Argon Electronics (U.K.) Ltd., Blücher GmbH, Bruker Corporation, and FLIR Systems, Inc., have been some of the more established players in the CBRN over the recent times, according to Transparency Market Research. Their high level collaborations with armed forces as well as government bodies around the world has allowed them to secure top status in the global market. This is due to the high level of involvement of governments and the military with security issues and solutions.
The caliber of competitiveness as well as the rate of investments in the global chemical, biological, radiological, and nuclear security market is likely to increase at a swift pace over the coming years, states TMR. The budget allocation and spending on security is being spruced up by both government and private bodies across the world. With the positive trust required to maintain high level security, a lot of companies end up generating long-term contracts. Meanwhile, the number of clients securing CBRN security is increasing globally, allowing for the growth of newer players as well. The global CBRN market is expected to report a positive CAGR of 3.8% between 2015 and 2021. It was valued at US$9.13 bn in 2014 and is expected to reach US$11.92 bn by the end of 2021.
Emerging Economies Show Massive Growth Potential
From a regional perspective, the global chemical, biological, radiological, and nuclear security market has consistently been dominated by the developed economies from North America and Europe. Both regions hold a strong military background and an advanced government infrastructure. Over the coming years, players from the global chemical, biological, radiological, and nuclear security market are extremely likely to find positive growth opportunities from other developing economies in the world, especially Brazil, China, India, Japan, and Israel. The rate of investment for CBRN security measures by the governments of these countries are increasing at a very swift pace, allowing for larger players to penetrate the market.
Nuclear security held the top spot in the global chemical, biological, radiological, and nuclear security market in 2014, on the basis of types. Nuclear security is widely considered as very important by a lot of nations and nuclear power is also being the target by a growing number of terrorist activities.
Terror Attacks on the Rise, Prompt Stronger CBRN Security Measures
“One of the key factors driving the global chemical, biological, radiological, and nuclear security market currently, is the increasing threat posed by terrorism across the world. The frequency of terror attacks has been increasing over the years, due to growing civil and political unrest in a lot of nations, as well as the growth of terrorist organizations. These activities are pushing governments, military bodies, and even large private entities to consider CBRN security and other solutions,” states a TMR analyst.
Additionally, several countries are also following the international disarmament treaties, reducing their weapon and ammunition stockpiles, as well as physical military strength. This has boosted the global chemical, biological, radiological, and nuclear security market along with other defensive markets, as demilitarization has only been approved by governments as long as they are given means to boost security and defensive arrangements using advanced technologies.
CBRN Security Solutions Still Suffering Due to High Costs
The global chemical, biological, radiological, and nuclear security market is currently being restrained by high costs of implementation and installation of the technologies required. These security systems require the use of advanced devices as well as compatible infrastructure and skilled labor. This can be a large investment for governments. Additionally, the extremely fast rate of advancement of technologies is rendering older technologies obsolete, further increasing the investments required to maintain CBRN security solutions. Over the coming years, this restraint may be negated by the increased investments made by emerging economies.
The information presented in this review is based on a Transparency Market Research report, titled, “Chemical, Biological, Radiological, and Nuclear (CBRN) Security Market (Types – Chemical, Biological, Radiological, and Nuclear; and Functions – Protection, Detection, Decontamination, and Simulation Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
Key segments of the Global Chemical, Biological, Radiological, and Nuclear (CBRN) Security Market
Global Chemical, Biological, Radiological and Nuclear (CBRN) Security Market, 2015 - 2021: By Type
Global Chemical, Biological, Radiological and Nuclear (CBRN) Security Market, 2015 - 2021: By Function
- Simulation Systems
Global Chemical, Biological, Radiological and Nuclear (CBRN) Security Market, 2015 - 2021: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Middle East and Africa (MEA)
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