Growing Use of Nuclear Energy Accelerating Growth in the Global CBRND Market, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global chemical, biological, radiological and nuclear defense (CBRND) market is expected to grow at a CAGR of close to 5% until 2020.

In this report, Technavio covers the present scenario and growth prospects of the global CBRND market for 2016-2020. The report provides a comprehensive overview, market shares, and growth prospects by region (Americas, APAC, and EMEA).

“Though a few developed countries have planned to completely do away with nuclear reactors, the global nuclear energy generation is expected to significantly increase over the forecast period. In countries where renewable sources of energy are not feasible to produce electricity and with the constant increase in fossil fuel prices, nuclear power remains an attractive option,” said Abhay Singh, one of Technavio’s senior industry analysts for defense research.

“Over 60 power reactors are being constructed in 13 countries, including Bangladesh, China, India, Poland, Russia, South Korea, Taiwan, Turkey, and the UAE. These countries will have to invest in CBRN incident protection to ensure that tragedies like the Fukushima spillover are not repeated,” added Abhay.

Americas: largest region for the global CBRND market

The CBRND market in the Americas was valued at USD 3.7 billion in 2015 and is expected to reach USD 4.4 billion by 2020. The US in particular, makes the largest investments in nuclear warheads globally. In 2015, the US Army was estimated to have over 7,100 nuclear warheads, with more than 4,700 warheads assigned for use in military vehicles.

Both Washington and Moscow signed the chemical weapons convention (CWC) of the 1990s, which prohibited the use of production and stockpiling of chemical weapons. The process of safe disposal of the chemicals and munitions took over 20 years, yet, there are still more than 3,000 tons of chemical weapons left in the US, stored at two remaining facilities at Pueblo in Colorado, and Bluegrass in Kentucky.

In 2015, officials planned to destroy the major store in Pueblo, which has an estimated 2,600 tons of mustard blister chemicals stored in liquid and projectile form. The process is expected to be completed in four years. Additionally, 523 tons of mustard agent, VX and sarin nerve agents are stored in the Bluegrass plant in Kentucky. Officials predict that destroying that arsenal, which is slated to start in 2020, will be completed in 2023.

APAC: the second largest region for the CBRND market

Though many states have failed to abide by the rules of the NPT (Non-Proliferation of Nuclear Weapons), many others have abandoned nuclear weapons programs. India and Pakistan did not sign the treaty and still possess nuclear arsenals. North Korea also announced its withdrawal from the NPT in January 2003 and have been testing nuclear devices.

Countries that have nuclear armaments, such as China, India, and Pakistan in particular, are pursuing new sea-based nuclear delivery systems, cruise missile, and ballistic missile, and possess over 500 nuclear arsenals. These weapons, although smaller in number, are dangerous and destabilizing. In addition, Pakistan has lowered the threshold for nuclear weapons use and developed tactical nuclear weapons capabilities to combat Indian conventional military threats. Possession of such weapons are expected to result in higher investments by respective countries on anti-CBRN warfare, thus boosting market growth.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global chemical, biological, radiological and nuclear defense (CBRND) market is expected to grow at a CAGR of close to 5% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com