Technavio
analysts forecast the global
radiation survey meters market to grow at a CAGR of more
than 5% during the forecast period, according to their latest report.
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Technavio has published a new report on the global radiation survey meters market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of
the global
radiation survey meters market for 2017-2021. The market
is segmented based on application (healthcare, industry and
manufacturing, and defense), and products (scintillation detector,
neutron detector, and Geiger counter). The market is further segmented
into geography (APAC, EMEA, and North America).
The revenue of the global radiation survey meters market will reach USD
424.05 million during the forecast period. Although radiation is useful
in different industries including healthcare, nuclear power plants,
manufacturing industry, and agriculture, it has severe harmful effects
on the human body such as the induction of cancer, skin burns, and
thyroid. The radiation levels should be regularly monitored and measured
using radiation survey meters to mitigate these effects. The treatment
of cancer and several other diseases use radiation therapy, thus
increasing the use of radiation meters in the healthcare industry.
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Technavio hardware
and semiconductor research analysts highlight the
following three factors that are contributing to the growth of the
global radiation survey meters market:
-
Increasing use of nuclear energy for electricity generation
-
Growing demand for radioactive materials in the weapons of mass
destruction
-
Increasing use of radiation in manufacturing industries
Increasing use of nuclear energy for electricity generation
The energy generation process with the use of natural gas or coal
generates a high amount carbon dioxide which is a greenhouse gas. With
the use of nuclear energy, the amount of carbon dioxide generated can be
reduced to a significant level. Due to this, many countries are now
shifting to nuclear energy for their electricity needs. The energy
demand across the world is increasing. The advantage of a nuclear power
plant is that the energy generation is continuous. A nuclear power plant
operates for more than 90% of its annual designed time. The continuous
supply of energy helps in countering the volatility in the prices of
other fuels such as diesel and petrol.
Navin Rajendra, a lead computing
devices research analyst at Technavio, says, “Many countries
across the globe are planning to install new nuclear plants for
fulfilling their power needs. In APAC, China alone is planning to
install more than 20 reactors by 2025. This dependency of countries on
nuclear energy will drive the demand for safety equipment like survey
meters to ensure the safety of people as well as the environment in the
coming years.”
Growing demand for radioactive materials in the weapons of mass
destruction
Radioactive materials are a big threat to defense personnel at the time
of conflicts. Nuclear weapons can cause mass destruction when
radioactive material is released in highly populated areas. Radiation
survey meters help defense personnel in detecting weapons of mass
destruction and help them stop the potential threat of nuclear attacks.
A very important factor that is driving the adoption of radiation survey
meters in the military and defense sectors is the increasing instances
of the terrorist attacks.
“Due to the applications of radiation survey meters for the safety of
a country, manufacturers are also offering customized survey meters for
the defense and military sectors. For instance, the MultiRad LLR
Radiation Survey Meter by Mirion Technologies is specially designed for
civil defense and military operations. Such customized products for the
military can withstand harsh conditions encountered during wars,” says
Navin.
Increasing use of radiation in manufacturing industries
The use of the radiation survey meters is increasing in manufacturing
industries like metal, paper, and textile manufacturing industries. The
awareness about health hazards of radiation is increasing among the
employees of such industries. This rising awareness is driving the
survey meters market.
In vehicles, to check the quality of steel, radiation particles are fed
to it. The quality is determined by assessing how many particles passed
through it. A similar application is there in the aircraft and paper
industries. In the petroleum industry, radioactive tracers are used for
injection profile and locating fractures in oil wells. The food
processing industries use irradiation methods to destroy bacteria,
molds, and viruses and prolong the shelf life of food. The dose of
radiation in these industries is detected, measured, and monitored by
professional personnel, and radiation survey meters are required to
ensure their safety. These applications of radiation survey meters will
boost the market’s growth during the forecast period.
Top vendors:
-
Fuji Electric
-
Hitachi
-
Ludlum Measurements
-
Mirion Technologies
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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