Radiation Detection Monitoring Safety Market Industry Overview, Growth, Trends, Demand Status, New Opportunities, Business Statistics Research Report, Forecast 2026

Radiation Detection Monitoring Safety Market Industry Overview, Growth, Trends, Demand Status, New Opportunities, Business Statistics Research Report, Forecast 2026

The key factors propelling the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, and the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment.

On the other hand, the interest in nuclear energy alternatives such as renewable energy, nuclear power phase-out, and shortage of nuclear power workforce are restraints in this market.

[240 Pages Report] The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 6.9% during the forecast period to reach USD 3.1 billion by 2026 from an estimated USD 2.2 billion in 2021.

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Global Radiation Detection, Monitoring, and Safety Market Dynamics
DRIVER: Rising military expenditure to drive the market for homeland security applications
In the defense industry, common sources of radiation exposure include nuclear submarines or nuclear ships; the handling, detonation, and maintenance of nuclear weapons; depleted uranium weapons and military equipment; and nuclear waste transport and storage. The possibility and risks of exposure to high radiation levels have driven the use of monitors and detectors in this application area. Consequently, the rising government expenditure on defense has proved favorable to manufacturers of radiation detection and monitoring devices.

The emergence and wide expanse of terrorist organizations, unstable geopolitical climate, and the development of several radiological and nuclear technologies have also posed threats to homeland security. Realizing the potential human and economic loss caused by these threats, security, military, and defense organizations have increased their investments for effectively detecting and preventing radiological attacks.

RESTRAINT: Nuclear energy alternatives such as renewable energy
While nuclear power could resolve the global electricity needs, there are concerns about its safety, such as the threat of a nuclear meltdown and challenges involved in storing radioactive waste. Owing to human health and safety concerns, cities and nations are installing small and large-scale renewable power sources. Nuclear energy substitutes such as renewable energy (energy from sunlight, wind, rain, tides, waves, and geothermal heat) are expected to be the major threat to nuclear energy production, which, in turn, could hamper the growth of the radiation detection, monitoring, and safety market.

OPPORTUNITY: Technological advancements in radiation detection
R&D in this market is likely to boost its prospects as new applications and capabilities emerge in radiation detection, monitoring, and safety products for medical, homeland security & defense, and nuclear power plants. Recent advancements include:

According to an article published at Eureka Alert in April 2020, researchers at the Los Alamos National Laboratory and Argonne National Laboratory developed a new X-ray detector prototype that reduces radiation exposure and related health risks while improving resolution in security scanners and research applications.
In 2019, Kromek (UK) launched the D3S PRD Personal Radiation Detector. The detector consists of a palm-sized detector unit that houses the gamma and neutron detection modules and a rugged mobile phone consisting of the unit readouts and analysis software.

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