Island accident (1979) and the Chernobyl Disaster (1986) have shown that radiation can result in harmful health effects. The severity of the effects of radiation on human body is determined by the amount of exposure, ability of the radiation to harm the organ tissue, organ that is affected, etc.
Increasing security threats and growing government spending are driving the market for radiation detection. Moreover, increasing safety concerns post nuclear disaster and rising prevalence of cancer necessitates the use of radiation detectors. However, growing use of nuclear energy alternatives such as renewable resources is a restraint to the growth of the radiation detection market.
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Significance of the market for radiation detection
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.
Challenges Ahead
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.
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Impact of COVID-19
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.
Scintillators segment is estimated to exhibit the highest CAGR of 5.6% by 2030
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.
Healthcare segment estimated to have the highest market share in 2021
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.
Asia Pacific has the highest CAGR for the forecast period
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.
Key Market Players
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.
Segmentation Overview
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:
- By Product
- Radiation monitoring post
- RI monitors
- Radiation detector and analyzers
- Portable radiation survey meters
- Others
- By End User
- Healthcare
- Homeland Security and Defense
- Nuclear Power Plants
- Others
- By Detection Type
- Gas-filled Detectors
- Geiger-Muller Counters
- Ionization Chambers
- Proportional Counters
- Scintillators
- Inorganic Scintillators
- Organic Scintillators
- Solid-state Detectors
- Semiconductor Detectors
- Diamond Detectors
- By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Eastern Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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