Global chemical, biological, radiological, and nuclear (CBRN) security market report published by Accurize Market Research forecast that the global market is expected to reach $15 billion by 2025; growing at a CAGR of 3.6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increased threat from a terrorist organization to drive the market
Increased threat from terrorist organizations and demilitarization initiatives adopted by various nations fuel the demand for the global chemical, biological, radiological, and nuclear (CBRN) security market. Moreover, the rise in worldwide demand for radiopharmaceuticals also boosts the growth of the market.
The global chemical, biological, radiological, and nuclear (CBRN) security market has been bifurcated on the basis of type and function. By type, the market is segmented into chemical, biological, radiological, and nuclear. By function, the market is further divided into protection, detection, decontamination, and simulation.
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By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico, and Canada are covered under North America wherein Europe covers Germany, UK, France, Russia, Scandinavia, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, the Middle East, and Africa.
“The nuclear segment accounted for the largest market share in the type segment", says Accurize
By type segment, the nuclear segment accounted for the largest market share in 2017, owing to its huge demand in developing nuclear weapons and increased usage of nuclear power as a source of renewable energy in electricity generation.
The protection equipment segment accounted for the largest market share in the overall function segment in 2017, due to its extensive usage during severe injury caused by contact with chemical, biological, radiological, and nuclear hazards.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 36%, owing to the increased threat from terrorist organizations and a rise in applications of radiopharmaceuticals in medical treatments. Europe accounted for the second-largest market share of 29%, driven by economic crises and the increasing threat posed by CBRN diseases. Moreover, upgrading military and law enforcement technologies in countries such as Russia, the UK, Germany, and France has also propelled the growth of the CBRN security market in the region. Asia-Pacific is to attain the fastest CAGR of 5% during the forecast period 2017-2025, driven by increased security expenditure for the procurement of arms and CBRN security systems in countries such as China, Japan, India, Pakistan, Australia, and others.
Top players in the market
The key market players include Argon Electronics Ltd., Bruker Corporation, FLIR Systems, Inc., Blücher GmbH, HDT Global, AirBoss Defense, Inc., General Dynamics Corporation, MSA Safety, Inc., KärcherFuturetech GmbH, and Thales Group, among others.