Radon Detector Market Size, Share and Industry Analysis 2027
According to our latest market study on “Radon Detector Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Long-Term and Short-Term) and Application (Residential, Commercial, and Others),” the market was valued at US$ 514.88 million in 2019 and is projected to reach US$ 877.68 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027. The COVID-19 outbreak hindered the growth of the global market in 2020, and thus there is a decline in y-o-y growth. However, the growth is expected to normalize from 2021 onward and the market is projected to grow at a steady pace.
Radon is a radioactive gas, which is odorless and colorless. As per real estate law, radon tests are conducted in residential and commercial places as part of a home inspection. Before purchasing a house, the requirement to pass radon testing is part of that home inspection process. Radon levels are not constant; they rise and fall with the seasons, with changes in the home’s ventilation or changes in the ground around the home. Summer tends to be a low time for radon levels, and winter tends to be a high time. The United States Environmental Protection Agency (US EPA) recommends checking of radon levels in every two years since its flow can increase over a period longer than one year. Radon is a silent killer; it takes years to affect that usually manifests in the form of lung cancer. It is the major cause of lung cancer among nonsmokers, as per EPA estimates. It is responsible for ~21,000 lung cancer deaths every year, and out of these ~2,900 deaths occur among nonsmoker people. According to the World Health Organization (WHO), radon causes ~15% of lung cancer cases worldwide. To mitigate the lung cancer rate globally, the WHO initiated an international radon project to help countries increase awareness, gather data, and encourage action to reduce radon-related risks.
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Radon Detector Market in North America to Grow at Highest CAGR during Forecast Period
North America dominated the radon detectors market in 2019, and it would continue to dominate the market during the forecast period by accounting decent share by 2027. Europe is the second-largest contributor to the global radon detectors market, followed by APAC.
In North America, the US, Canada, and Mexico are the major economies that invest in integration of advanced technology in several industries. This, in turn, is leading to a highly competitive market in the region. The Surgeon General, the US EPA, the American Lung Association, the American Medical Association, and the National Safety Council recommend testing homes for radon. Thus, high significance of testing radon gas is surging the deployment of radon detectors in the region across all residential and commercial buildings.
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The radon detectors market is segmented into type, application, and geography. Based on type, the market is segmented into long-term and short-term. In 2019, the long-term segment held the largest share of the global radon detectors market. Based on application, the radon detectors market is divided into residential, commercial, and others. The commercial segment held the largest share of the global radon detectors market. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2019, North America held the largest share, followed by Europe and APAC.
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Key Findings of Study:
The growing demand for efficient radon detection systems from customer and industry across the world is anticipated to fuel the development of advanced radon detectors that are integrated with technologies and features relevant to changing customer preferences/requirements. From initial testing method using charcoal canisters, the radon detection solution providers are now offering radon detectors that provide digital and continuous radon detection and are integrated with sophisticated sensors and digital displays. Market players are innovating and offering advanced radon detectors owing to the unreliable test results due to inefficient older systems, growing trend of technology integration, increasing trend of smart homes, and rising awareness of radon detector benefits. The increasing demand of digital radon monitors that provide accurate and reliable testing over both short-term and long-term is further boosting the growth of global radon detectors market. The key market players such as Airthings, Radonova, SunRADON LLC, and Bertin Instruments are offering a complete suite for radon detection with dedicated software, apps, cloud services, connectivity options with smart home devices such as Google Assistant and Amazon Alexa, and many other advanced features. Hence, the growing integration of advanced and innovative features in radon detectors by key players for enhanced customer experience is anticipated to fuel the growth of the global radon detectors market during 2020–2027.
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