Global Wide Area Radiation Monitoring Market Size (2023-2030)

The Global Wide Area Radiation Monitoring Market is estimated to be worth USD 2.68 Billion in 2023 and is anticipated to reach a value of USD 4.39 Billion by 2030, growing at a fast CAGR of 7.3% during the outlook period 2024-2030.

Radiation harm is reduced by radiation detection, monitoring, and safety devices. Radiation monitoring is done to measure working conditions and individual exposures under acceptable radiological protection. To monitor nuclear security in various locations across the world, the user of the radiation detection system can monitor ionizing radiation from a variety of sources. It can be used to identify radioactive isotopes that are difficult for automated or human vision systems to identify in small dosages.

Human radiation exposure can be divided into two categories: internal exposure and external exposure. The majority of sources are sealed, which is unlikely to result in interior exposure. Instruments for radiation monitoring are used for both group and individual monitoring. Area survey meters (also known as area monitors) are used to measure radiation levels, while personal dosimeters (also known as individual dosimeters) are used to record the equivalent doses received by people working with radiation. All instruments need to be calibrated using the correct dosages for radiation safety.

Global Wide Area Radiation Monitoring Market Drivers:

Increasing Prevalence of Cancer and Other Chronic Conditions is driving growth in the Global Wide Area Radiation Monitoring Market.

Extremely high-frequency radiation is used in radiation therapy to destroy tumors and cancerous cells. X-rays and gamma rays are two radiation types that are utilized to cure cancer. A form of high-energy radiation used to treat cancer is ionizing radiation. One of the most serious risks to patients and healthcare workers around the world is ionizing radiation.

Since they work close to radioisotope-containing medical equipment, hospital staff members in radiology departments need measurements to determine the dose of radiation they absorb. Additionally, it ensures that any radioactive sources inside the apparatus are not emitting dangerous doses of radiation. To gather radiation doses in real-time, this calls for the deployment of detectors, monitoring systems, and safety equipment. The market is anticipated to be driven by developments in nuclear medicine as well as rising consumer demand for radiation-based diagnostic procedures.

Increased use of nuclear medicine and radiation therapy is driving demand in the Global Wide Area Radiation Monitoring Market.

The market for radiation detection, monitoring, and safety will benefit from the rising prevalence of the disease because nuclear medicine and radiotherapy have a wide range of uses in the treatment of cancer.  More than 40 million nuclear medical treatments are carried out annually, and the need for radioisotopes has grown by 5% yearly, according to the World Nuclear Association. Every year, more than 20 million nuclear medicine treatments are carried out in the US alone. Due to improvements in radiopharmacy, instrumentation, and IT over the past ten years, nuclear medicine procedures have experienced a significant revolution. The demand for radiation detection, monitoring, and safety systems has increased due to the growing use of nuclear medicine in the diagnosis and treatment of many diseases, including cancer and cardiovascular ailments.

Global Wide Area Radiation Monitoring Market Challenges:

The ability of nuclear power to meet the world's electrical demands comes with safety issues, such as the risk of a nuclear meltdown and the difficulties in storing radioactive waste. Many cities, municipalities, and countries are building small- and large-scale renewable power sources due to concerns about human health and safety.

The production of nuclear energy is predicted to be seriously threatened by alternatives like renewable energy, which includes energy from the sun, wind, rain, tides, waves, and geothermal heat. This could impede the expansion of the market for radiation detection, monitoring, and safety.

Global Wide Area Radiation Monitoring Market Opportunities:

Major participants in the radiation detection monitoring safety market are anticipated to find prospective growth prospects in developing economies like India, South Korea, Brazil, Turkey, Russia, and South Africa. To cut costs and shorten building times, India is preparing for fleet mode construction for prospective nuclear power station projects. At the 11th Nuclear Energy Conclave hosted by the India Energy Forum in October 2019 (Source: World Nuclear News), representatives from the Department of Atomic Energy (DAE) declared that India had further plans for 17 nuclear power reactors in addition to those that were already under development. India also prioritizes nuclear energy to meet its future electric demand. Taking the World Nuclear Association as an example. By 2050, India wants to generate 25% of its electricity from nuclear sources.

COVID-19 Impact on Global Wide Area Radiation Monitoring Market:

Specific radiation shielding components are in high demand because numerous locations are experiencing the COVID-19 impact to varied degrees. To satisfy the increasing power demand, one of them is the consolidation of power plants. Hospitals have identified their need for radiation monitoring systems for therapeutic and diagnostic procedures. In a similar vein, there is still a significant need for radioactive medication to be produced and delivered to pharmacies.

