Northbrook, IL -- (SBWIRE) -- 03/02/2021 -- MarketsandMarkets forecasts the Radiation Detection, Monitoring, & Safety Market to reach 2.3 billion by 2022 from an estimated 1.7 billion in 2017, at a CAGR of 5.7% during the forecast period.

The key factors driving the growth of this market include, growing security threats, growing prevalence of cancer worldwide, increasing safety awareness among people working in radiation-prone environments, growing safety concerns post the Fukushima disaster, growing security budgets of global sporting events, growth in the number of PET/CT scans, increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, and use of drones for radiation monitoring. However, nuclear energy alternatives such as renewable energy, shortage of nuclear power workforce, nuclear power phase-out, are expected to restrain the growth of this market.

Opportunity:Proposed increase in the number of nuclear power plants;

Though the nuclear power industry is currently witnessing a challenging environment, a high demand for nuclear energy is projected in the coming years due to the growing energy demands across the globe.
Moreover, with increasing demand for oil and gas among Asian countries and the adverse impact of carbon pollution, nuclear power is considered as a safer alternative for catering to the rising energy demands.

# As of December 2016, about 447 operational nuclear reactors in 30 countries and 60 new nuclear power plants are under construction in 15 countries (Source: International Atomic Energy Agency). The industry will continue to grow owing to the addition of new nuclear power plants and restart of existing nuclear power plants. For instance, between 2015 and 2018, in Japan 4 nuclear power plants have been restarted.

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Based on product;

The radiation safety market is segmented into radiation detection and monitoring products and radiation safety product. The radiation detection and monitoring products segment accounted for the largest share of the global radiation detection, monitoring, and safety market, and it is also expected to register the highest CAGR during the forecast period. These radiation detection and monitoring products are extensively used for various applications such as in diagnostic medical imaging, homeland security, nuclear power plants, and industrial applications. Personal dosimeter market is expected to register highest growth rate during the forecast period.

Based on application;

The global radiation detection, monitoring, and safety market is categorized into healthcare, homeland security and defense, industrial applications, nuclear power plants, and other applications (environmental monitoring and academic research). The homeland security & defense segment is expected to grow at the highest rate owing to the increased spending on internal security and military expenditure.

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Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment accounted for the largest share of the market in 2017. The large share of North America in the radiation detection, monitoring, and safety market is attributed to the favorable government initiatives, increasing number of nuclear power plants, rising prevalence of cancer, and increasing awareness of radiation safety are the factors driving the market in this region.

The global radiation detection, monitoring, and safety market is dominated by Thermo Fischer Scientific (US), Mirion Technologies (US), and LANDAUER (US). A majority of the leading players in the radiation detection, monitoring, and safety market are adopting the strategies of acquisitions, agreements, partnerships, collaborations, and new product launches. Other prominent players in the market include Fuji Electric (Japan), Ludlum Measurement (US), Arktis Radiation Detection (Switzerland), Radiation Detection Company (US), AMETEK (US), Ultra Electronics (UK), Arrow-Tec (US), and Polimaster (Austria).

Thermo Fisher Scientific (US) accounted for the largest share of the radiation detection, monitoring, and safety market. The company offers a wide range of portable radiation detectors, personal radiation dosimeters and monitoring devices, integrated radiation monitoring systems, radiation contamination and environmental monitoring systems, neutron flux, neutron generators, and radiation detection portals & monitors. In 2016, the Analytical Instrument segment (offering radiation detection, monitoring, and safety devices) generated revenue of USD 3,472.1 million. The company invests a significant amount of its revenue in R&D activities to increase its depth of capabilities in technologies, software, and services.