Chemical, Biological, Radiological and Nuclear (CBRN) Security Market: Global Analysis & Outlook 2018-2024
The report predicts the global Chemical, Biological, Radiological and Nuclear (CBRN) Security Market to grow with a CAGR of 4.2% over the forecast period of 2018-2024.
Increased threat from terrorist organizations and rise in demand for radiopharmaceuticals are the major factors driving the growth of the chemical, biological, radiological, and nuclear security market. Additionally, growing worldwide concern over the prevention of CBRN attack has driven the growth of the CBRN security market. However, high installation, and maintenance costs are the factors likely to restrain the growth of the CBRN market over the forecast period.
Furthermore, with the continuous increase in technological advancements and increase in research initiatives worldwide are providing several growth opportunities for the key players in the CBRN market. On the other hand, new age security equipment such as alarm and fire monitoring systems are launched that should be developed for government organizations, military, and law enforcement agencies.
Among the geographies, Asia Pacific dominated the CBRN market followed by North America and Europe. Additionally, increasing threats of terrorist attacks and rising applications of radiopharmaceuticals in the medical treatments are anticipated to upsurge the demand for CBRN security in the North American Regions. Moreover, the countries such as India, China, France, and Germany are anticipated to generate high demand for the CBRN security in the upcoming years.
On the other hand, increasing defense budgets that includes adoption of CBRN security systems is expected to be the factor boosting the growth among the regional markets of the Asia Pacific regions. However, the increasing demand for the CBRN security in the countries such as India, China and Brazil are the key factors driving the growth of the CBRN security during the years to come.