Global Nano Radiation Sensors Market Size, Share & Industry Trends Analysis Report By Application (Healthcare, Consumer Electronics, Oil & Gas, Security & Defense, Power Plants), By Type, By Regional Outlook and Forecast, 2023 - 2029

Analysis of Market Size & Trends

The Global Nano Radiation Sensors Market size is expected to reach $403.4 Million by 2029, rising at a market growth of 6.7% CAGR during the forecast period.

Alpha, beta, gamma, and neutron radiation are just a few of the different types of radiation that nano radiation sensors can detect and analyze. These sensors can be utilized in various settings, such as medical imaging, nuclear power plants, and for monitoring the environment. They are made to be extremely sensitive and accurate.

A small chip or film constructed from a radiation-detecting substance, like silicon, gallium arsenide, or diamond, often makes up nano radiation sensors. The sensor detects and interprets the signal created due to the radiation's interaction with the substance. The dimensions and form of the sensor can be controlled with incredibly fine detail because of the use of nanotechnology, which can improve the sensor's sensitivity and accuracy.

Nano radiation sensors detect radiation using cutting-edge components and methods like quantum dots, graphene, and carbon nanotubes. They are quite good at picking up ionizing radiation, which is bad for both people and the environment. They have the ability to detect other radiation types as well, including electromagnetic radiation, which is frequently utilized in medical imaging.

When radionuclides contaminate the environment, problems with fixing radiation sources arise. Their detection presents challenges due to low concentration. Biological processes are fundamentally altered by prolonged exposure to radiation sources, even at low concentrations.

When radiation sources' concentrations are low, it may be possible to investigate them using contemporary technical registration facilities. For instance, the optical range may record very faint luminescence, practically single photons. With the aid of artificial or natural adsorbents, radionuclide concentration in a liquid medium can be raised.

COVID-19 Impact Analysis

The increasing demand for medical supplies and equipment during the pandemic has been one of the main factors affecting the market for nano radiation sensors. In addition, the need for radiation sensors for use in medical settings has dramatically increased as healthcare facilities throughout the world rushed to address the spike in COVID-19 cases. Radiation sensors, for instance, have been utilized to track radiation exposure in medical facilities where COVID-19 patients are being treated, as well as in testing facilities for COVID-19. As a result, the need for micro radiation sensors in the medical industry has increased and aided the market in recovering from the losses.

Market Growth Factors

The wide-ranging application of nano radiation sensors

Numerous manufacturers in the market for nano radiation sensors and research institutions are concentrating on developing technologically cutting-edge nuclear radiation sensor devices for use at airports, border crossings, and ports to support a nation's nuclear surveillance capability. Furthermore, solid-state and scintillation detectors are employed in these applications. Thus, the wide usage of nano radiation sensors to ensure the safety and security of a nation, joined with their utilization in the medical industry, is expected to surge their demands and aid the market growth in the projected period.

Growing Use of Nano-Carbons in the Creation of Nano Radiation Sensors

Nano-carbon demonstrates exceptional strength and unusual electrical characteristics. In nanotechnology, high aspect ratio resonators and sensors are also used using carbon nanotubes. Specific atomic lattice configurations of carbon nanotubes are used to provide the appropriate electrical conductivity in nanoscale sensor applications. Furthermore, because this technology can be used to create gas or liquid chemical sensors with incredibly low power requirements, versatility, and ultra-miniature in size, as well as an advantage of low cost, carbon nanotube-based nano sensors are acceptable and advantageous for chemical and nano radiation detection. Over the following few years, this is anticipated to increase demand for nano radiation sensors further, boosting the market expansion.

Market Restraining Factors

Drawbacks associated with nano radiation sensors

One major drawback of chemical nanosensor handling is that its detecting mechanism cannot be used in physiological fluids, particularly when there is a significant concentration of salts. Because an electronic detection system depends on its existence and difference of charge, buffers made of various salts will interfere with the charge interaction and reduce the sensitivity of the nanosensor. For instance, nanowire FETs require a salt concentration of less than one mM. One strategy for better nanosensors' performance is to lower the salt concentration by purifying and pretreating the sample of interest. Thus, such complications are expected to decrease their utilization and hamper the market growth.

