Global Scintillators Market to Reach $536.8 Million by 2026
Scintillators are materials, which are capable of converting high energy radiation like gamma rays or X-rays into near visible or visible light. Scintillation or luminescence refers to the phenomenon when certain materials re-emit the light absorbed when they are struck by an incoming particle and absorb its energy. In some cases, the relaxation from the excited state to the lower states takes time; ranging from few nanoseconds to a few hours. At this time, delayed fluorescence or phosphorescence takes place. The wavelength of the optical photon that was emitted affects the transition. Scintillators are widely used in the form of detectors in the areas of medical diagnosis, geographical exploration and high energy physics. Scintillators can be liquid, solid or gaseous as well as organic or inorganic (such as single crystal, ceramics and glass).
Amid the COVID-19 crisis, the global market for Scintillators estimated at US$413.5 Million in the year 2020, is projected to reach a revised size of US$536.8 Million by 2026, growing at a CAGR of 4.5% over the analysis period. Inorganic, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$371.5 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Organic segment is readjusted to a revised 4.2% CAGR for the next 7-year period. This segment currently accounts for a 35.1% share of the global Scintillators market.
The U.S. Market is Estimated at $128.7 Million in 2021, While China is Forecast to Reach $73.9 Million by 2026
The Scintillators market in the U.S. is estimated at US$128.7 Million in the year 2021. The country currently accounts for a 30.26% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$73.9 Million in the year 2026 trailing a CAGR of 6.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$79.2 Million by the end of the analysis period.
Changing dynamics in sectors such as manufacturing, defense, homeland security, nuclear power stations and healthcare is transforming the scintillators market. Increased government funding for R&D initiatives to foster innovations in scintillators space is also favoring market growth. Increasing investments in radiation monitoring space, particularly by homeland security agencies and the huge potential in innovative medical disciplines such as radiology, medical imaging and nuclear medicine are offering substantial opportunities for scintillator use for radiation detection applications. Rising safety concerns related to radiation exposure, favorable regulatory landscape, and research initiatives are additionally providing opportunities in the scintillators market. The need for an alternative option for neutron detection is also an opportunity for the scintillators market. Research activities, government funding, supportive regulations, and safety concerns related to radiation exposure are expected to support market growth. In addition, investments in radiation monitoring in the applications such as homeland security, growing demand for advanced radiological medical activities have been adding to the market growth. Technological advancements, initiatives by the governments of various countries, development of cost-efficient technologically advanced products and growing funds for R&D activities in private organizations are the key factors driving use of scintillators in industries in both developed and developing countries.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook