Despite having many nondestructive applications, nuclear power is a constant factor of debate. Rising number of nuclear power plants and their numerous applications have increased the risk involved with these plants. Strong web of power plants is also placing greater threat to public safety and health. This is the major reason for the growing radiation detection market. After the 2011 Tsunami induced nuclear tragedy in Fukushima, Japan; the whole world is taking the issue of radiation detection rather seriously as well. As a result, the market for these techniques is expected to maintain steady growth in the coming future. According to the experts, the industry will continue to grow with the growing importance and applications of nuclear power.
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Segmentation in Radiation Detection Industry
Apart from nuclear plants, great deal of radiation detection technology is used in the homeland security, defense and manufacturing industry. When it comes to studying segmentation in this industry, one needs to study details about these industrial verticals. Apart from the industrial verticals, demand pattern across various geographic regions is also taken into consideration. Geographic regions include North America, Europe, Asia Pacific and rest of the world (RoW). Following are the details of segmentation in the industry based on the key industrial verticals:
- Homeland Security and Defense: This segment is sub-categorized based on the types of products, composition, semiconductor based detectors and scintillators.
- Nuclear Power Plants: This sector is sub-segmented on the basis of the types of composition, products, and radiation safety accessories.
- Manufacturing: This segment is categorized based on the types of products and compositions of the radiation detection technology.
Forecasting Reports Until 2018
After in-depth analysis of radiation detection technologies across global nuclear power plants, homeland security departments and manufacturing industries, researchers are expecting steady growth in the industry. According to the market research reports, radiation detection market is anticipated to grow at a CAGR of 6% from 2013 to 2018. According to the studies, in 2012, manufacturing market was worth $83.6 million, homeland security and defense industry was worth $131.5 million, while nuclear power plants segment was worth $312 million. Radiation detection technology is expected to maintain steady growth across all three of these markets, which is a great sign for the existing businesses.
It is also a great sign for the new entrants hoping for strong head start to their organizations. Rising concerns about safety, increasing applications of nuclear energy and technological advancements in the industry are driving the market at strong pace.