Radiation Hardened Feedback Sensors Market is expected to reach US$ 189.37 million by 2031

PRESS RELEASE BY The Insight Partners 15 May 2024

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Increasing Demand from Nuclear Power Plants to Boost Radiation Hardened Feedback Sensors Market Growth

According to our latest study titled “Radiation Hardened Feedback Sensors Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Sensor and Application,” the market is projected to grow from US$ 133.80 million in 2023 to US$ 189.37 million by 2031; it is estimated to register a CAGR of 4.4% from 2023–2031. Miniaturization of radiation hardened feedback sensors is one of the factors contributing to the growing radiation hardened feedback sensors market size.

Nuclear power plants are involved in generating electricity through the process of nuclear fission. In this process, a significant amount of power is produced, which generates a substantial amount of radiation. This radiation is harmful to humans and can damage electronic equipment, increasing the demand for radiation hardened feedback sensors. Radiation hardened feedback sensors are strategically placed throughout the plant to monitor temperature variations in critical areas, such as the coolant systems, reactor core, and various components. These sensors provide continuous feedback to the control systems, enabling plant operators to take necessary actions for maintaining the desired temperature range and make informed decisions to improve the system’s performance. Several companies are making significant investments in developing power plants. For instance, according to the US Department of Energy (DOE) data published in January 2024, the DOE invested ~US$ 12 billion in Plant Vogtle to provide more than 1,100 megawatts of clean power to the grid once in operation.

Radiation Hardened Feedback Sensors – by Region, 2021 and 2031

Radiation Hardened Feedback Sensors Market Growth - 2031

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Radiation Hardened Feedback Sensors Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Sensor (Resolver, Encoder, Hall Effect Sensor, Potentiometer, and Others), Application (Space, Aerospace and Defense, Nuclear Power Plant, and Others), and Geography

Source: The Insight Partners Analysis

The DOE invested US$ 2.5 billion in TerraPower to construct a sodium-cooled fast reactor and molten salt energy storage system near a retiring coal plant in Kemmerer, Wyoming. These nuclear power plants require a number of coolant systems, steam generators, reactor cores, coolant loops, condensers, and various other components to operate and generate green energy properly. These components are integrated with radiation hardened pressure sensors to monitor and regulate pressure levels in different systems. Radiation hardened pressure sensors help plant operators to ensure the safe and efficient operation of these systems, preventing potential leaks or failures, and enhancing plant safety, which is propelling the market. Further, the growing space exploration mission is expected to bring new Radiation Hardened Feedback Sensors market trends in the coming years.

The radiation hardened feedback sensors market analysis has been carried out by considering the following segments: sensor and application. Based on sensor, the market is segmented into encoder, potentiometer, hall effect sensor, and resolver. On the basis of application, the market is categorized into aerospace and defense, space, nuclear power plant, and others. The space segment held the largest radiation hardened feedback sensors market share in 2023.

The scope of the Radiation Hardened Feedback Sensors market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Russia, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America accounted for the largest Radiation Hardened Feedback Sensors market share in 2023. The expanding space industry is boosting the radiation hardened feedback sensors market in North America. The US has been at the forefront of spaceflight for more than 60 years. It has the world's largest government space program. The US-registered satellites accounted for more than half of all operational satellites in 2022. The US is currently the only country with a thematic account for space activities. It can track the space economy in robust and comparative ways with other parts of the US economy, using the statistical framework of national accounts. According to the US Bureau of Economic Analysis, the US space economy employed 360,000 workers and generated US$ 211.6 billion in gross output in 2021, including government activities. The US space industry, which covers all segments from R&D to satellite data/signals exploitation and analysis, caters both to a strong domestic government demand (including defense) and international markets. By the end of 2022, seven out of the ten biggest commercial space operators worldwide, in terms of number of satellites, were headquartered in the US.

The governments of North American countries are launching various space missions. For instance, in March 2024, NASA announced the launching of rockets into the Moon's shadow during the Great North American Eclipse. Government agencies such as NASA and the Department of Defense (DoD) allocate funding and resources to support space exploration, satellite development, and national security initiatives. These agencies prioritize the procurement of radiation hardened feedback sensors for space missions, satellite constellations, and military applications. These sensors are employed in spacecraft to monitor critical parameters, such as pressure, temperature, and position, by providing accurate data. Radiation hardened feedback sensors provide the necessary resilience and durability to meet the rigorous reliability requirements of space missions, accelerating market growth and innovation in North America. Thus, the rising number of space missions and nuclear initiatives are expected to fuel the radiation hardened feedback sensors market growth in North America.

TT Electronics, Magics Technologies nv, Dynapar, Power Device Corporation, NewTek Sensor Solutions, Netzer Precision Position Sensors A.C.S. Ltd., Computer Conversions Corporation., Honeywell International Inc., and MACCON are among the key players profiled in the Radiation Hardened Feedback Sensors market report. 

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