Scintillators illuminate when they are stimulated by ionizing radiation. This property makes them useful as powerful luminescent materials, which are available in both organic and inorganic materials. Inorganic scintillators are crystals, growth in high temperature furnaces with a small amount of activator impurity. Various types of newly developed products have wide range of applications, which is driving the global inorganic scintillators market. Growing global need for nuclear power is also considered as a major driver for the global industry. Rise in technological advancements and innovative applications are also expected to create strong rise in demand for these products in the near future.
5 Crucial Drivers
The global inorganic scintillators market is strongly driven by five major factors that are signified by rising demand and applications of the industry products. Rise in security threats, which are driving the global radiation detection market, especially for the homeland security sector is considered as the strongest driver for the global market. Apart from that, demand from medical market is also considered as a crucial driver for the market. Rise in CT scans, Pets, and increasing instances of different types of cancer are also significantly driving the demand in this industry. Recent accidents like Fukushima Disaster in 2011 are also encouraging the enterprises to increase their safety platforms. Technological advancements in the industry are also driving the applications segment of the market.
The global inorganic scintillators market is segmented on the basis of their types, applications and geographic regions. The types of scintillators include CSL, NaL, GoS and others. The basic applications include in the industrial, healthcare, homeland security, military and defense, nuclear power plants and other such industrial verticals. On the basis of the geographic regions, the global industry is divided into four basic regions, which include North America (Canada and US), Asia (India, Japan, China and rest of Asia), Europe (Eu 5 and rest of the Europe) and the rest of the world. Analysis of all these segments provides details about the basic trends, drivers and future growth aspects of the market.
According to the latest reports, the global inorganic scintillators market is expected to grow at a CAGR of over 5%. At the projected growth rate, the market is expected to become worth more than $299.2 million by the end of the year 2018. During the forecasting period, North America is expected to account for the largest market share, which is expected to be seconded by Europe and Asia. Nevertheless, Asia Pacific is expected to record fastest growth rate (CAGR) during the forecasting period, which is a positive prospect for the global industry.