Technology

AI Impact on Radiation Detection And Monitoring Equipment Market growth, set to increase by USD 1.59 billion from 2024-2028, Demand from healthcare facilities to boost the revenue, Technavio

Published

3 months ago

August 22, 2024

NEW YORK, Aug. 22, 2024 /PRNewswire/ — The global radiation detection and monitoring equipment market size is estimated to grow by USD 1.59 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 6.93% during the forecast period. Demand from healthcare facilities is driving market growth, with a trend towards service contracts for equipment. However, high cost of equipment poses a challenge. Key market players include AMETEK Inc., Arktis Radiation Detectors Ltd., ATOMTEX SPE, Berkeley Nucleonics Corp., CNIM SA, Cobham Ltd., Dynasil Corp. Of America, ECOTEST, Fortive Corp., Furukawa Electric Co. Ltd., Honeywell International Inc., International Medcom Inc., James Fisher and Sons Plc, LAURUS Systems, Ludlum Measurements Inc., Mirion Technologies Inc., PCE Holding GmbH, Polimaster LLC, Radiation Detection Co., and Thermo Fisher Scientific Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Dosimeters, Survey meters, Area monitors, and Others), Type (Detection and monitoring and Safety), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

AMETEK Inc., Arktis Radiation Detectors Ltd., ATOMTEX SPE, Berkeley Nucleonics Corp., CNIM SA, Cobham Ltd., Dynasil Corp. Of America, ECOTEST, Fortive Corp., Furukawa Electric Co. Ltd., Honeywell International Inc., International Medcom Inc., James Fisher and Sons Plc, LAURUS Systems, Ludlum Measurements Inc., Mirion Technologies Inc., PCE Holding GmbH, Polimaster LLC, Radiation Detection Co., and Thermo Fisher Scientific Inc.

Key Market Trends Fueling Growth

The radiation detection and monitoring equipment market caters to various industries and organizations in need of radiation measurement services. While large entities like the US Department of Energy and Department of Defense, as well as nuclear power plants, have in-house capabilities, smaller facilities such as hospitals, medical offices, universities, national laboratories, and nuclear sites often lack the resources for procurement and maintenance. To address this, these facilities opt for service contracts with providers like LANDAUER (Fortive Corp.). Service contracts offer advantages such as reduced capital investment and eliminating the need for hiring and managing professionals. Renewal rates are typically high, securing stable and recurring customer relationships. International expansion is a key growth strategy for companies like LANDAUER, achieved through partnerships with local dosimetry providers. These factors are expected to fuel the global radiation detection and monitoring equipment market’s growth during the forecast period.

The Radiation Detection and Monitoring Equipment market is experiencing significant growth due to rising cancer incidence and increased usage of PET/CT scans in nuclear medicine and radiotherapy. Nuclear power and renewable energy sectors also contribute to the market’s expansion. The demand for skilled radiation professionals is increasing as the nuclear power workforce ages. Key trends include the use of gas-filled detectors, scintillators, and solid-state detectors in healthcare, homeland security & defense, and nuclear power plants. In healthcare, full-body and face protection products, hand safety products, GM counters, ionization chambers, and proportional counters are in high demand. The diagnostic imaging market, including cancer centers, insurance companies, and X-ray diffraction equipment, also drives market growth. Radiation therapy and diagnostic imaging surgeries require advanced radiation detection equipment. The market encompasses a wide range of products, including inorganic and organic scintillators, semiconductor detectors, diamond detectors, and radiation therapy equipment. The market serves various industries, including healthcare services, nuclear power plants, and homeland security & defense. Radiation detection and monitoring equipment are essential for ensuring safety in handling radioactive materials and protecting healthcare professionals and patients from radiation exposure. The market is expected to continue growing due to increasing demand for advanced radiation detection technologies.

