SAN FRANCISCO, July 26, 2017 (GLOBE NEWSWIRE) -- Global Chemical, Biological, Radiological, and Nuclear (CBRN) Security Market Report, published by Variant Market Research, forecast that the global market is expected to reach $14 billion by 2024 from $10 billion in 2016, growing at a CAGR of 3.7% from 2016 to 2024. By geography, Asia-pacific and Rest of the World are expected to grow at a CAGR of 4.6% and 3.8%, respectively, during the forecast period.
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Major factors driving the global CBRN security market are rising threat from terrorist organizations, demilitarization initiatives adopted by different nations, and increase in worldwide demand for radiopharmaceuticals. However, high installation and maintenance cost may hinder market growth in upcoming years. Technological advancement in CBRN security equipment would provide new business growth opportunities for the market in near future.
The global CBRN security market has been categorized into type and function. By type, the market is segregated into chemical, biological, radiological, and nuclear. The nuclear segment accounted for the largest market share in 2016, driven by its extensive demand in emerging nuclear weapons and increased use of nuclear power as a source of renewable energy in electricity generation.
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By function, the market is bifurcated into protection, detection, decontamination, and simulation. The protection equipment segment accounteds for the largest market share in the global function segment in 2016, owing to its extensive usage during severe injury caused by interaction with chemical, biological, radiological, and nuclear hazards. Geographically, the market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW).
North America accounted for the largest market share of 35.8% in 2016, driven by rising threat from terrorist organizations and increase in applications of radiopharmaceuticals. and in medical treatments. Europe accounted for the second largest market share of 29.0%, owing to economic crises and the rising threat posed by CBRN diseases. Furthermore, advanced law enforcement and military technologies in countries such as Russia, UK, Germany and France has also boost the growth of the CBRN security market in the region. Asia-Pacific is to grow the fastest CAGR of 4.6% during the near future, owing to increased safekeeping spending for the procurement of CBRN and arms security systems in countries such as Japan, India, China, Pakistan, Australia and others.
The key players in the CBRN security market include Bruker Corporation, Argon Electronics Ltd., Blücher GmbH, HDT Global, FLIR Systems, Inc., AirBoss Defense, Inc., MSA Safety, Inc., Kärcher Futuretech GmbH, General Dynamics Corporation, and Thales Group, among others.
Scope of CBRN Security Market
Type Segments
• Chemical
• Biological
• Radiological
• Nuclear
Function Type Segments
• Decontamination
• Protection
• Detection
• Simulation
Geographical Segments
• North America
- US
- Canada
- Mexico
• Europe
- Germany
- France
- United Kingdom
- Spain
- Others
• Asia-Pacific
- China
- India
- Japan
- South Korea
- Others
• RoW
- South America
- Middle East
- Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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