Scintillator Market by Composition of Material, Application is Estimated to Reach $479.16 Million by 2020 - New Report by MarketsandMarkets
(PRWEB) September 08, 2014 -- According to a new market research report titled “Scintillator Market by Composition of Material, Application (Healthcare, Homeland security, Industrial application, Nuclear Power Plants, and others), End Product (Personal Instrument, Hand-Held Instruments, Fixed, and Installed Instruments) & Geography - Global Forecast and Analysis to 2013 – 2020” published by MarketsandMarkets, the scintillator market is expected to grow at a CAGR of 5.62% from 2014 to 2020, and reach $479.16 million in 2020.
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The elements behind the rapid upsurge in the scintillator market are the innovative and advanced technologies, government funding for increased R&D, wide need of radiation detection instruments across application markets, and development of high performance products at a low cost. In addition, depletion of Helium-3 for neutron detection in security operations, advancements in medical imaging and nuclear medicine, and increasing number of nuclear power plants is also believed to provide a further impetus to the growth of the scintillator market.
Till 2013, the ‘Americas’ held the largest revenue share followed by Europe— in scintillator materials, and related solutions. However, the APAC, with a CAGR of 9.56%, will be close to Europe in terms of the scintillator market revenue by 2020. The foremost factors accountable for the expansion of the scintillator market include improved resolution and performance requirement while optimizing the cost, increasing awareness for radiation safety measures, and demand for radiation safety devices. APAC is the fastest growing and most promising market for scintillators due to the increasing number of upcoming nuclear reactors, high industrial growth, supportive government policies, and financial investment by the governments in R&D. The major companies operating in this market are Saint Gobain (France), Ludlum Measurements (U.S.), Zecotek Photonics Inc. (Canada), and Mirion Technologies (U.S.), among others.
Scintillator based detectors have been present in different industries (such as medical, security, and nuclear power industry) for a while,now; but huge R&D efforts and government funding is taking this technique to new heights. Inorganic scintillators are the most promising materials to be used in radiation detection devices, and account for more than 50% of the material market; however, continuous research activities are making room for new and advanced materials. Among these industry applications, homeland security, nuclear power industry, and medical applications are estimated to be the game changers for the growth of this market. These industries will be the new revenue pockets for the overall market in the upcoming future.
The ability of selectscintillators to produce high light yield and resolution within the cost limitis the major factor that influences the growth of this technologyacross various industries. Depletion of He-3 for neutron detection is also promoting alternatives based on scintillators, for nuclear plants and homeland security applications. Moreover, this techniqueis used for themass production of radiation detection, monitoring, and measurement equipment, which is not possible in case of the semiconductor based detectors.Saint Gobain (France)followed byLudlum Measurement (U.S.) are among the major manufacturers of these materials for the industrial, scientific, medical applications, and defense usage.
Radiation portal monitors and medical imaging devices are the major end products that rely on these materials for the detection of radiation. Demand for hand held and personal instruments for border security and radiation monitoring at nuclear power plants is expected to propel the growth of the scintillator based radiation detectors. Advances in scintillator based medical imaging devices including CT, PET, SPECT, and gamma camera would also be noticeable in the near future.
The scintillator market is broadly categorized into: composition of material, applications, end products, and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately described in the report.
The market is expected to reach $479.16 million by 2020, at an estimated CAGR of 5.62% from 2014 to 2020. The major driving factors for the scintillator market are:-demand for low cost and high performance scintillators, concern for safety in wake of the Fukushima disaster, growing demand for existing and new radiological medical applications, and investments in radiation monitoring equipment with respect to homeland security. The materials market includes the ‘Inorganic’ and ‘Organic’ scintillators. The scintillator market finds its application in the healthcare, homeland security, industrial applications, nuclear power industry, and scientific research sectors. The geography market is categorized into Americas, Europe, APAC, and ROW.
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