Type Outlook

Based on type, the nano radiation sensors market is characterized into scintillation detectors, solid-state detectors, and gas-filled detectors. The scintillation detectors segment dominated the nano radiation sensors market with maximum revenue share in 2022. This is because measurements could be made using photographic film and scintillates are among the earliest types of radiation detectors. It is possible to gather images or assess intensity. The brightness and frequency of flashes in the scintillator were also measured using the human eye.

Application Outlook

On the basis of application, the nano radiation sensors market is classified into healthcare, consumer electronics, security & defense, oil & gas, power plants, and others. The security & defense segment garnered a substantial revenue share in the nano radiation sensors market in 2022. This is due to the fact that finding nuclear and radioactive items is essential to ensure safety and security. As a result, radiation monitors are a component of the defense system used by military personnel. The military uses these tools to prevent terrorist acts, keep illegal radioactive materials under control, and seize them. In addition, these are used for site and source surveys following nuclear and radiation incidents.

Nano Radiation Sensors Market Report Coverage

Report Attribute	Details
Market size value in 2022	USD 259.3 Million
Market size forecast in 2029	USD 403.4 Million
Base Year	2022
Historical Period	2019 to 2021
Forecast Period	2023 to 2029
Revenue Growth Rate	CAGR of 6.7% from 2023 to 2029
Number of Pages	201
Number of Table	293
Report coverage	Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered	Type, Application, Region
Country scope	US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers	The wide-ranging application of nano radiation sensors Growing Use of Nano-Carbons in the Creation of Nano Radiation Sensors
Restraints	Drawbacks associated with nano radiation sensors

Regional Outlook

Region wise, the nano radiation sensors market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed the largest revenue share in the nano radiation sensors market in 2022. This is because many top nanosensors companies are based in North America, which has a long-standing technology sector. Additionally, the region has a strong demand for cutting-edge technologies and a favorable regulatory environment, which have encouraged significant investments in the industry's R&D of nanosensors, which will also boost innovation for nano radiation sensor devices.

Free Valuable Insights: Global Nano Radiation Sensors Market size to reach USD 403.4 Million by 2029

KBV Cardinal Matrix - Nano Radiation Sensors Market Competition Analysis

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Thermo Fisher Scientific, Inc. is the forerunner in the Nano Radiation Sensors Market. Companies such as Mirion Technologies, Inc., Kromek Group plc, and Baker Hughes Company are some of the key innovators in Nano Radiation Sensors Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mirion Technologies, Inc., Fortive Corporation (Fluke Corporation), Hamamatsu Photonics K.K., Thermo Fisher Scientific, Inc., Baker Hughes Company, Canon Electron Tubes & Devices Co., Ltd. (Canon, Inc.), Kromek Group plc, PCE Instruments, First Sensor AG (TE Connectivity Ltd.), and NIHON KESSHO KOGAKU CO., LTD. (MITSUI MINING & SMELTING CO., LTD.).

Strategies deployed in Nano Radiation Sensors Market

» Partnerships, Collaborations and Agreements:

