Radiation Detection, Monitoring, And Safety Market Size

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 5.21% during the forecast period (2024-2029).

Radiation monitoring equipment is used to control exposure to radiation or radioactive substances by measuring radiation dose or contamination levels.

• The market is constantly driven by regulatory requirements and evolving customer needs. The increased use of radioactive materials in areas such as power production, industrial processing, research and processing, and the security sector intensified the need for equipment offering protection against radioactive radiation.
• With multiple regions facing the COVID-19 impact at varying intensities, certain aspects of radiation protection are witnessed to be in demand. One of them is the focus of the power plants to keep up with the increasing electricity demand. The hospitals in need of diagnostic and therapeutic procedures have stated their requirements for radiation monitoring systems. Likewise, the demand for nuclear medicine to be produced and safely transported to pharmacies has remained significant.
• The market is also witnessing the development of new monitoring technology using drones. For instance, in May 2021, a technology that enables drones to be used to carry out radiological measurements was developed by Belgium's Nuclear Research Centre (SCK-CEN) and the Belgian aeronautical firm Sabca. SCK-CEN and Sabca were awarded EUR 1 million in government funding, and they are investing additional funds into the project by themselves.
• Furthermore, countries spend significantly on the development of nuclear weapons and facilities, which is expected to boost the adoption of radiation detection, monitoring, and safety equipment. According to the Federation of American Scientists, the United States and Russia were among the countries with the maximum number of nuclear weapons as of May 2019. Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.
• The occurrence of incidents, such as the disaster at the Fukushima Dai-Ichi nuclear plant, has emphasized the need for safety, environmental sustainability, and regulatory compliance. Radiation-testing equipment manufacturers need to adhere to all the standards mentioned by the regulatory bodies.
• There is a huge demand for skilled radiation professionals in the radiation monitoring and safety market. However, there has been a lack of personnel due to the high risks associated with harmful radiation and the lack of proper skills related to the industry.