Radiation Detection Monitoring and Safety Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.44 Billion |
| Market Size (2029) | USD 4.44 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Radiation Detection, Monitoring, And Safety Market Analysis
The Radiation Detection, Monitoring, And Safety Market size is estimated at USD 3.44 billion in 2024, and is expected to reach USD 4.44 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
The increased stability of manufacturing industries will likely drive the market's growth during the forecast period. Using radiography testing in the manufacturing industry to test the quality of manufactured goods and inspect flaws is also likely to fuel the market.
- According to the World Nuclear Association Plans for New Reactors Worldwide, nuclear power capacity increased steadily, with about 50 power reactors under construction around the world. Most of the reactors are planned in Asia (in China, India, and South Korea, among others), with new units in Russia and the United Arab Emirates, while the existing capacity is being created by plant upgrading.
- According to the World Energy Outlook (WEO) report, its Stated Policies Scenario' witnesses installed nuclear capacity growth of over 15% from 2019 to 2040, about 480 GWe. The scenario predicts a total generating capacity of 13,418 GWe by 2040, concentrated heavily in Asia, particularly India and China. The contribution of nuclear to global power generation is expected to reach about 8.5% by 2040.
- Plant lifetime extension programs maintain capacity, particularly in the United States. Almost all the power reactors in the United States can potentially be licensed to operate for 60 years, with owners undertaking significant capital works to upgrade them at around 30-40 years. The license renewal process typically costs USD 16-25 million, and the procedures for such renewals, with public meetings and complete safety reviews, are exhaustive.
- In March 2000, the Nuclear Regulatory Commission (NRC) renewed the two-unit Calvert Cliffs nuclear power plant's operating licenses for an additional 20 years. The NRC is considering applications for extending operating licenses beyond 60 out to 80 years with its subsequent license renewal (SLR) program. During the second wave of the COVID-19 pandemic, reactors approved for 80-year licenses were Turkey Point 3&4, Peach Bottom 2&3, and Surry 1&2 in the United States. Therefore, plant lifetime extensions by various countries are expected to boost the market's growth during the forecast period.
- The strict regulations provided by regulatory bodies are expected to affect product approvals and compliances and private body-led monitoring, thereby hampering the market's growth.
- According to the National Bureau of Statistics of China, in 2023, China's industrial production increased by about 4.6% compared to the previous year. According to the Department for Promotion of Industry and Internal Trade (India), the manufacturing industry appears to be a fast-growing sector owing to the rapidly growing population in India. Factors like these are expected to create more opportunities in the market in the coming years.
Radiation Detection, Monitoring, And Safety Market Trends
Medical and Healthcare Industry to be the Largest End User
- The medical and healthcare industry accounts for major market shares due to the increasing adoption of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Several forms of radiation are being used in medical diagnostics and treatment. However, all forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.
- According to the Society for Radiological Protection, naturally occurring background radiation is the primary source of exposure for most people, contributing about 88% of the annual dose to the population, while medical procedures contribute most of the remaining 12%.
- Additionally, the increasing number of nuclear power facilities worldwide is increasing the demand for radiation monitoring equipment. Byproducts of these power plants can be used in the healthcare industry. Incidentally, hospitals have been promoting the installation of diagnostic radiology equipment accompanied by medical isotopes administered to patients.
- The increasing investments in cancer therapy within the regions witnessing an increase in diagnosed patients are further expected to increase the demand for radiation therapy and medical devices. According to the American Cancer Society, over 18 million Americans were reported to have cancer in the year 2022. It is estimated that over 2 million new cancer cases are predicted to be diagnosed in the United States in 2024. The data provided in the graph shows that the radiation therapy segment is among the major categories. Therefore, increasing cancer treatment cases may create an opportunity for the market vendors.
- According to Canadian Cancer Society data revised in November 2022, about 233,900 people were living with cancer in Canada in 2022. The Globocan estimates that globally, there will be more than 30 million individuals living with cancer by the year 2040. Thus, the high burden of cancer worldwide is expected to propel the market's growth in the coming years.
