Increasing numbers of nuclear power plants and global nuclear ventures have created major safety issues like radiation. Growing awareness about the harmful effects of radiation is expected to create demand for the radiation monitoring and detection equipment. According to the researchers, the global radiation detection market is poised to witness steady growth, especially with the recent nuclear disasters like Fukushima. According to the latest reports, growing awareness towards nuclear safety and technological advancements are expected to drive this market over the next few years. The global market is expecting heavy investments in the market during near future.
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Trends in Radiation Detection Industry
In order to understand the growth trends and revenue forecasts for the leading players, the researchers segment the global radiation detection market on the basis of its basic components. The industry is segmented on the basis of the types of industries, compositions, products, accessories, and geographic regions. Analysis of all these segments helps the researchers to understand the market drivers, restraints, challenges and business opportunities. According to the experts, the global market is expected to witness steady growth during the next few years.
Major Market Drivers and Restraints
Researchers expect the global radiation detection market to grow with increasing awareness about the nuclear disasters. After the 2011 Fukushima disaster, industries from around the world are becoming more cautious about the safety and monitoring of the nuclear plants. Increasing threats of nuclear terrorism is also considered to be a major driving factor for the market. According to the researchers, growth in homeland security is also driving this market at an impressive CAGR.
Nuclear energy substitutes such as renewable energy are expected to be the major threat for this market. Apart from that, major hindrances for the market include shortage of workforce and nuclear power phase out across several European countries. According to the latest reports, the global radiation detection market is expected to grow at a steady CAGR to reach $466.5 Million by the end of the year 2020. Researchers expect impressive investments across newer marketplaces of the world.
According to the research, the global market is expected to witness steady growth with proposed rise in the number of nuclear plants and growth across the Pacific countries are expected to yield more investment opportunities for the market. India’s initiatives towards using nuclear energy and Japan’s reversal of nuclear phase out plans are also expected help the market grow during the next few years. North America is projected to dominate the global market during the forecasting period.