The latest market report published by Credence Research, Inc. “Global CBRNE Detection Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the CBRNE detection equipment market was valued at USD 8,523.8 Mn in 2015, and is expected to reach USD 11,972.1 Mn by 2022, expanding at a CAGR of 5.0% from 2016 to 2022.
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Chemical, biological, radiological nuclear and explosive (CBRNE) materials when released into environment are considered as Hazardous Materials (HAZMAT) and the devices used to detect these materials are called as CBRNE detection equipment. Rescue and treatment of victims and control and containment of hazards play a critical role and are complicated in nature due to the possible presence of chemical, biological, nuclear, radiological and explosive substances and thus pose an immediate threat to safety and health of emergency responders. Since the emergency responders bear the highest health risk from such threats, their protection and skill development is vital for overall population and global safety. The key factors assisting the growth of CBRNE detection system market are growing threat from terrorist organizations and growing use of nuclear power and new chemical entities for civilian purposes. CBRNE detection equipment market withholds several opportunities such as intensive investment in R& D efforts, advanced technologies and system for first response squads and an ideal amalgamated support from organizations and governments across the globe. This industry continues to innovate and introduce novel defense mechanisms. However, defense budgets potentially impact research and development. On the other hand, rivalry among the market players may affect the overall defense industry. The competing firms my not collaborate to improve value operations and thus urge the defense authorities to shell put more money. Thus, flexibility of incorporating emerging technologies can be affected by the overall market competition.
Market Competition Assessment
In 2015, Bruker Detection and Thermo Fisher Scientific, Inc. dominated the CBRNE detection equipment market. These two companies are the leading CBRNE detection equipment and systems manufacturers in the world and have also investing huge in terms of R&D operations to develop advanced detection systems and equipment. According to market experts competition in CBRNE detection equipment market is high and barriers are high. Competition is medium because the key market players and companies entering in the market are clustered in North America and Europe and barriers are high because the research is very specialized and requires a significant amount of investment, usually by the government or private donors, while the risks to profitability remain very high.
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Key Market Movements
North America is expected to lead the global CBRNE detection equipment market due to international missions, the threat of terrorism in the U.S., congressional mandate towards demilitarization.
Threats from organized and unorganized terrorist groups along with neighboring countries expected to support the market growth
Rising application of nuclear energy in power generation also carries risk related to terrorist attacks which is also one of the key market driver.
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