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Market Challenges

The radiation detection and monitoring equipment market faces a significant challenge due to the high cost of devices, which limits their adoption by end-users. The cost of radiation portal monitors (RPMs) ranges from USD11,000 to USD18,000 per unit, while survey meters cost between USD1,000 and USD20,000, depending on the technology and probes. Scintillation proportional counters (SPRDs) cost between USD4,000 and USD10,000 per unit, and electrometer ionization chambers (EPDs) range from USD300 to USD3,000. End-users also incur additional expenses on maintenance, calibration, personnel costs, and training. Many end-users opt for refurbished equipment due to cost savings, which affects new device sales and growth for established vendors. Providers of refurbished devices, such as AMERICAN LABORATORY TRADING, Chase Environmental Group, and R. M. Wester and Associates, offer warranty and after-sales services, making refurbished equipment an attractive alternative. This trend poses a challenge to the growth of the radiation detection and monitoring equipment market during the forecast period.The Radiation Detection and Monitoring Equipment market encompasses various types of equipment used to identify and measure radiation levels in healthcare facilities, diagnostic imaging centers, and other industries dealing with radioactive materials. Challenges in this market include the need for reliable and accurate equipment for environments, surface contamination, and radioactive material monitoring. Full-body and face protection, hand safety products, and various types of detectors like GM counters, ionization chambers, and semiconductor detectors are essential. Radiation therapy, diagnostic imaging surgeries, and cancer treatment centers are significant end-users. The market also caters to healthcare professionals, patients, and insurance companies. Raw materials and electronic components are crucial for manufacturing these detectors. The market includes various types of dosimeters, survey meters, and area monitors for detection and monitoring purposes. Safety is a top priority in this market, ensuring the protection of healthcare facilities, patients, and workers.

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Segment Overview

This radiation detection and monitoring equipment market report extensively covers market segmentation by

Product 1.1 Dosimeters1.2 Survey meters1.3 Area monitors1.4 OthersType 2.1 Detection and monitoring2.2 SafetyGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Dosimeters- The Radiation Detection and Monitoring Equipment market is experiencing significant growth due to increasing concerns over nuclear safety and radiation exposure. Key players in this industry include Honeywell International, Landauer Inc., and Mirion Technologies. These companies provide solutions for various applications such as industrial radiography, nuclear power plants, and homeland security. The market’s growth is driven by stringent regulations and rising awareness about radiation risks. Technological advancements, such as portable and wireless devices, are also contributing to market expansion.

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Research Analysis

The Radiation Detection and Monitoring Equipment market encompasses technologies used to identify and measure ionizing radiation levels in various industries, including healthcare, nuclear power, and renewable energy. With the rising incidence of cancer and the increasing use of PET/CT scans and nuclear medicine for diagnosis and treatment, the demand for advanced radiation detection and monitoring equipment is surging. These technologies are essential for ensuring the safety of nuclear power workforces and skilled radiation professionals, as well as protecting patients and healthcare facility staff from radiation exposure. Gas-filled detectors and scintillators are commonly used in radiation detection, while dosimeters, survey meters, and area monitors are crucial for continuous monitoring. X-ray diffraction equipment and X-ray machines also require radiation detection systems for safe operation. Renewable energy sources, such as nuclear power and solar panels, also generate radiation, necessitating the use of radiation detection and monitoring equipment. Insurance companies and regulatory bodies also mandate the use of these technologies to ensure safety and compliance.

Market Research Overview

The Radiation Detection and Monitoring Equipment market encompasses a wide range of technologies used to identify and measure radiation levels in various industries. This market is driven by the increasing incidence of cancer, which necessitates more PET/CT scans and nuclear medicine procedures. Radiotherapy, nuclear power, renewable energy, and homeland security & defense also contribute significantly to the market’s growth. Nuclear power workforce and skilled radiation professionals require specialized equipment such as gas-filled detectors, scintillators, and solid-state detectors for safety. Healthcare facilities, including diagnostic imaging centers, hospitals, clinics, and ambulatory surgical centers, utilize radiation detection and monitoring equipment for patient safety and regulatory compliance. The market includes various types of detectors, including inorganic and organic scintillators, semiconductor detectors, and diamond detectors. Radiation therapy and diagnostic imaging surgeries also require full-body protection products, face protection products, and hand safety products. Raw materials and electronic components are essential inputs for manufacturing radiation detection and monitoring equipment. The market serves various end-users, including healthcare services, insurance companies, X-ray diffraction equipment manufacturers, X-ray machine manufacturers, and nuclear power plants. Radiation exposure to cancer patients, healthcare professionals, and the general public necessitates the use of GM counters, ionization chambers, proportional counters, dosimeters, survey meters, area monitors, and other detection and monitoring equipment to ensure safety.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductDosimetersSurvey MetersArea MonitorsOthersTypeDetection And MonitoringSafetyGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

/C O R R E C T I O N — Natural Resources Canada/

Published

9 minutes ago

November 14, 2024

In the news release, Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada, issued 14-Nov-2024 by Natural Resources Canada over PR Newswire, we are advised by the company that the 18th paragraph has been added to the release. The complete, corrected release follows:

Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada

COQUITLAM, BC, Nov. 14, 2024 /CNW/ – Working together to reduce risks from the changing climate will help keep Canadians safer and healthier. Acting now will help improve long-term resilience and reduce costs associated with the increasing frequency of extreme weather events in Canada, including higher grocery prices, insurance premiums and local taxes to cover the costs of disaster recovery and damage.

