Portland, OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global chemical, biological, radiological, and nuclear (CBRN) security market generated $16.72 billion in 2020, and is expected to reach $28.68 billion by 2030, witnessing a CAGR of 5.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Supportive government initiatives and dedicated funds and changes in the global geopolitical situations drive the growth of the global chemical, biological, radiological, and nuclear (CBRN) security market. However, high costs involved in maintenance and installation restrain the market growth. On the other hand, defense modernization and increase in agreements and contracts with law enforcement and military agencies present new opportunities in the coming years.
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Covid-19 Scenario of CBRN Security Market:
- Owing to restrictions on transportations, tight defense & security budgets, and weak financial performance of market players, there has been a negative impact on the chemical, biological, radiological, and nuclear (CBRN) security market.
- The Covid-19 pandemic highlighted the requirement of improved capacities for upcoming natural, accidental, and malicious unfolding of CBRN threats. Moreover, it outlined the importance of enhanced preparedness levels.
The report offers detailed segmentation of the global chemical, biological, radiological, and nuclear (CBRN) security market based on type, function, application, and region.
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Based on type, the chemical security segment held the highest share in 2020, accounting for more than one-third of the total share, and is estimated to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 6.4% from 2021 to 2030. The research also analyzes the segments including biological security, radiological security, and nuclear security.
Based on application, the military segment contributed to the highest share in 2020, holding more than three-fifths of the global chemical, biological, radiological, and nuclear (CBRN) security market, and is estimated to continue its lead position during the forecast period. However, the law enforcement segment is expected to witness the fastest CAGR of 6.9% from 2021 to 2030.
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Based on region, North America accounted for the highest share in 2020, contributing to more than one-third of the total market share, and is expected to maintain its dominant share by 2030. However, Asia-Pacific is projected to portray the largest CAGR of 7.0% during the forecast period.
Leading players of the global chemical, biological, radiological, and nuclear (CBRN) security market analyzed in the research include AirBoss of America Corp, Argon Electronics (UK) Ltd., BioFire Defense, LLC, Avon Rubber P.L.C., Bruker Corporation, Blucher GMBH, HDT Global, FLIR Systems, Inc., MSA Safety Incorporated, and Thales Group.
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