Stronger industrial production and medical spending will heat up growth
Los Angeles, CA (PRWEB) March 02, 2012
In the five years to 2012, IBISWorld estimates that revenue for the Radiation Measuring Device Manufacturing industry has risen at an average annual rate of 0.6% to $938.1 million, including an increase of 8.7% in 2012 alone. The industry manufactures a variety of devices used to measure radiation in an environment or in a person who has been exposed. During the recessionary years, demand for industry products declined as demand from downstream industrial production industries declined. Demand from government and medical sectors stayed strong, however, helping offset some of the declines. The industry has had to battle the fact that no new nuclear power plants have gone online since 1996. Nevertheless, according to IBISWorld industry analyst Nima Samadi, “global demand for industry products surged ahead following the Japan Tsunami and subsequent meltdown of Japan's Fukushima nuclear power plant, with revenue growing 19.6% to $863.2 million in 2011.” These conflicting trends have kept revenue growth flat on average over the past five years.
The industry has also been boosted by strong growth in international trade. In the five years to 2012, industry exports are expected to grow at an average annual rate of 8.7% to $674.9 million. This growth is largely due to an increase in global demand for industry products in 2011. That year, exports grew 25.8%, with exports to Japan having grown 146.0% from 2012 due to the Fukushima nuclear power plant meltdown. Industry imports are expected to increase at an average annual rate of 4.6% to $237.1 million in the five years to 2012. Samadi says, “industry imports also experienced a boost in response to the Fukushima meltdown, growing 27.5% in 2011.” Most industry operators (including major player Thermo Fisher Scientific) have significant operations overseas, capitalizing on global demand.
In the five years to 2017, the Radiation Measuring Device industry's revenue is forecast to increase. During this period, an increase in industrial production, research and development funding and medical spending will drive industry growth as businesses expand budgets after reducing spending during the Great Recession. The industry will continue aggressive growth in 2012 and 2013 due to heightened demand for industry products in response to the Fukushima reactor meltdown in 2011, helping push demand and growth rates back to historical levels.
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This industry manufactures radiation measuring devices and systems for use by the private and public sectors.
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