Across the country, the impacts of climate change are becoming more severe and more frequent with extreme events like floods, wildfires and heatwaves on the rise. Gradual changes, like thawing permafrost in the north and rising sea levels in coastal regions, are also affecting the safety of our communities and quality of life. To protect our communities from the worst economic and environmental impacts of climate change, we must continue to prepare for the changes that are coming by investing in community resilience. This will not only support the safety of Canadians but also reinforce the ability of communities to recover from extreme weather events.

Today, the Honourable Jonathan Wilkinson announced over $7 million in funding for 12 projects in British Columbia or with a national reach under Natural Resources Canada’s Climate Change Adaptation Program (CCAP) and the Climate-Resilient Coastal Communities (CRCC) Program. These projects will aim to help regions and sectors in B.C. and across Canada adapt to a changing climate by developing, improving and delivering strategies, tools and resources that address climate change risks and adaptation gaps, and to support the implementation of climate change adaptation and resilience actions.

The funding announced today comes from a total investment of $39.5 million for 53 projects through the CCAP and the the CRCC Program to reduce climate change risks and build more resilient communities across the country in support of the National Adaptation Strategy (NAS). Details on additional projects supported by this investment will be announced in the near future.

The steps we take now will protect our communities, our livelihoods, our environment and our economy. We are actively investing in climate change adaptation to proactively support long-term, community-led resilience and adaptation projects. It is essential, now more than ever, that we come together to help communities stay strong in the face of the current and future impacts of climate change.

Quotes

“The impacts associated with climate change, including atmospheric rivers here in British Columbia, are being felt right now. That is why this federal government is acting now to help our communities and our economy prepare and protect themselves from the threat of climate change. Today’s announcement of 12 projects based in British Columbia under two funding programs supports the vital long-term, community-based work to keep people safe now and into the future.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“Municipalities are on the front lines of climate change, and they know best what local challenges — and solutions — are affecting local neighbourhoods, transportation and businesses. The 12 projects under the CCAP and CRCC program will help build stronger, more livable communities, providing safety and security in the face of a changing climate. With smart investments, forward planning and active collaboration, we can support communities that are already feeling the impacts of climate change and help make them more sustainable and prosperous for generations to come.”

The Honourable Steven Guilbeault
Minister of Environment and Climate Change

“Climate change is impacting communities in British Columbia and across Canada. Now is the time to work together and build climate change responses that address current and future problems. By taking the necessary steps today to adapt and build resiliency, we can make more-informed decisions to prepare for and to respond and adapt to climate change impacts.”

Ron McKinnon
Member of Parliament for Coquitlam–Port Coquitlam

“Coastal flooding and rising seas are not exclusively localized issues. Coordinating between First Nations, municipalities and other authorities in the region can increase the effectiveness of coastal resilience actions and help to pool resources. Thanks to the support from the CRCC Program, our B.C. Southern Coastal Regional Climate Collaborative project will help coordinate approaches to address rising sea levels and coastal flooding and implement key regional actions to build the foundation for long-term coastal resilience outcomes across the Pacific North Shore and Sunshine Coast region.”

Ewa Jackson
Managing Director, ICLEI Canada

“Clean energy systems are the future — and this initiative is helping First Nations communities and local governments to push forward on micro-hydro, solar, wind and other renewables that strengthen B.C.’s power grid. Planning infrastructure to withstand severe weather and other impacts of climate change is now a key challenge in building a clean energy future, and we’re happy to help bring together local leaders and experts to meet that challenge.”

David Marshall
Chief Executive Officer, Fraser Basin Council

“Across British Columbia, small, rural and remote communities work every day with extremely limited resources to address the current and anticipated impacts of climate change, often off the side of their desk amidst many competing priorities. As a result of this funding, the CoNext Climate Preparedness Hub will provide direct support to local governments, First Nation governments and their partners to build understanding of the challenges and options for addressing climate impacts and translate this knowledge into action within their organizations and communities.”

Erica Crawford
CoNext Project Lead and Principal, HeronBridge Consulting

“Climate adaptation is a new but urgent challenge, and leading practices are just beginning to emerge. Our CRCC project funded direct conversations with Canadian practitioners to identify the challenges and opportunities they face today, and this learning will inform similar outreach in Oceania, Europe, the United States, Latin America and the Caribbean, and Asia. We look forward to bringing this snapshot of global adaptation practice today back to Canada to help drive innovation and solutions to this shared threat.”

