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“The overall X-ray inspection system market is projected to grow at a CAGR of 6.51%”
The X-ray inspection system market is expected to be worth USD 860.5 million by 2023, at a CAGR of 6.51% between 2017 and 2023. The stringent government regulations due to security concerns one of the major factors fueling the growth of this market. Moreover, the growing consumer awareness raising the bar of safety and quality standards, and demand from both developed and developing economies are expected to generate demand for these systems. The key restraining factors for the growth of this market are the risk of radiation exposure and high system cost.
“Digital imaging is expected to hold a larger share of the X-ray inspection system market during the forecast period”
The digital imaging technique is expected to hold a larger share of this market during the forecast period. The increased use of systems based on digital imaging for the detection of damages such as cracks, reduction in time of image processing, and 3D visualization ability contribute to a high growth of the market for this segment.
“The 3D X-ray inspection system market is expected to grow at a higher CAGR during the forecast period”
The 3D X-ray inspection system market is expected to grow at a higher CAGR between 2017 and 2023. The growth of this market can be attributed to the use of this segment in a wide range of industries, from semiconductors to automotive manufacturing, and their vital role in quality control. These systems also allow manufacturers to diagnose issues such as metal bridging, foreign materials, and construction defects in 3D planes.
The oil and gas vertical is expected to hold the largest share of the X-ray inspection system market during the forecast period”
The oil and gas vertical is expected to hold the largest share of the X-ray inspection system market during the forecast period. In the oil and gas vertical, the X-ray inspection systems are widely used in both the downstream as well as upstream segments of the oil and gas wells. X-ray inspection systems are highly efficient in delivering solutions for the pressure vessels, pipes, boilers, and valves inspections, which, in turn, is driving the growth of this market.
“The X-ray inspection system market in APAC to grow at the highest CAGR between 2017 and 2023”
The market in Asia Pacific (APAC) is expected to grow at the highest CAGR in this market during 2017–2023. The market is expected to grow at a high rate, driven primarily by major infrastructure advancements and automation in manufacturing processes in countries such as Japan, India, and China. The major factor driving the growth of the X-ray inspection system market in APAC is the continuous demand for the cost-effective and fast-processing X-ray inspection systems from the oil and gas, and power generation verticals.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the market.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 = 20 %, Tier 2 = 55%, and Tier 3 = 25%
- By Designation: C-Level Executives = 50%, Directors = 25%, and Managers = 25%
- By Region: Americas = 60%, Europe = 20%, APAC = 10%, and RoW = 10%
The report also profiles the key players in the X-ray inspection system market and analyzes their market rankings. The prominent players profiled in this report are North Star Imaging, Inc. (US), Nikon Metrology NV (Belgium), Nordson DAGE (UK), YXLON International GmbH (Germany), VJ Group, Inc. (US), 3DX-RAY Ltd. (UK), VisiConsult X-ray Systems & Solutions GmbH (Germany), Smiths Detection, Inc. (UK), Mettler-Toledo International Inc. (Switzerland), and General Electric Co. (US).
This research report categorizes the overall X-ray inspection system market on the basis of technique, dimension, vertical, and geography. Moreover, the report provides the value chain analysis of X-ray inspection system market. Furthermore, the report discusses the major drivers, restraints, challenges, and opportunities pertaining to the market and the market ranking analysis.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall X-ray inspection system, and the subsegments. This report would help the stakeholders to understand the competitive landscape better, gain more insights to position their businesses better in the market, and make suitable go-to-market strategies. The report also helps the stakeholders understand the pulse of the market and provides them the information on key market drivers, restraints, challenges, and opportunities.