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“Industrial radiography market to exhibit significant growth during 2020–2025”
The industrial radiography market is estimated to grow from USD 532 million in 2020 to USD 784 million by 2025; growing at a CAGR of 8.1%. Major factors fueling the growth include increasing demand for NDT services in automotive and aerospace industries, advancements in software that are integrated into radiography systems, stringent regulations by various governments regarding industrial safety and product quality, and the preventive maintenance of industrial equipment.
“Market for digital radiography to grow at highest CAGR during forecast period“
The market for the digital radiography technique is expected to grow at a higher CAGR during the forecast period. Digital radiography is the latest development in industrial X-ray imaging, requires less time and effort, and the output is highly reliable; therefore, it is in greater demand in almost all the industries. Digital radiography offers many benefits over film-based technology such as saving of time, greater dynamic range, wider exposure latitude, post-processing capabilities, and image manipulation.
“Automotive & transportation end user to hold major share of industrial radiography market in 2025”
The automotive & transportation end user is expected to hold the majority of market share in 2025. The automotive sector is developing rapidly and is focusing more on high-value proposition along with cost reductions. Industrial radiography tools have become invaluable in these efforts as they provide manufacturers the ability to engineer products of higher quality with tighter tolerances, while also providing them a way to inspect the products during the production process. Further, the growing focus on automotive production and infrastructure development in an emerging region has boosted the growth of the industrial radiography market for the automotive and transportation end user.
“North America to continue to be largest market for industrial radiography during forecast period”
The adoption of industrial radiography equipment is high in North America due to well-developed manufacturing, mining, aerospace, and automotive & transportation industries in the region, which are the major application areas of industrial radiography. Similarly, the production of oil in this region has boosted the growth of the region’s petroleum industry, which has applications for industrial radiography in its day-to-day operations.
Break-up of primary participants’ profile:
- By Company Type – Tier 1 – 52%, Tier 2 – 31%, and Tier 3 – 17%
- By Designation – C-level Executives – 47%, Directors – 31%, and Others – 22%
- By Region – North America - 27%, Europe – 25%, APAC – 38%, and RoW – 10%
The key players in the market include 3DX-Ray LTD (U.K.), Anritsu Corporation (Japan), Bosello HT (Italy), PerkinElmer, Inc. (U.S.), General Electric (U.S.), FujiFilm Holdings Corporation, and Others.
The global industrial radiography market has been segmented based on imaging technique, end user, and region. Based on imaging technique, the market has been segmented into film-based radiography and digital radiography. Based on end user, the industrial radiography market has been classified into petrochemicals & gas, power generation, manufacturing, aerospace, automotive & transportation, and others. The report covers 4 major geographic regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast for markets based on imaging technique, end user, and region have been conducted to give an overall view of the industrial radiography market.
- A value chain analysis has been performed to provide an in-depth insight into the industrial radiography market.
- Major drivers, restraints, opportunities, and challenges pertaining to the industrial radiography market have been detailed in this report.
- The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.