Solid competition characterizes the global non-ionizing radiation market,
which at present is led by Mirion Technologies Inc., Narda Safety Test
Solutions, and Spectris plc. The competition among the three is expected
to heat up in the near future: these deep-pocketed players are seen
pouring large amounts in coming up with more technologically superior
and effective products to detect presence radiation.
A report by Transparency Market Research
predicts the global market for non-ionizing radiation (NIR) to rise at a
steady 4.57% CAGR between 2016 and 2024. At this pace, the market which
was worth US$49.4 bn in 2015 would likely reach a value of US$73.8 bn
by 2024-end. The volume of shipment is expected to become 547.36 mn in
the same period.
Depending upon the type of device, the
handheld devices hold a leading share in the global market for
non-ionizing radiation (NIR) market. This is mainly because of their
hassle-free usage and continued technological progress leading to more
evolved versions. Our in-house team of analysts predict this segment to
gross US$37.9 bn revenue by 2024-end. Geographically, North America led
the market with a significant 44.0% share in revenue in 2015. Presence
of numerous non-ionizing radiation/EMF detector manufacturers is mainly
responsible for the growth of its market. Going forward too, the region
is expected to maintain its lead.
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Rising Awareness about Harmful Effects of Radiation to Drive Market
At the forefront of driving demand in
the global market for non-ionizing radiations (NIR) is the growing
awareness among people about the harmful effects of radiation.
Elaborates the lead analyst of our report, “The ever-surging usage of
electrical devices such as IoT-based devices and electronic gadgets such
as laptops, mobile phones, and tablets, both at home and in industries
and workplaces has caused an alarming rise of electromagnetic pollution
resulting from nonionizing radiation. On account of the growing
knowledge about the health risks resulting from exposure to such
radiation, the uptake of solutions and products that uncover and measure
radiation has risen substantially among consumers, thus majorly
promoting the market for non-ionizing radiation (NIR).”
Need for Heavy Investments Hampers Market Growth
One factor posing challenge, thus
preventing the market for non-ionizing radiation (NIR) from reaching its
full potential, is the need for continued, large investments in
cutting-edge research and development of the devices so as to come up
with more sophisticated products to meet the varied needs of consumers.
This somewhat reduces the profit margins of manufacturers. Apart from
that, need to adhere to various strict rules framed by authorities
across nations is also dampening growth opportunities of players.
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