Industrial Radiography Market worth $993.45 Million by 2028 – Exclusive Report by The Insight Partners
The global industrial radiography market is growing at a CAGR of 8.4% from 2021 to 2028
Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) — Manufacturers are highly investing in quality control operations and equipment owing to the increasing competition across industrial sectors. Industrial radiography, one of the major technologies adopted by manufacturers, is a nondestructive testing method. It is a technique that uses ionizing radiation for identifying deviations in components and materials X-rays and gamma-rays in this method. Rapid industrialization coupled with increasing automation applications for testing of the machines in the industries would provide lucrative opportunities for the players operating in the global market.
Industrial Radiography Market in terms of revenue was estimated to be worth $565.31 million in 2021 and is poised to reach $993.45 million by 2028, growing at a CAGR of 8.4% from 2021 to 2028 according to a new report published by The Insight Partners.
The rising applications of industrial radiography in the aerospace and automotive industries are driving the growth of the industrial radiography market. Higher costs of this equipment and concerns related to its harmful effects due to radiation exposures hinder the adoptions of these devices, which restrains the growth of the market.
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Global Industrial Radiography Market Scope:
|Market Size Value in||USD 565.31 Million in 2021|
|Market Size Value by||USD 993.45 Million by 2028|
|Growth rate||CAGR of 8.4% from 2021 to 2028|
|Segments covered||By Technique, and End User Industry|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
Unique physical properties of the X-rays and γ-rays allow them to penetrate various materials, such as carbon and steel, followed by exiting the same after traveling through. This property is used to inspect the defects in the metals and welding parts of the machines, thus ensuring the durability and safety of products. Further, radiography provides a non-destructive means of testing in industrial facilities. Radiography equipment is always sealed with the shield to protect users from radiations. Industrial radiography is performed with ionizing electromagnetic radiations for observation, evaluation, and analysis of subjects being tested. The rising applications of industrial radiography in the aerospace and automotive industries are driving the growth of the market growth. However, higher costs of this equipment and concerns related to its harmful effects due to radiation exposures hinder the adoptions of these devices. Rapid industrialization, coupled with increasing automation applications for testing machines in the industries, would provide lucrative opportunities for the players operating in the industrial radiography market during the forecast period.
The COVID-19 pandemic and precautionary steps taken to control its spread, such as business shutdown, travel restriction, and lockdown impositions, hindered the operations of various industries, including manufacturing and aerospace. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceuticals had to continue their operations. The impact was not only from the demand side, but it was also from the supply side. The shuttering of manufacturing facilities for months led to disruptions in supply chain and interruptions in the procurement of raw materials. Thus, original equipment manufacturers (OEMs) faced prominent challenges in keeping up with the quarterly revenue. These conditions hampered the growth pace of the industrial radiography market in 2020.
Growing Importance of Quality Control Boosts Industrial Radiography Market Growth
A few examples of defects are cracks, cavities, gaps, delamination, pores, shrinkage holes, slag inclusions, and looseness. The industrial radiography technique can be performed on different materials with various densities. Also, the technique requires minimal surface preparation and can be performed on the surfaces and subsurfaces of objects to identity defects. Thus, it allows manufacturers to conduct quality checks of materials and components without completely dissembling them, thus significantly saving time and human efforts. Moreover, the industrial radiography systems are adopted by end users to perform periodic quality check of machinery and equipment.
Industrial Radiography market: Technique Overview
Based on technique, the industrial radiography market is further segmented into film-based radiography and digital radiography. The digital radiography segment led the market in 2020. The digital radiography is the modern form of nondestructive testing inspection method, which generates instant digital radiographic images on computers. The digital radiography eliminates the need of using an intermediate cassette for transferring the examination over the system. The adoption of digital radiography is increasing due to its benefits such as shorter exposure time, real-time applications, analysis and defect recognition tools, improved detail detectability, enhanced SNR and linearity, portability, and immediate feedback. Moreover, reduction in the prices of digital radiography systems and associated components is among another factor bolstering its adoption in industrial applications.
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Industrial Radiography Market: Competitive Landscape and Key Developments
3DX-RAY, Anritsu, Comet Group, Fujifilm Corporation, GENERAL ELECTRIC, METTLER TOLEDO, Nikon Corporation, NOVO DR LTD, SHIMADZU CORPORATION, and ZEISS International are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global industrial radiography market and its ecosystem.
Industrial Radiography Market – Key Market Dynamics
- Growing Importance of Quality Control
- Increasing Importance for Border Security
- Radiation Hazards, Government Regulations, and Lack of High Skilled Labour
- Growing MRO Operation in APAC
- Integration of AI and ML
In 2021, Fujifilm invested US$ 850 million (Yen 90 billion) in FUJIFILM Diosynth Biotechnologies to add additional development and manufacturing capacity.
Go through further research published by The Insight Partners:
Industrial Radiography Equipment Market – Global Analysis and Forecast to 2028.
Digital Radiography Devices Market – Global Analysis and Forecast to 2028.
Veterinary Radiography Flat Panel Detectors Market – Global Analysis and Forecast to 2028.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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