Dr. Glynis Lough
Global Director of PEERS and Affiliate at the Aspen Global Change Institute

“The far-reaching impacts of recent wildfires — massive emissions and disrupted communities — demand urgent action. This contribution from Natural Resources Canada will foster collaboration across sectors, First Nations and impacted communities in ways that accelerate wildfire adaptation, create jobs, enhance ecosystem resilience and increase public safety.”

Robin Prest
Program Director, Simon Fraser University’s Morris J. Wosk Centre for Dialogue

“Engineers and Geoscientists BC welcomes this investment that is intended to help protect Canadians from the risks of climate change. In collaboration with the Climate Risk Institute, we are proud to lead the development of a national climate resiliency training program for building sector professionals. Supported by Natural Resources Canada through the CCAP, the training program aims to empower engineers, and other professionals, with the skills and knowledge needed to design and retrofit buildings to help communities become more resilient to the risks associated with a changing climate.”

Heidi Yang, P.Eng.
Chief Executive Officer, Engineers and Geoscientists BC

“The Regional District of Nanaimo is grateful for this generous grant, which we will use to develop an inclusive and collaborative coastal climate adaptation strategy in our region. This strategy will build on the critical work we are already undertaking to prepare for, and respond to, impacts we are seeing on our coast.”

Vanessa Craig
Chair, Regional District of Nanaimo

“In recent years, climate-related impacts have significantly disrupted supply chains. With this funding to develop a climate adaptation plan for the Port of Vancouver, we will work collaboratively with First Nations and stakeholders to identify key climate risks and priority actions needed to enhance port infrastructure and supply chain resiliency. This will help strengthen our position to facilitate Canada’s trade reliably, now and into the future.”

Jennifer Natland
Vice President, Properties and Environment, Vancouver Fraser Port Authority

“Nature-based solutions, like restoring wetlands and adopting green infrastructure approaches, offer powerful ways for Canadian communities to adapt to climate change while unlocking significant social, economic and environmental co-benefits. Yet a lack of understanding of the monetary benefits of these multi-solving solutions means they remain underutilized by local governments. With the support of Natural Resources Canada and our partners, ESSA and All One Sky Foundation are developing a toolkit with clear economic data and guidance to help communities confidently invest in these sustainable, cost-effective strategies to multiple local problems.”

Jimena Eyzaguirre
Climate Change Adaptation Practice Lead, ESSA Technologies Ltd.

“In 2022, we brought together leadership and staff from First Nations and local governments and local agriculture sectors as well as federal and provincial representatives to collectively discuss what a Build Back Better, Together process would look like and to explore how we could work together more effectively in our shared landscape. This funding will support subsequent dialogues as we work toward developing a unified plan for how to maximize resilience in the Lower Mainland.”

Tribal Chief Tyrone McNeil
Chair of the Emergency Planning Secretariat

Quick Facts

The National Adaptation Strategy (NAS) provides a whole-of-society plan focused on protecting Canadian lives and building more resilient and prosperous communities. Canada released its first NAS on June 27, 2023. Achieving the objectives of the NAS requires whole-of-society action. The Government of Canada is working with provinces, territories, Indigenous partners and the private sector to develop innovative technical, financial and operational solutions that will support adaptation action by communities across the economy.Every $1 spent on climate adaptation measures saves up to $15 in terms of the long-term costs involved in mitigating climate change and extreme weather events.Since 2015, the Government of Canada has invested more than $6.5 billion in adaptation efforts, including $2.1 billion since fall 2022 to implement the NAS and other adaptation-related activities.The CCAP will help Canada’s regions and sectors to adapt to a changing climate. More specifically, the CCAP aims to:support decision-makers in identifying and implementing adaptation actions;enhance adaptation knowledge and skills among Canada’s workforce; andincrease access to climate change adaptation tools and resources.The CRCC Program supports regional-scale pilot projects on Canada’s three marine coasts —Atlantic, Pacific and North — and in the Great Lakes–St. Lawrence region. The program aims to enhance the climate resilience of coastal communities and businesses and to accelerate adaptation to reduce climate change risks and coordinate innovative actions.

Technology

András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division

Published

9 minutes ago

November 14, 2024

This division targets the high-growth data center market, building on a decade of successful projects for industry leaders

AMSTERDAM, Nov. 14, 2024 /PRNewswire/ — Ferrovial, a leading global infrastructure company, announces the appointment of András Szakonyi as CEO of Digital Infrastructure. Szakonyi brings deep sector expertise, both in data centers and sustainable AI cloud solutions. As divisional CEO, he will strengthen and expand Ferrovial’s presence in a growing sector where it has been developing projects for multinational leaders for more than 10 years in Europe and the Americas.

