Global CBRN Security Market to Expand at 3.80% CAGR from 2015 to 2021 owing to Growing Demand for Radiopharmaceuticals Worldwide

Transparency Market Research has published a new report on the global chemical, biological, radiological, and nuclear (CBRN) security market. As per the report, the global chemical, biological, radiological, and nuclear (CBRN) security market is predicted to progress at a 3.80% CAGR from 2015 to 2021 due to the increasing threats from terrorist organizations and the rising demand for radiopharmaceuticals worldwide. The report, titled ‘Chemical, Biological, Radiological, and Nuclear (CBRN) Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,’ states that the global chemical, biological, radiological, and nuclear (CBRN) security market is expected to progress from US$9.1 bn in 2014 to US$11.9 bn by 2021.  

Chemical, biological, radiological, and nuclear (CBRN) security includes all preventive and protective measures to fight situations involving these harmful agents. The market for CBRN security is one of the growing markets worldwide due to the growing concerns for the maintenance of economic stability and protection of civilian lives. Geopolitical issues and threats from terrorist groups are increasing every year, which has also boosted the demand for CBRN security measures in the past few years.

The global chemical, biological, radiological, and nuclear (CBRN) security market is driven by the escalating demand for efficient CBRN incident combat equipment. Moreover, the rising importance of the safety of civilian lives during CBRN incidents caused artificially, naturally, or intentionally is expected to contribute towards the growth of the global CBRN security market. The global chemical, biological, radiological, and nuclear (CBRN) security market is segmented on the basis of geography, function, and type. Based on geography, the global CBRN market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2014, North America led the global CBRN security market due to the rising adoption of effective security systems and the increasing interest in effective CBRN control.

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Some of the leading players operating in the global CBRN security market are Argon Electronics (U.K.) Ltd., FLIR Systems, Inc., HDT Global, General Dynamics Corporation, Kärcher Futuretech GmbH, Thales Group, Bruker Corporation, Blücher GmbH, AirBoss Defense, Inc., and MSA Safety, Inc. By function, the global CBRN security market is classified into detection, protection, decontamination, and simulation systems. Although the simulation segment is currently progressing at a slow pace, it is expected to be the fastest growing segment in the years to come. Factors such as unfavorable geopolitical issues and demilitarization initiatives adopted by many nations are predicted to benefit the global market for CBRN security in the next few years.

By type, the global chemical, biological, radiological, and nuclear (CBRN) security market is classified into nuclear, radiological, biological, and chemical security. Currently, leading players are focusing on introducing new-generation CBRN security equipment by adopting better research initiatives and advanced technology. The high cost of installation, refurbishment, and maintenance is predicted to hamper the growth of the global CBRN security market in the years to come. However, military modernization programs and the rising demand for CBRN security in the Middle East and Africa and Asia Pacific are predicted to create new growth opportunities in the global CBRN security market.

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