Nano Radiation Sensors Market Expected to Reach $482.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nano Radiation Sensors Market," The nano radiation sensors market was valued at $252.90 million in 2021, and is estimated to reach $482.6 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031.

The nano radiation sensors market refers to the market for small-scale sensors that are capable of detecting and measuring radiation at the nanoscale level. These sensors are designed to be highly sensitive and accurate, allowing for the detection of even very low levels of radiation.  

Radiation sensors work by detecting the ionizing radiation that is produced by radioactive materials. When ionizing radiation interacts with the sensor, it can cause the atoms in the sensor material to become ionized, which generates an electrical signal. This signal is then measured and analyzed to determine the type and intensity of the radiation.    

Ionizing radiation can be harmful to human health, and individuals who work in industries such as nuclear power or medical imaging may be at risk of exposure. Individuals can monitor their exposure to radiation and take steps to reduce their risk of harm by wearing a radiation dosimeter. Nano radiation sensors are ideal for use in these types of dosimeters because they are small, lightweight, and highly sensitive.  

Nano Radiation Sensors Market Trends are evolving rapidly due to the increasing demand for radiation detection and monitoring devices in healthcare, advancements in technology, and emerging applications in environmental monitoring.

The market for nano radiation sensors is driven by increase in concerns about radiation exposure in various industries such as healthcare, nuclear power, and manufacturing. Nuclear power plants require precise and reliable radiation monitoring equipment to ensure the safety of workers and the surrounding environment. Nano radiation sensors are particularly useful in this context because they can be placed in small, hard-to-reach locations and provide real-time monitoring data. In addition, advances in nanotechnology have enabled the development of highly sensitive and accurate sensors that are capable of detecting radiation at the nanoscale level. 

According to Minulata Nayak, Research Associate, Semiconductor and Electronics, at Allied Market Research, “The market for nano radiation sensors is experiencing growth due to the increasing demand for accurate and reliable radiation detection technology, particularly in the healthcare industry. Nano radiation sensors offer a number of advantages over traditional radiation detectors, including greater sensitivity, faster response times, and smaller form factors. These features make them well-suited for a range of medical applications, including radiation therapy, diagnostic imaging, and nuclear medicine. Additionally, the demand for nano radiation sensors is on the rise due to the increasing emphasis on radiation safety and environmental monitoring in industries such as energy, mining, and manufacturing, where accurate and dependable radiation detection technology is needed to mitigate the potential health and environmental impacts of radiation exposure.” 

The nano radiation sensors market is segmented on the basis of type, application, and region. By type, the market is divided into scintillation detectors, solid-state detectors, and gas-filled detectors. By application, the market is categorized into healthcare, consumer electronics, security & defense, oil & gas, power plants, and others. Region-wise, the nano radiation sensors market size is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, the Middle East, and Africa).   

Country-wise, the U.S. region holds a significant nano radiation sensors market share in the global nano radiation sensors market analysis, owing to the presence of prime players. Major organizations and government institutions in this country are intensely putting resources into these global nano radiation sensors. These prime sectors have strengthened the nano radiation sensors market growth in the region.  

Key findings of the study 

• In 2021, by type, the scintillation detectors segment was the highest revenue contributor to the market, with $108.86 million in 2021, and is estimated to reach $210.45 million by 2031, with a CAGR of 6.91%.   

• The healthcare segment led the market in terms of revenue contribution by application, generating $76.35 million in 2021. It is expected to continue its growth trajectory and reach $160.47 million by 2031, with a CAGR of 7.8%.   

• With a revenue contribution of $85.73 million in 2021, North America emerged as the top-performing region in the market. It is expected to continue leading and expand further to $175.14 million by 2031, with a compound annual growth rate of 7.5%.   

• The U.S. contributed the highest revenue of $45.06 million in 2021, making it the leading country in the market. It is expected to grow at a CAGR of 7.59% and reach $92.81 million by 2031.   

The nano radiation sensors market key players profiled in the report include First Sensor AG, Hamamastu Photonics K.K, Thermo Fischer Scientific Inc., Kromek Group PLC, Nihon Kessho Kogaku Company Ltd., Fluke Corporation, Baker Hughes (General Electric), Mirion Technologies, PCE Instruments, and Canon Electron Tubes & Devices Co. The market players have adopted various strategies, such as product launches, and agreements to expand their foothold in the nano radiation sensors industry.