PUNE, India -- According to a new market research report "Radiation Monitoring and Safety Market by Product (Photomultiplier Tube, Silicon Photomultiplier, Avalanche Photodiode), & by Application (Healthcare, Biotechnology, Homeland Security, Automotive, Academic Research) - Analysis & Global Forecast to 2020", published by MarketsandMarkets, studies the global Radiation Monitoring and Safety Market for the forecast period of 2015 to 2020. This market is expected to reach USD 652.8 Million in 2020 from USD 512.1 Million in 2015, growing at a CAGR of 5.0%.
The global Radiation Monitoring and Safety Market are segmented on the basis of product, application, and region. The scope of the study is confined to photomultiplier tubes (PMTs), silicon photomultipliers (SiPMs), and others (PIN and avalanche photodiodes); hence, the market size is estimated only for the above mentioned product segments.
By product, the Radiation Monitoring and Safety Market is categorized into photomultiplier tubes, silicon photomultipliers, and others (PIN and avalanche photodiodes (APD)). The photomultiplier tubes segment is estimated to account for the largest share of the global Radiation Monitoring and Safety Market, by product. This is attributed to factors such as growing research activities to increase the application horizon of PMTs, expansions by leading players into emerging markets, and increasing number of nuclear power plants. However, the silicon photomultiplier tubes segment is expected to grow at the highest rate during the forecast period. This is mainly due to its benefits over other detectors, increasing research activities, and growing number of SiPM-related conferences and webinars. Due to their distinguished properties, especially their high quantum efficiency as compared to established PMTs and higher gain compared to APDs, they can potentially replace PMTs and APDs in many applications.
On the basis of application, the Radiation Monitoring and Safety Market is segmented into healthcare, homeland security & defense, biotechnology, academic research & high-energy physics, automotive, and other applications (nuclear power plants, oil well logging, space studies, and communication). In 2015, the healthcare segment is expected to command the largest share of the global Radiation Monitoring and Safety Market, by application. This segment is also projected to grow at the highest CAGR from 2015-2020. Increasing incidence of cancer, growing uptake of radiation protection in medical facilities, and rising research activities are expected to augment the demand for PMTs, SiPMs, and APDs in the healthcare industry in the coming years.
On the basis of region, the global market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America is poised to account for the largest share of the Radiation Monitoring and Safety Market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period. Factors such as high spending on homeland security in Asia, the Japanese government's decision to reverse its nuclear power phase-out, high expected growth in China's nuclear power industry, presence of global and local players in the Chinese market, increasing number of nuclear power plants in India, and increasing installations of nuclear imaging systems in India are expected to propel the growth of the Radiation Monitoring and Safety Market in the Asia-Pacific region.
Growing safety concerns post the Fukushima disaster, technological advancements, growing security threats, growing security budgets of global sporting events, increasing incidence of cancer, growth in the number of PET/CT scans, and growing threat of nuclear terrorism are expected to drive the growth of the global Radiation Monitoring and Safety Market in the coming years.
Hamamatsu Photonics K.K. (Japan), SensL Technologies (Ireland), KETEK GmbH (Germany), AdvanSiD (Italy), Excelitas Technologies Corporation (U.S.), First Sensor AG (Germany), Hainan Zhanchuang Photonics Technology Co., Ltd. (China), Ludlum Measurements, Inc. (U.S.), Philips Healthcare (Netherlands), and Radiation Monitoring Devices, Inc. (RMD) (U.S.) are some of the key players in the Radiation Monitoring and Safety Market worldwide.
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