Market Trends of Dosimeter Industry
The Rising Application of Radioactive Substances Across the Industrial Sector is Driving the Market
- Science and industry have numerous applications for radioisotopes that improve productivity and provide unique insights into materials and processes. Radioisotopes serve as tracers to monitor fluid flow and filtration, detect leaks, and gauge engine wear and corrosion of process equipment. According to the International Atomic Energy Agency (IAEA), several hundred thousand such gauges are operating worldwide. They are used to measure the amount of radiation absorbed in materials.
- Radioisotopes are also used to study the mixing and flow rates of various materials, inspect metal parts, and assess the integrity of welds across a range of industries. Industrial gamma radiography utilizes the penetrating power of radiation to screen materials effectively. It works similar to X-rays used in airport security checks but with a small pellet of radioactive material in a sealed titanium capsule.
- In addition, radioisotopes are used as fuel in nuclear reactors to generate power and control the thickness of paper, plastic, and metal sheets during manufacturing. They are also used to manufacture luminescent paints and objects that exhibit radio-luminance.
- India has seen rapid industrialization in recent decades, leading to increased radiation and harmful gases. Dosimetry systems are being installed to prevent excessive radiation exposure to employees and healthcare professionals in many industries and hospitals. These factors are expected to propel the growth of the market in India.
- As of January 2024, approximately 70 companies in the United States were working on advanced nuclear reactors, of which around 7 companies were working with regulators due to the nature of the nuclear project, based on an article published by MIT. The interest in alternative nuclear reactor technology, besides the standard water-cooled technology, has increased.
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Asia-Pacific is Expected to Witness Significant Growth
- Asia-Pacific is expected to dominate the global dosimeter market, primarily due to the increasing adoption of radiation across various end-user industries. The region is anticipated to witness significant revenue growth, driven by the growing focus on nuclear power for electricity generation to meet the rising energy demands and stringent regulations for human safety in emerging countries such as China, Japan, and India.
- Exxon Mobil estimates that 2040 nuclear energy demand in the Asia-Pacific region will reach 22 quadrillion BTUs, accounting for 45 quadrillion BTUs. China Nuclear Energy Association reported that in 2023, China's nuclear power generation reached 440,000 gigawatt-hours, accounting for 5% of the nation's electricity output, and it is expected to increase further to meet the population's clean energy demand.
- According to the World Nuclear Association, China is on track to become the world's leading producer of nuclear energy by 2030, surpassing the United States. The increasing construction of nuclear power plants in China is expected to boost dosimeter demand over the forecast period. For instance, in 2024, China started the construction of 3 nuclear reactors, and the country has planned the additional construction of 23 nuclear reactors from 2025 to 2030.
- China also included R&D in nuclear safety in their national planning for scientific and technological programs, established a National Research and Development Center for Nuclear and Radiation Safety Regulation, and conducted research on key technologies of radiation environment monitoring and technical review to enhance safety. These initiatives are expected to drive dosimeter demand in China during the forecast period.
- Japan has one of the world's largest aging populations, with a significant portion being over 65 years old; this population is expected to rise substantially by 2060. According to the 2023 national statistics, 1 out of 10 people were aged 80 or above, while 29.5% of the population was 65 or above. Those aged above 65 are expected to account for 34.8% of the population by 2040, based on data provided by the National Institute of Population and Social Security Research. The aging population is likely to drive demand for healthcare solutions, and the rise in cancer incidence in the geriatric population will affect the demand for dosimeters from the healthcare sector. Hence, the dosimeter market is expected to expand across Japan in the coming years.
- As of April 2024, based on the information published by the IEA and World Nuclear Association, there were about 60 nuclear reactors under construction in 16 countries, along with 110 nuclear reactors planned for the future. Asia is leading the race in terms of construction activities. About 30 countries are planning or starting a nuclear reactor program.
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