Chemical, Biological, Radiological and Nuclear (CBRN) Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2025
Transparency
Market Research observes that the global chemical, biological,
radiological, and nuclear (CBRN) security market displays a
consolidated yet competitive vendor landscape. The crème of the
market, 3M Company, Honey well International, Ansell Ltd., and MSA
Safety held more than 70% of the market in 2016.
In
order to strengthen the position and for business expansion in the
global CBRN market, key players are focused on mergers and
acquisitions and strategic alliances. For example, 3M is focused on
acquiring various companies in the CBRN security market. In March
2017, 3M announced to acquire North Carolina-based Scott Safety.
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As
per estimates from Transparency Market Research, the CBRN security
market will rise at a CAGR of 4.8% between 2017 and 2025. Progressing
at this rate, the market will reach a valuation of US$15074.8 mn by
2025 increasing from US$9890.0 mn in 2016.
In
terms of segmentation by type, the segment of nuclear security held
the leading share of more than 30% of the market in 2016 due to
increasing terrorist activities in several parts of the world. By
function, the segment of protection led the market driven by
increasing military expenditures. North America topped among other
regional markets for CBRN security in 2016 followed by Europe.
Rising
Defense Budget of Nations Fuels Growth
One
of the key factors boosting the CBRN security market is increasing
demand for CBRN security in developing nations such as China, India,
and Brazil among others. Besides this, developed countries such as
the U.S. have increased their defense budgets to upgrade surveillance
and monitoring equipment. African nations are spending incessantly on
surveillance systems and monitoring equipment to mitigate growing
CBRN threats such as Ebola in the region.
The
growth of CBRN security market is also driven by unfavorable
geopolitical issues. This is because the impact of threat from
unfavorable geopolitical issues is currently high and is expected to
be the same over the report’s forecast period. Clashes between
countries due to border insurgency, cold wars also indicate a
potential threat of CBRN attacks. Thus, early detection of CBRN
incidents and timely response to prevent large-scale destruction is
the primary concern of governments worldwide.
Last
but not the least, increasing threat from terrorist organizations
across the world is one of the key factors expected to drive the CBRN
security market over the report’s forecast period between 2017 and
2025. Countries across the world are adopting technology-based
solutions to build their defense capabilities to combat CBRN attacks
by anti-national or terrorist organizations.
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