 As a result, radioactive origin gauges have been used in numerous industrial processes for quality control. Industrial radiologists and engineers who had to check the structural soundness of production facilities were unaffected by Covid-19. However, the amount of time needed to work safely near or around equipment that emits radiation was crucial. During this time, the development of detection and monitoring equipment came to an end.

Global Wide Area Radiation Monitoring Market Recent Developments:

• In April 2020, Researchers from Argonne National Laboratory and Los Alamos National Laboratory created a novel X-ray detector operating model that increases resolution for scientific research and monitoring scanners while lowering radiation exposure and health risks.

• In March 2021, the most recent scintillation hand-held radioisotope identification device (RIID) generation was introduced by Ametek with the RADEAGLET-R. The RADEAGLET-R is a very mobile and tough device made for the military, first responders, customs officers, and intelligence agencies.

• In June 2021, Neutron radiation, which can indicate the existence of components used for weapons of mass destruction (WMD), can be detected using a portable system that University of Texas at Dallas researchers have created that is more affordable and precise. The unique method developed by these UT Dallas researchers uses a perovskite-based thin sheet. The thickness of the film was measured at 8 micrometers or less. New materials have manufacturing costs that are 100 to 1,000 times less expensive than those of radiation detectors already on the market.

• In December 2020, to develop and produce OSL personal radiation dosimeters and dosimetry solutions, including readers, erasers, software, accessories, and automation systems, Mirion Technologies' Dosimetry Services Division purchased Dosimetrics GmbH.

WIDE AREA RADIATION MONITORING MARKET REPORT COVERAGE:

Global Wide Area Radiation Monitoring Market Segmentation: By Product Type

• Detection and Monitoring

• Safety

The detection and monitoring segments, as well as safety, make up the global market for radiation detection, monitoring, and safety. A CAGR of 7% is anticipated for the detection and monitoring segment, which was valued at USD 2 billion in 2022 and is anticipated to reach USD 5 billion by 2030. Due to their expanding use in the healthcare, energy, and power industries, detection and monitoring devices hold a bigger market share.

Global Wide Area Radiation Monitoring Market Segmentation: By Composition

• Gas-Filled Detectors

• GM Counters

• Ionization Chambers

• Proportional Counters

• Scintillators

• Inorganic Scintillators

• Organic Scintillators

• Solid-State Detectors

• Semiconductor Detectors

• Diamond Detectors

Solid-state, gas-filled, and scintillator detectors make up the three compositional segments of the global radiation detection monitoring safety market. Due to the usefulness of these detectors and the consistency of their detection results in contrast to those of other detectors, the gas-filled detectors category accounted for the biggest share in 2022.

Global Wide Area Radiation Monitoring Market Segmentation: By End-User

• Medical and Healthcare

• Industrial

• Homeland Security and Defense

• Energy and Power

• Other

The medical and healthcare, energy and power, industrial, homeland security and defense, and other segments of the global radiation detection, monitoring, and safety market. Due to the growing use of dosimeters and detectors in radiology, urgent care, orthodontics, nuclear medicine, and therapeutic methods, the medical and healthcare industry, which was valued at USD 1 billion in 2022, is anticipated to grow to USD 2 billion by 2030, registering a CAGR of 5%.

Global Wide Area Radiation Monitoring Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

In terms of market share in 2022, North America held the greatest share with 41%. The region holds the biggest market share. The massive share of the radiation detection, monitoring, and safety market in North America is attributed to favorable government regulations, a higher percentage of functional nuclear power plants, a rising cancer prevalence, and a growing acceptance of radiation safety, which are driving the market in this area. The fastest-growing region is Asia-Pacific. It is a result of the region's end-user businesses increasingly adopting radiation. A growing emphasis on nuclear power for electricity generation to meet expanding power needs and strict laws for human and ecological safety in developing markets like China, Japan, and India.

Global Wide Area Radiation Monitoring Market Key Players:

1. AmRay Radiation Protection

2. Mirion Technologies Inc

3. Arktis Radiation Detectors Ltd

4. General Electric Company

5. Bar-Ray Products Inc

6. Centronic Ltd

7. Thermo Fisher Scientific Inc

8. ECOTEST Group

9. Radiation

10. Detection Company Inc

11. Landauer Inc

12. RAE Systems Inc