Radiation Detection, Monitoring, And Safety Market Size (2024 - 2029)

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 5.20% during the forecast period (2024-2029).

The increased stability of manufacturing industries will likely drive the market's growth during the forecast period. Using radiography testing in the manufacturing industry to test the quality of manufactured goods and inspect flaws is also likely to fuel the market.

• According to the World Nuclear Association Plans for New Reactors Worldwide, nuclear power capacity increased steadily, with about 50 power reactors under construction around the world. Most of the reactors are planned in Asia (in China, India, and South Korea, among others), with new units in Russia and the United Arab Emirates, while the existing capacity is being created by plant upgrading.
• According to the World Energy Outlook (WEO) report, its Stated Policies Scenario' witnesses installed nuclear capacity growth of over 15% from 2019 to 2040, about 480 GWe. The scenario predicts a total generating capacity of 13,418 GWe by 2040, concentrated heavily in Asia, particularly India and China. The contribution of nuclear to global power generation is expected to reach about 8.5% by 2040.
• Plant lifetime extension programs maintain capacity, particularly in the United States. Almost all the power reactors in the United States can potentially be licensed to operate for 60 years, with owners undertaking significant capital works to upgrade them at around 30-40 years. The license renewal process typically costs USD 16-25 million, and the procedures for such renewals, with public meetings and complete safety reviews, are exhaustive.
• In March 2000, the Nuclear Regulatory Commission (NRC) renewed the two-unit Calvert Cliffs nuclear power plant's operating licenses for an additional 20 years. The NRC is considering applications for extending operating licenses beyond 60 out to 80 years with its subsequent license renewal (SLR) program. During the second wave of the COVID-19 pandemic, reactors approved for 80-year licenses were Turkey Point 3&4, Peach Bottom 2&3, and Surry 1&2 in the United States. Therefore, plant lifetime extensions by various countries are expected to boost the market's growth during the forecast period.
• The strict regulations provided by regulatory bodies are expected to affect product approvals and compliances and private body-led monitoring, thereby hampering the market's growth.
• According to the National Bureau of Statistics of China, in 2023, China's industrial production increased by about 4.6% compared to the previous year. According to the Department for Promotion of Industry and Internal Trade (India), the manufacturing industry appears to be a fast-growing sector owing to the rapidly growing population in India. Factors like these are expected to create more opportunities in the market in the coming years.

Radiation Detection, Monitoring, And Safety Industry Segmentation

The market is defined by the revenue generated from the sale of radiation detection, monitoring, and safety products offered by different market players for a diverse range of end-user industries.

The radiation detection monitoring and safety market is segmented by product type (detection & monitoring, safety), end-user industry (medical & healthcare, industrial, homeland security & defense, energy & power, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.