The radiation detection market was valued at USD 1.65 billion in 2016 and is projected to reach USD 2.26 billion by 2022, at a CAGR of 5.7% during the forecast period.
Will the rising focus on nuclear power in India create opportunities for players in the radiation detection, monitoring, and safety market?
India’s Central Electricity Authority (CEA), in its Load Generation Balance Report, stated that the country would experience an energy shortage of 2.1% for the fiscal year 2015–2016. A continued shortage of power could be detrimental to India’s progress in achieving its goal of 6.5% growth in real GDP from 2016 to 2017. To tackle the situation through the use of nuclear energy, in March 2018, the government-owned National Nuclear Power Corporation (NPCIL) signed an agreement with the French power company EDF for the implementation of six EPR reactors at Jaitapur in Maharashtra (India). Similarly, in 2017, India and Russia signed an agreement to set up two nuclear power plants at Kudankulam in Tamil Nadu (India). All these developments are expected to boost the radiation detection, monitoring, and safety market in the country.
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Will the high cost of lead be a challenge for the manufacturing of radiation accessories?
Lead is the most important raw material required to manufacture radiation safety accessories such as gloves, aprons, and eyewear. However, it is also extensively used for other purposes, such as fire protection and manufacturing of lead storage batteries. Due to the increasing use of lead in other industries, manufacturers of radiation protection devices are expected to witness an increase in the cost of the material in the near future. Hence, the need for the development of novel raw materials is immense in the present radiation detection, monitoring, and safety market scenario.
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