“Ferrovial brings distinctive expertise in complex data center construction projects. Our proven track record of engineering excellence and value creation positions us well to expand our role as a global investor and developer of digital infrastructure. We welcome András’s leadership in driving our continued success and innovation in this strategic area,” said Ignacio Madridejos, CEO of Ferrovial.

The Digital Infrastructure Division will identify investment opportunities to develop high-value projects in this sector.

András Szakonyi holds an MBA in Finance and Economics from Corvinus University in Budapest and is a graduate of INSEAD Business School’s LEAP (Leadership Excellence through Awareness and Practice Program).

During his extensive professional experience, he has held various international leadership positions. He started his career as a finance professional at General Electric, where he spent six years leading different finance functions in the United States.

Afterward, he spent 21 years in multiple senior leadership roles at Iron Mountain (IRM), a global listed B2B service company based in Boston focusing on data centers and information management services. He played a key role in building Iron Mountain’s data center business in his role as global COO.

Since 2020, he has been a member of the Supervisory Board and Audit Committee of Magyar Telekom (Subsidiary of Deutsche Telekom), a leading Hungarian information and communications technology company.

About Ferrovial

Ferrovial is one of the world’s leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 24,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain’s blue-chip IBEX 35 index. It is part of the Dow Jones Sustainability Index and FTSE4Good, and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.

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SOURCE Ferrovial

Technology

2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia

Published

9 minutes ago

November 14, 2024

Fortune will also hold a Most Powerful Women gathering in Riyadh next year

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Fortune announced that its 2025 Fortune Global Forum, the premier gathering of CEOs and other leaders of the world’s largest multinational companies, will convene in Riyadh, Saudi Arabia, next December. In the spring, Fortune will also hold in Riyadh its first-ever Fortune Most Powerful Women event in the Middle East, an extension of the annual Most Powerful Women summit in the U.S.

This marks the first time since its inception in 1995 that the Fortune Global Forum has taken place in the Saudi capital. The Forum and the MPW event are being held in partnership with the Saudi Conventions and Exhibitions General Authority.

“For 30 years, Fortune has been proud to bring the Fortune Global Forum to the frontiers of the business world,” Anastasia Nyrkovskaya, CEO of Fortune, said. “Saudi Arabia is one of those important frontiers. We look forward to connecting leaders of companies across industries from the East and West in Riyadh, an ideal location for our 2025 Fortune Global Forum.”

The Forum has historically been held in major cities at the forefront of global business, including Singapore, Barcelona, Guangzhou, New Delhi, Rome, Hong Kong, Paris, Abu Dhabi, Cape Town, and San Francisco. Earlier this week in New York City, the 2024 Fortune Global Forum included speakers such as former U.S. CIA Directors Mike Pompeo and Leon Panetta; Adena Friedman, Chair and CEO, Nasdaq; Gita Gopinath, First Managing Director, International Monetary Fund; Josh Kushner, Founder and CEO, Thrive Capital; Rob Manfred and Adam Silver, the commissioners of Major League Baseball and the National Basketball Association, respectively; John Stankey, CEO, AT&T; Boris Johnson, former Prime Minister of the United Kingdom; Brooke Shields, actor, New York Times bestselling author, and founder of Commence; H.E. Fahd bin Abdulmohsan Al-Rasheed, Advisor, General Secretariat of the Council of Ministers, and Chair, Saudi Conventions and Exhibitions General Authority; Tom Brady, seven-time world champion; and Wynton Marsalis, Pulitzer Prize-winning composer and Managing and Artistic Director of Jazz at Lincoln Center, the site of the Forum, and more.

The Fortune Global Forum fosters impactful discussions among leading executives and other top figures in business, government, and culture and offers valuable insights into international business strategies.

Fortune’s annual Most Powerful Women Summit convenes women leaders from Fortune 500 companies and trailblazers from government, philanthropy, education, sports, and the arts for inspiring conversations, collaboration, and networking. The Riyadh MPW conference will draw women globally who are making significant contributions to business and economic growth.

About Fortune:
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world’s biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World’s Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, Fortune Most Powerful Women. For more information, visit fortune.com.

Media Contacts:
Patrick Reilly
Fortune
Patrick.Reilly@fortune.com

Chelsea Hudson
Fortune
Chelsea.Hudson@fortune.com

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