The radiation detection, monitoring, and safety market is witnessing significant transformation with the changing landscape of nuclear power plants, homeland security and defense, and manufacturing industries. The growth of this market is majorly influenced by the dynamics of these industries. Global interest in the nuclear energy industry and its applications has led to an increase in the number of nuclear power plants. Increasing nuclear threat or nuclear terrorism and growing focus of governments on usage of radiation detection and safety instruments is driving the nuclear power plants and homeland security and defense market. Increased incorporation of radioactive compounds in various consumer products such as nuclear medicines, radio luminous products, and fluorescent lamp starters is a pivotal factor propelling the demand for radiation detection, monitoring, and safety equipment for the manufacturing industry. However, due to the after effects of the Fukushima disaster the nuclear power plants industry is facing challenges. All the nuclear reactors in Japan were either temporarily or permanently shut down.
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Similarly, the number of power plants in the European countries declined in response to the Fukushima disaster, and there was a significant reduction in grant funding by the Department of Homeland Security (DHS) in North America. The nuclear power plants industry is the largest in terms of market value, followed by homeland security and defense industry, and the manufacturing industry. The homeland security and defense industry is the fastest-growing segment of the radiation detection, monitoring, and safety market and is expected to grow at a CAGR of 7.3% from 2014 to 2020,to reach $232.4 million by 2020 from $152.3 million in 2014.This growth can be attributed to the increasing terrorist threats across the globe, augmented government expenditure on internal security, and increasing awareness regarding the need for security.
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In 2014, the global radiation detection, monitoring, and safety market for nuclear power plants and manufacturing industry were valued at $342.4 millionand $93.8 million,respectively. The global radiation detection, monitoring, and safety market for nuclear power plants is expected to grow at a CAGR of 5.3%between 2014 and 2020 and the market for the manufacturing industry is expected to grow at a CAGR of 5.9% between 2014 and 2020. The global radiation detection, monitoring, and safety market is marked by high competitive intensity. The industry is fragmented comprising several small and large players. The degree of fragmentation and the market shares of the companies vary in accordance with the catered end markets.
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