• Apr-2023: Kromek Group teamed up with Analogic Corporation for the development of next-generation Cadmium Zinc Telluride (CZT) based detector solutions for Photon Counting Computed Tomography (PCCT) applications in security and medical imaging sectors. The spatial resolution, radiation dose reduction, and energy resolution of CZT-based PCCT detectors are improved over those of traditional CT detectors by overcoming their intrinsic limits. When employed in medical imaging, this cutting-edge technology can lead to an improvement in image quality while also opening a door to material characterization and quantitative data that enable the early diagnosis of life-threatening illnesses like breast cancer or heart disease.
• Feb-2023: Mirion Technologies collaborated with Flyability, a company focused on developing safe drones for inaccessible places. Following the collaboration, the former company integrated its RDS-32™ radiation survey meter with the latter company's Elios 3 indoor drone, for helping nuclear operators in the collection of accurate radiation data remotely through drone, allowing nuclear personnel to stay safe outside irradiated areas while collecting data. This data will be accessible for real-time processing both during and after the drone flight.
• Dec-2022: Kromek Group signed a distribution agreement with Smiths Detection, a company engaged in providing threat detection and screening technologies. Under the agreement, the latter company would distribute and market the former company's wearable radiation detection and identification solutions in the Middle East and other key markets in Australasia and Asia.
• Sep-2021: Baker Hughes came into collaboration with LYTT, a real-time, sensor-enabled software and analytics provider. The collaboration created a new offering through integrating Baker Hughes’ completions and well-intervention hardware and service expertise with LYTT’s fiber optic data analytics and cloud-based software. The joint offering augments the digital transformation of the oil & gas industry by applying distributed sensor networks in the wellbore, creating actionable insights that optimize production.
• Jun-2021: Baker Hughes collaborated with PJSC LUKOIL, one of the biggest vertically integrated oil & gas companies globally. Under this collaboration, the companies aimed to explore various key collaborations comprising an integrated approach for LUKOIL’s carbon reduction and energy efficiency initiatives; an artificial lift technology partnership; and cooperation to produce Baker Hughes’ spoolable composite pipes in Russia. The collaboration with LUKOIL advanced the company's efforts of leading the energy transition of the region.

» Product Launches and Product Expansions:

• Feb-2023: Hamamatsu Photonics introduced the 8-inch pixel array detector, the world's largest photodiode (PD) with high radiation resistance among PD detectors. This detector is utilized for high-energy physics and contributes to new research comprising more precise measurements of Higgs boson properties and the dark matter search.
• Sep-2021: Mirion Technologies launched the Orion Real-Time Location System that supports worker safety, critical work path efficiency, dose management, and asset location activities through unifying location and radiological data utilizing real-time location suitable assets and device tags. Orion RTLS offers valuable visibility into the precise location of workers and assets to nuclear power operators and other industrial facilities that face complex radiation exposure and asset location challenges. This eliminates delays and additional costs brought on by lost equipment and labor-intensive radiological monitoring tasks.
• Mar-2021: Waygate Technologies, a segment of Baker Hughes, announced the launch of DXR 100S-41M and DXR 200S-41M, the next-generation digital X-ray detector solution for cabinet integration. Seifert offers a standalone package with the DXR 100S-41M and DXR 200S-41M detectors for converting existing X-ray facilities from film to Digital Detector Array (DDA) and image-intensifier-based systems. The Seifert DXR portfolio's expansion is targeted to engineering and production environments for a variety of sectors, including medical devices, aerospace, aviation, automotive, and power generation.

» Acquisitions and Mergers:

• Dec-2021: Mirion Technologies acquired Computerized Imaging Reference Systems, Inc., a company engaged in providing medical imaging and radiation therapy phantoms for the medical sector. The acquisition added CIRS' software, product, and service capabilities for strengthening Mirion's focus on the medical segment.
• Oct-2021: Mirion Technologies completed the acquisition of the Dosimetry Badge brand, a personal dosimeter badges distributor. The acquisition reinforced Mirion's position in the US Dosimetry market and the addition of distribution channels and user base expanded Mirion's stateside foothold of its dosimetry offering.

Scope of the Study

Market Segments Covered in the Report:

By Application

• Healthcare
• Consumer Electronics
• Oil & Gas
• Security & Defense
• Power Plants
• Others

By Type

• Scintillation Detectors
• Gas-filled Detectors
• Solid-state Detectors

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• Mirion Technologies, Inc.
• Fortive Corporation (Fluke Corporation)
• Hamamatsu Photonics K.K.
• Thermo Fisher Scientific, Inc.
• Baker Hughes Company
• Canon Electron Tubes & Devices Co., Ltd. (Canon, Inc.)
• Kromek Group plc
• PCE Instruments
• First Sensor AG (TE Connectivity Ltd.)
• NIHON KESSHO KOGAKU CO., LTD. (MITSUI MINING & SMELTING CO., LTD.)