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Market OverviewRadioactive material includes radionuclides and unstable atoms, which emit invisible radiation that can be detected by instruments. The market is constantly driven by regulatory requirements and evolving customer needs. Radiation monitoring is used to control the exposure to radiation or radioactive substances by measuring radiation dose or contamination levels. The increased use of radioactive materials in areas, such as power production, industrial processing, research and processing, and the security sector, intensified the need for equipment offering protection against radioactive radiations.
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- The increased stability of manufacturing industries is likely to augment the growth of the market during the forecast period. Usage of radiography testing in the manufacturing industry to test the quality of manufactured goods and to inspect flaws is also likely to fuel the growth of the market.
- Increasing incidence of cancer is leading to high awareness, related to the harmful effect of radiation. Government and environmental protection agencies are introducing rules and regulations and imposing limitations on radiation levels.
- Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.
Scope of the Report
The detection and monitoring products segment includes personal dosimeters, area process monitors, environmental radiation monitors, surface contamination monitors, and radioactive material monitors. The Safety products segment covers the products used for the safety of hands, face, and body. The homeland security segment covers hardened equipment desired to meet military standards including personal dosimeters, survey meters, area and air monitors, and a variety of identification equipment.
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Key Market Trends
Exposure to Radiation Becoming a Common Occurrence
- Exposure to radiation has emerged as a common occurrence in the industrial sector. Manufacturers use radioisotopes to improve the quality of goods across thousands of industrial facilities around the world. Automobile and aircraft manufacturers, and mining and oil companies are among the most prominent industries using radioactive materials in their manufacturing processes and products. Meeting IEC standards, assisting healthcare professionals to reach the target of reduced exposure of radiations has been among the driving factors.
- Moreover, ionizing radiation is used in the processing industry, to produce beneficial physical, chemical or biological effects on an industrial scale. It has applications in the sterilization of medical devices, modification of polymers, tire manufacturing, curing adhesives and resins, etc.
- Further, these industrial and manufacturing processes often operate in extreme conditions, and many increasingly use radiation for precision measurement or sterilization. Radiation detection and safety products are in demand to protect the workers from radiation.
North America is the Fastest Growing Market Driven by Regulatory Compliance
- North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the healthcare sector, increase in the number of research & development activities in the region and existence of well-established medicinal infrastructure. Medical application has been increased with radiation therapy being a preferred non-invasive approach.
- The leading stance of North America in the global market can majorly be credited to the fact that most of the major vendors in the global radiation detection, monitoring, and safety market are based in the US. Favorable government support through incentives and regulatory support to research and development in the field are expected to allow North America to retain its dominant position.
- The United States, for instance, is expected to spend around USD 400 billion over a 10-year period to maintain and modernize its nuclear arsenal. The country also plans to buy replacement systems and build new nuclear weapon facilities.
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Competitive Landscape
The radiation detection market is fragmented and features a significant amount of innovation derived from basic scientific research. In terms of market share, few of the major players currently dominate the market with limited incentive to allow more effective and lower cost technologies into their inherently closed architectures. These major players with a prominent share in the market are focusing on expanding their customer base across the served end-user industries. The companies leverage on strategic collaborative initiatives to increase market share and profitability. The companies operating in the market are also acquiring start-ups working on Radiation Detection, Monitoring, and Safety technologies to strengthen their product capabilities.
- March 2019 - Radiation detection vendor, Arktis Radiations Detectors developed a new flat panel gamma (FPG) detector which assists to improve significantly the capability for detecting radioactive sources in a variety of applications. The slim form factor of Arktis’ new detector means that gamma detectors can now be placed in areas where it was previously unfeasible or untenable for cost reasons.
- December 2018 - Arktisdeepened its relationship with BrightSpec NV/SA, signing an exclusive license agreement to distribute the BrightSpec Compact Digital Multi-Channel Analyzer (bMCA) in the US Homeland Security market. Arktis has previously deployed BrightSpec bMCA technology for gamma detection, on its deployed fleet of vehicle radiation portal monitors and in US government test programs. The new agreement strengthens that collaboration, enabling Arktis to offer BrightSpec products as competitive, off-the-shelf components of its plug-and-play solution.
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Contact Info:
Name: Hector Costello
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Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/radiation-detection-monitoring-and-safety-market-growth-trends-and-forecast-2019-2024
Release ID: 88912238
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