Chemical, Biological, Radiological, and Nuclear (CBRN) Security Market - Global Industry Size, Share, Growth, Trends and Forecas Analysis Till 2021

The rising incidence of terrorist attacks globally has compelled nations to up their existing defense systems. Government organizations and armed forces have been collaborating with private organizations to design and develop innovative security devices. Transparency Market Research, therefore forecasts the demand for chemical, biological, radiological, and nuclear (CBRN) security to surge considerably across nations witnessing rising terror threats. The market is also expected to gain impetus from the rising geopolitical issues between neighboring nations.

The evidences of procurement of CBRN equipment by terrorist organization for mass destruction will further compel nations and armed forces to deploy advanced CBRN security systems. Spurred by these factors, the global CBRN security market is expected to expand at a positive 3.8% CAGR between 2015 and 2021.

The global CBRN security market stood at US$9.13 bn in 2014 and is expected to reach US$11.92 bn by the end of 2021.

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Growing Readiness to Combat Terrorist Outfits Fuels Demand from Nuclear Security Segment

By type, the global CBRN market can be segmented into chemical, biological, radiological, and nuclear security. Of these, the nuclear security segment led the market in terms of revenue, holding a share of 36.09% in 2014. Nuclear threat has emerged as one of the major concerns globally. Evidence of terrorist group recruiting nuclear experts, procuring nuclear materials, and developing nuclear weapons for mass destruction has driven investments in nuclear security. Security forces and governments worldwide have been adopting various initiatives to prevent nuclear attacks, which fuels sales opportunities for the CBRN security system manufacturers.

Furthermore, several developed countries have agreed upon dismantling their nuclear weapons to avoid recurrence of accidental nuclear accidents such as in Fukushima and Chernobyl. Contrary to this, developing countries such as India and Pakistan are increasing their weaponry owing to mounting border disputes. Therefore, developing countries such as these are increasing investment in adequate security structure in order to prevent the occurrence of nuclear accidents in the future. This will in turn fuel demand from the nuclear security segment of the CBRN security market.

In 2014, the chemical security segment held the second-largest share in the market. During the forecast period the demand from the biological security segment is expected to decline. The radiological segment is also expected to lose its market share through the course of the forecast period.

Presence of Large Number of CBRN Security Device Manufactures Seals North America’s Domination

Regionally, North America held the largest share in the global CBRN security market in 2014, followed by Europe. Several CBRN security original equipment manufacturers (OEM) are located in North America, who supply products to military organizations and law enforcement agencies around the world. This is a primary factor fuelling demand from the North America CBRN security market. Additionally, the increasing threats from terrorist organizations are driving the deployment of CBRN security systems in Europe.

However, TMR projects Asia Pacific to report the fastest growth as a regional market for CBRN security during the forecast period. The arms race among nations such as India, China, and Pakistan is indirectly fuelling demand for advanced CBRN security equipment in Asia Pacific. Additionally, the CBRN security market in Asia Pacific will also gain impetus from various initiatives undertaken by emerging nations to modernize their medical and military facilities. As per TMR, this regional market is expected to report a CAGR of 4.6% between 2015 and 2021.

Some of the most prominent companies operating in the global CBRN security market are Argon Electronics (U.K.) Ltd., General Dynamics Corporation, AirBoss Defense, Inc., FLIR Systems, Inc., Bruker Corporation, and Thales Group.

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This release was published on openPR.