Asia-Pacific to Witness Major Growth
- Asia-Pacific is expected to witness significant growth in the global market in terms of revenue, owing to the rising focus on nuclear power for electricity generation to meet the growing energy demands and rising stringent regulation for human and environmental safety among the emerging countries, such as China, India, and Japan.
- For instance, according to Exxon Mobil, it is anticipated that in 2040, the nuclear energy demand in Asia-Pacific will amount to approximately 22 quadrillion BTUs. That year, the world's nuclear energy demand is expected to account for 45 quadrillion BTUs.
- According to EIA, there are 55 operable nuclear power reactors in China as of May 2023. According to the National Bureau of Statistics of China, in January and February 2024, the electricity output from nuclear power plants was 69 terawatt-hours. That year, the monthly nuclear electricity production fluctuated between 30 and 40 terawatt-hours in the country.
- Radiation detection, monitoring, and safety are crucial in the manufacturing sector's non-destructive testing (NDT) processes. NDT techniques like radiography, gamma-ray scanning, and neutron radiography rely on radiation to inspect materials and components without causing damage.
- One of the primary factors fueling the region's demand for radiation detection, monitoring, and safety is its rapidly advancing healthcare infrastructure. As India continues to invest in modernizing its medical facilities, there is a growing emphasis on incorporating advanced diagnostic and imaging technologies.
Radiation Detection, Monitoring, And Safety Industry Overview
The radiation detection, monitoring, and safety market is fragmented. Companies are investing in upcoming technological advancements to increase their portfolio. Several startups are innovating with drones and mini-planes, providing equal competition to the existing players. The companies Arktis Radiation Detectors Ltd, Amray Group Limited, Burlington Medical LLC, Centronic Ltd, and Teledyne FLIR Systems INC leverage strategic collaborative initiatives to increase their market share and profitability.
- In December 2023, a contract was signed to seal the exclusive partnership between Thermo Fisher Scientific and RDC to offer NetDose, a digital dosimeter, to North American customers in the healthcare, dental, and veterinary fields. The digital technology of NetDose allows radiation to be monitored with Bluetooth technology and eliminates the need for reshipments from dosimeters every time they are processed in a laboratory.
- In December 2023, Radiation Detection Company (RDC), a dosimetry service company focused on making radiation safety in the healthcare, veterinary, dental, and industrial fields affordable, reliable, and easy to use, signed an agreement with Thermo Fisher Scientific to distribute and service Thermo Fisher Scientific’s digital dosimetry solution, NetDose.
Radiation Detection, Monitoring, And Safety Market Leaders
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Arktis Radiation Detectors Ltd.
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Amray Group Limited
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Burlington Medical Llc
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Centronic Ltd
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Teledyne FLIR Systems INC
*Disclaimer: Major Players sorted in no particular order
Radiation Detection, Monitoring, And Safety Market News
- January 2024: The US military made the decision to upgrade its radiation detection equipment by adopting the new "Radiological Detection System" produced by D-Tect Systems, a division of Ludlum based in Utah. This system is modular, allowing for customization with various external probes to meet specific detection needs, such as alpha or neutron detection. The outdated AN/PDR-77 and AN/VDR-2 radiation detectors, which had been in use for 35 years, were replaced with this new technology.
- October 2023: Honeywell launched an infrared-based FS24X Plus Flame Detector to detect and stop hydrogen flames from growing into major fires. It protects workers and facilities from risks associated with hydrogen production and use. Honeywell's FS24X Plus can detect rainy, foggy, or smoky flames. To be specific, infrared radiation is electromagnetic radiation with wavelengths extended beyond visible light and shorter than radio waves, and it is often used to transmit information.
