The expanding use of nano radiation sensors in oil and gas, healthcare, and energy sectors may bring considerable growth prospects for the global market. Furthermore, these sensors are being used on a large scale in nuclear surveillance systems. These aspects are expected to invite substantial growth for the nano radiation sensors market in the coming years. These sensors have the potential to measure water and air quality indexes based on measurement accuracy, speed, and size. Therefore, these factors are expected to boost the growth prospects of the nano radiation sensors market to a great extent.
A nano sensor is a data collecting device. It gathers data on behavior and characteristics of nano particles at nano scale level. Nano sensors offer a plethora of benefits to the end-user industries and are available in two types namely, solid-state detectors and scintillation detectors. Hence, these factors are estimated to attract maximum attention to the nano radiation sensors market.
Research and development activities are crucial for the overall growth of the nano radiation sensors market. The players are involved in these activities for discovery and formulation of novel techniques and methodologies to make these sensors more effective. These developments prove to be one of the most profitable factors for the growth of the nano radiation sensors market. Strategic collaborations are important for the overall growth of the global nano radiation sensors market, Mergers, acquisitions, joint ventures, and partnerships are essential for expanding the influence of the players across untapped regions. These aspects eventually help in increasing the growth rate of the nano radiation sensors market.
Rising Popularity of Cabon Nanotubes to Influence Growth Trajectory
The growing adoption of carbon nanotubes in several applications such as nanogears, nanoelectronics, nano thermometer, hydrogen storage, capacitors, material applications, batteries, optics, and nanolithography may prove to be growth boosters for the nano radiation sensors market. Carbon nanotube-based nano sensors are widely accepted and are preferred for chemical and nano radiation detection. These factors are estimated to bring profitable growth avenues for the nano radiation sensors market. Therefore, the rising use of carbon nanotubes across numerous applications may present attractive growth opportunities for the nano radiation sensors market.
Rising Focus on Safety Features in Vehicles to Increase Demand for Nano Radiation Sensors
The automotive sector is one of the most profit-making end-user industries for the nano radiation sensors market. Passenger vehicles and some types of commercial vehicles have modern features that need sensors to function properly. These sensors are prominently used for proper working of the safety features such as airbag actuation. The demand for nano radiation sensors in automobile industry is estimated to increase as many countries are making airbag feature mandatory in passenger vehicles. The Transport Ministry of India recently drafted a rule to mandatorily provide 6 airbags to all variants and segments of vehicles. Such developments bode well for the growth of the nano radiation sensors market.
COVID-19 Impact on Nano Radiation Sensors Market
The COVID-19 pandemic served as a hindrance to the growth of the nano radiation sensors market. The pandemic-influenced restrictions across the globe changed the entire growth projection of the nano radiation sensors market. Border restrictions and the shutting down of manufacturing facilities led to a decrease in the demand for nano radiation sensors, ultimately ruining the growth prospects. However, with the gradual reopening of economies, the demand and production of nano radiation sensors is slowly increasing. Furthermore, mass vaccination drives and low hospitalization rate due to COVID-19 are some crucial factors that will help the players in the nano radiation sensors market to achieve pre-pandemic growth levels.
Some key players into the nano radiation sensors market are Nihon Kessho Kogaku Co. Ltd., Hamamatsu Photonics K.K., Fluke, Thermo Fisher Scientific Inc., and Kromek Group plc.