Renaissance in the global nuclear energy production and its increased degree of applications has created greater issues and complications. Increasing number of power plants in various parts of the world has created major threats of radiation to the surroundings and the people working and living in the high-radiation prone environments. In order to maintain safety of humans and environment, radiation detection equipments and technologies are being developed. Advancing technology and increasing consumption are causing healthy growth in global radiation detection market. Experts in the industry claim that the technology will continue to make steady progress despite slowing economy of the world. This is a good sign for the small as well as large businesses in the industry.
Segments and Key Takeaways
Years after its invention, nuclear power is still making waves across the world. Growing number of power plants is the proof to this trend. Growth in the number of power plants also creates increased requirement for monitoring and detection technology for radiation and its effects on the people and the environment. Advent of information technology and innovation are broadening the horizons of global radiation detection market. The industry has great segmentation, which is largely based on the types of industries. Industrial applications of radiation detection technology are further segmented on the basis of the types of composition, products and markets. Apart from nuclear power plants, the homeland security and defense and manufacturing industries also have tremendous applications of nuclear power. This demand for nuclear power also triggers growth in radiation monitoring and detection devices and systems.
Market Trends and Forecasting
In order to understand the overall progress in the radiation detection market of the world, researchers need to understand the industry-wise growth, restraints, trends and opportunities in all the three industries. Detailed study of these three industries give away crucial information about the revenue channels and growth prospects in the market spread across different geographic regions of the world. According to the latest market research reports of 2012, the global revenue for nuclear power plants was valued at over $312 million. The homeland security and defense industry was worth $131.5 million. Manufacturing industry on the other hand was worth $83.6 million. Overall, the entire radiation detection market was worth more than $520 million in 2012.
Highly competitive intensity and immense fragmentation are the two basic restraints for the businesses in this industry. North America is currently dominating the global market, which is followed by other regions including Europe, Asia Pacific and rest of the world. The radiation detection market is largely driven by gas filled detectors and personal dosimeters.