The global scintillator market is expected to witness significant growth over the forecast period owing to huge R&D investments along with government funding for new scintillator discoveries. Scintillators are used across a wide range of application areas including, healthcare, nuclear power plants, homeland security & defense, and manufacturing industries, which is also expected to drive market growth. Growing demand for new radiological medical applications and increasing investments for radiation monitoring in homeland security may also favorably impact market growth.
Increasing demand for renewable energy sources such as solar, wind, and geothermal energy as a substitute for nuclear energy is expected to hinder market growth over the forecast period. However, technological advancements coupled with innovation are expected to propel market growth over the forecast period. The growth may also be attributed to the development of high-performance products at the low-cost and rising need for radiation detection instruments across application markets. Additionally, depletion of Helium-3 for neutron detection in security operations paired with advancements in nuclear medicine and medical imaging are also expected to drive the global scintillator market growth. Furthermore, an increasing number of power plants may also fuel market growth over the forecast period. Scintillators exhibit high growth potential in markets that are characterized by low-cost, high resolution, and performance in terms of radiation monitoring equipment. This may be attributed to the surging demand for handheld and portable radiation detectors.
The scintillator market is poised for growth owing to the growing demand for low-cost and high-performance scintillators along with rising concerns for safety in the wake of the Fukushima disaster. Growing demand for existing and new radiological medical applications coupled with investments in radiation monitoring equipment with respect to homeland security is further expected to drive market growth over the next few years. In addition, a high degree of customization and high efficiency of these scintillators are also anticipated to be the major factors driving demand in this market. Asia Pacific is expected to emerge as a promising and the fastest-growing market for scintillators owing to favorable government policies, increased government R&D spending, high industrial growth, and the increasing number of upcoming nuclear reactors in this region. However, North America is anticipated to dominate the market owing to the growing security concerns and increasing nuclear threats.
Scintillators are segmented on the basis of the composition of material into organic and inorganic where the inorganic segment dominates the market as they are the most promising materials to be used in radiation detection devices. The scintillator market is highly fragmented with many small and large enterprises offering similar products. Companies emphasize and adopt strategies such as geographical expansion, innovation, and acquisition in order to establish a strong foothold in the global market. The key market participants include Saint Gobain, Radiation Monitoring Devices, Mirion Technologies Inc., Ludlum Measurements Inc., Hitachi Metals Ltd., Hamamatsu Photonics K.K., Canberra Industries Inc., and Zecotek Photonics.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
ESOMAR & Great Work to Place Certified
ISO 9001:2015 & 27001:2022 Certified
"The quality of research they have done for us has been excellent."
The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.