The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Chemical, Biological, Radiological and Nuclear (CBRN) Security Market.
It was estimated prior to this unanticipated outbreak that the Chemical, Biological, Radiological and Nuclear (CBRN) Security Market is likely to witness an impressive CAGR of 5.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Chemical, Biological, Radiological and Nuclear (CBRN) Security Market Segment Insights:
By Product Type
Based on the product type, the market is segmented as chemical, biological, radiological, and nuclear. The nuclear segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period owing to the high level of threat associated with radioactive contamination.
By Function Type:
Based on the function type, the market is segmented as protection, detection, decontamination, and simulation systems. The protection segment accounted for the largest share by function in 2019 and is expected maintain its dominance over the forecast period owing to the protective wearable mandates for hazmat professionals and field CBRN officers across the world.
By Region:
In terms of regions, North America is estimated to contribute for the largest market share during the forecast period. The North American market is expected to grow with a lucrative CAGR due to the massive US defense budget and rapid advancements in military capabilities of the US and Canada.