Global Radiation Detection Monitoring and Security Market
Radiation Detection, Monitoring & Safety Market
The market was valued at USD 1.84 billion in 2016, and is projected to reach USD 2.55 billion by 2022, registering a CAGR of 5.32% over the forecast period of 2017–2022. The major driver for the global radiation monitoring and safety market is the increasing emphasis on safety in the nuclear industry.Nuclear energy is rapidly being harnessed to meet the energy demands, and there is a need to create a safer environment and avoid accidents and the threat of nuclear terrorism.
INCREASING DEPENDECE ON NUCLEAR ENERGY IN DEVELOPING ECONOMIES
With the changing landscape of nuclear power plants, defense & security, and manufacturing industries, the global market has been witnessing notable transformations. The growth of this market is primarily driven by the dynamics of these sectors. Global interest in the nuclear energy industry and its applications have led to an expansion in the number of nuclear power plants. The increasing threat of nuclear terrorism and growing focus of governments on the use of radiation monitoring and safety instruments are driving the global market. In emerging economies, like India, there are flourishing and largely indigenous nuclear power programs, which are expected to have over 14.6 GWe nuclear capacity on line by 2024, and 63 GWe by 2032. The country aims to source 25% of electricity from nuclear power by 2050. This increasing dependence on nuclear energy is poised to bolster the adoption of radiation monitoring and safety equipment.
PERSONAL DOSIMETER EXPECTED TO HAVE THE LARGEST MARKET SHARE
Owing to its wide range of application in nuclear power plants and radiation dose measurement in medical and industrial processes, personal dosimeter is anticipated to have a high growth potential. Due to the increasing risk of nuclear terrorism, the use of personal dosimeter is indispensable in the detection of radioactivity. The demand is expected to grow, as the upcoming technological advancements, like optically stimulated luminescence, have made it possible to measure low level of radioactivity with higher accuracy.
ASIA-PACIFIC TO WITNESS THE FASTEST GROWTH RATE
The Asia-Pacific region is expected to witness the highest growth in all the major industrial segments. This strong growth can be attributed to the rising demand for radiation monitoring and safety instruments in China, South Korea, and India, because of the expected growth in nuclear power generation (between 2017 and 2030) in these countries. Moreover, in the years to come, China is expected to increase its expenditure in the homeland security sector.
FORTIVE TO ACQUIRE LANDAUER INC.
Landauer Inc., one of the leaders in radioactive monitoring and medical services, has announced its acquisition by Fortive. Fortive is an industrial growth company that caters to professional instrumentation industrial businesses, and is based in Washington. Fortive has made a USD 67.25 per share cash tender, to acquire all Landauer shares.
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