Scintillators Market Forecast, Trends, Scope by 2031
The scintillators market size is projected to reach US$ 782.79 million by 2031 from US$ 528.21 million in 2023. The market is expected to register a CAGR of 5.04% in 2023—2031. Rising demand for radiation detection and monitoring in several applications, such as nuclear plants medical imaging are likely to remain key scintillators market trends.
Scintillators Market Analysis
The scintillators market is witnessing a major shift due to the shifting dynamics in the manufacturing, nuclear power plants, healthcare, and homeland security and defense sectors. The dynamics of these Industries have a huge impact on this market's growth. Significant R&D expenditures and government support for novel scintillator discoveries are propelling the global market's expansion. Increasing investments in radiation monitoring for homeland security and the growing need for novel radiological applications are some of the factors propelling the scintillator market.
Scintillators Market Overview
Scintillator is a general term for substances that emit fluorescence when exposed to radiation, such as X-rays and γ-rays. It is a type of phosphor. When radiation collides with this substance, it absorbs its energy, and internal electrons move from the ground state (stable state) to the excited state (agitated state). When this electron returns to its original stable state, it releases its energy in the form of light emission (visible light or ultraviolet light), and this phenomenon is called scintillation.
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Scintillators Market: Strategic Insights
Market Size Value in US$ 373.2 million in 2017 Market Size Value by US$ 609.4 million by 2025 Growth rate CAGR of 6.5% from 2017 to 2025. Forecast Period 2017-2025 Base Year 2017
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Scintillators Market: Strategic Insights
| Market Size Value in | US$ 373.2 million in 2017 |
| Market Size Value by | US$ 609.4 million by 2025 |
| Growth rate | CAGR of 6.5% from 2017 to 2025. |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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Scintillators Market Drivers and Opportunities
Rising Demand for Radiation Detection and Monitoring in Several Applications, such as Nuclear Plants' Medical Imaging, to Favor Market
The market for scintillators is significantly influenced by the growing need for radiation detection and monitoring across a variety of industries, including nuclear power plants and healthcare facilities. Scintillators are essential parts of radiation detection systems utilized in these applications because of their precise radiation detection and measurement capabilities. Scintillators are used in nuclear reactors for radiation monitoring in order to guarantee regulatory compliance and safety. Similar to this, scintillators are essential for detecting gamma rays released by radioactive tracers in medical imaging equipment like PET scanners, which help with diagnosis and treatment planning. The increased focus on homeland security and the requirement for radiation detection in border control and cargo screening further increases the need for scintillators.
Increasing Demand for Neuron Detection
Market demand for scintillators is expected to rise significantly due to the increasing requirement for neutron detection. Numerous industries, such as nuclear power, oil and gas exploration, and homeland security, depend heavily on neutrons. Neutrons can be detected by scintillators by means of interactions that result in observable light pulses. Scintillator-based detectors provide several advantages in applications like neutron radiography and neutron scattering investigations, including high sensitivity, quick response times, and the capacity to distinguish between gamma and neutron radiation. Furthermore, greater neutron detection capabilities brought about by developments in scintillator materials and technology have increased their appeal for a variety of applications. The need for dependable neutron detection systems, which scintillators provide, is anticipated to increase as long as industries continue to prioritize efficiency, security, and safety. This presents a significant potential.
Scintillators Market Report Segmentation Analysis
Key segments that contributed to the derivation of the scintillators market analysis are material composition, industries, and end products.
Based on material composition, the scintillators market is divided into organic scintillators and inorganic scintillators. The organic scintillator segment is anticipated to grow in the forecast period.
- By industries, the market is segmented into research & industrial, nuclear power plants, medical & healthcare, oil & gas, and others. The research & industrial segment is anticipated to grow in the forecast period.
- Based on end products, the scintillators market is divided into fixed and portable. The fixed segment is anticipated to grow in the forecast period.
Scintillators Market Share Analysis by Geography
The geographic scope of the scintillators market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. APAC has dominated the scintillators market. High technology adoption trends in various industries in the APAC have fuelled the growth of the scintillators market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the APAC scintillators market growth. Moreover, a strong emphasis on research and development in the developed economies of China and Japan is forcing the APAC players to bring technologically advanced solutions into the market. All these factors contribute to the region's growth of the scintillators Market.
Scintillators Market Report Scope
Scintillators Market News and Recent Developments
The Scintillators Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In June 2021, - Saint-Gobain announced the awarded the prizes for the 16th edition of its "Multi-Comfort" international student competition. This year, the challenge was to convert the post-industrial area of the Coignet company in Saint-Denis (France) into a living, learning, and leisure area in the heart of a large green space, respecting both the historical heritage and the sustainable development needs of modern neighborhoods, in collaboration with the city of Saint-Denis.
(Source: Saint-Gobain, Press Release, 2023)
Scintillators Market Report Coverage and Deliverables
The "Scintillators Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material Composition, Industries, and End Products
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global Scintillators market was estimated to be US$ 582.21 million in 2023 and is expected to grow at a CAGR of 5.0% during the forecast period 2024 - 2031.
Rising demand for radiation detection and monitoring in several applications, such as nuclear plants medical imaging are the major factors that propel the global scintillators market growth.
The growing need for neuron detection is anticipated to play a significant role in the global scintillators market in the coming years.
The key players holding majority shares in the global scintillators Market are Radiation Monitoring Devices., Hamamatsu Photonics K.K., Hitachi, Ltd, Ludlum Measurements, Inc., Rexon Components, Inc., Scintacor, Photonics Media, Epic Crystal Co., Ltd, Mirion Technologies, Inc, Dynasil.
The global Scintillators market is expected to reach US$ 782.79 million by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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