Radiation Detection Monitoring and Safety Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
4.5 Technology Snapshot
4.6 Market Drivers
4.6.1 Increasing Incidence of Cancer and Other Chronic Diseases
4.6.2 Growing Use of Drones for Radiation Monitoring
4.7 Market Restraints
4.7.1 Stringent Government Regulations
4.7.2 Lack of Skilled Radiation Professionals
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Detection and Monitoring
5.1.2 Safety
5.2 By End-user Industry
5.2.1 Medical and Healthcare
5.2.2 Industrial
5.2.3 Homeland Security and Defense
5.2.4 Energy and Power
5.2.5 Other End-user Industries
5.3 By Geography***
5.3.1 North America
5.3.2 Europe
5.3.3 Asia
5.3.4 Australia and New Zealand
5.3.5 Latin America
5.3.6 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Amray Group Limited
6.1.2 Arktis Radiation Detectors Ltd
6.1.3 Burlington Medical LLC
6.1.4 Centronic Ltd
6.1.5 Teledyne FLIR Systems Inc.
6.1.6 Landauer Inc. (Fortive Corporation)
6.1.7 Mirion Technologies Inc.
6.1.8 Radiation Detection Company
6.1.9 RAE Systems Inc. (Honeywell International Inc.)
6.1.10 Thermo Fisher Scientific Inc.
6.1.11 Unfors RaySafe AB
6.1.12 ORTEC (Ametek Inc.)
6.1.13 Fuji Electric Co. Ltd
6.1.14 ATOMTEX SPE
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Radiation Detection, Monitoring, And Safety Industry Segmentation
The market is defined by the revenue generated from the sale of radiation detection, monitoring, and safety products offered by different market players for a diverse range of end-user industries.
The radiation detection monitoring and safety market is segmented by product type (detection & monitoring, safety), end-user industry (medical & healthcare, industrial, homeland security & defense, energy & power, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product Type | |
| Detection and Monitoring | |
| Safety |
| By End-user Industry | |
| Medical and Healthcare | |
| Industrial | |
| Homeland Security and Defense | |
| Energy and Power | |
| Other End-user Industries |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Radiation Detection Monitoring and Safety Market Research FAQs
How big is the Radiation Detection, Monitoring, And Safety Market?
The Radiation Detection, Monitoring, And Safety Market size is expected to reach USD 3.44 billion in 2024 and grow at a CAGR of 5.20% to reach USD 4.44 billion by 2029.
What is the current Radiation Detection, Monitoring, And Safety Market size?
In 2024, the Radiation Detection, Monitoring, And Safety Market size is expected to reach USD 3.44 billion.
Who are the key players in Radiation Detection, Monitoring, And Safety Market?
Arktis Radiation Detectors Ltd., Amray Group Limited, Burlington Medical Llc, Centronic Ltd and Teledyne FLIR Systems INC are the major companies operating in the Radiation Detection, Monitoring, And Safety Market.
Which is the fastest growing region in Radiation Detection, Monitoring, And Safety Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Radiation Detection, Monitoring, And Safety Market?
In 2024, the North America accounts for the largest market share in Radiation Detection, Monitoring, And Safety Market.
What years does this Radiation Detection, Monitoring, And Safety Market cover, and what was the market size in 2023?
In 2023, the Radiation Detection, Monitoring, And Safety Market size was estimated at USD 3.26 billion. The report covers the Radiation Detection, Monitoring, And Safety Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Radiation Detection, Monitoring, And Safety Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Radiation Detection Monitoring Safety Industry Report
The report covers the Radiation Detection, Monitoring, and Safety Market, segmented by product type, end-user industry, and geography. The market size and forecasts are provided in terms of value for all segments. The industry report offers a comprehensive industry overview, including market share and market size. It provides an industry analysis that highlights key industry trends and market growth.
The industry outlook is detailed with market data and market forecast. The report includes insights into market leaders and their market value. The market segmentation covers various end-user industries such as medical and healthcare, industrial, homeland security and defense, energy and power, and other end users.
The industry statistics and market review provide a historical overview and a market forecast outlook. The report example and report PDF download offer a glimpse into the detailed research conducted. The industry information and market analysis are crucial for understanding the market trends and market growth.
The industry research delves into market predictions and industry sales, offering a thorough market outlook. The report also discusses market segmentation and industry size, providing a comprehensive market overview. The research companies involved have meticulously compiled this industry report to ensure it meets the highest standards of market research.
