Industrial Radiography Market to reach $812 million By 2031: IndustryARC
Mar 04, 2024
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The Global Industrial Radiography market size is predicted to reach $812 million by 2031, growing at a CAGR of 8.3% during the forecast period 2024-2031, according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the growing Popularity of Computed Radiography, the growing demand for NDT services in the automotive and aerospace industries, Growth in Energy and Infrastructure Sectors, finds IndustryARC in its recent report, titled “Industrial Radiography Market – By Technology (Film Radiography, Computed Radiography, Direct Radiography, Computed Tomography), By End-User (Aerospace & Defense, Petrochemical & Gas, Energy & Power, Construction, Automotive & Transportation, Manufacturing, Others) By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2031.”
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Asia-Pacific to Register Highest Growth:
The Asia-Pacific market for industrial radiography is experiencing growth due to a rise in the demand for consumer electronic devices, the implementation of research and development initiatives by companies, and advancements in radiography techniques. Companies in the Asia-Pacific region is increasingly adopting radiography equipment to minimize failures and maintenance costs, thus driving the market's expansion. The North American industrial radiography market is being propelled by advancements in the manufacturing, automotive, aerospace, and petrochemical sectors. These industries widely employ industrial radiography techniques for inspection, maintenance, and dimensional measurement purposes. Furthermore, the European market for industrial radiography solutions is gaining momentum due to stringent government regulations pertaining to radiation protection. Germany, in particular, is investing in offshore wind power projects, which will lead to increased utilization of industrial radiography in the forthcoming years.
Industrial Radiography Market 2023-2031: Segmentation
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Industrial Radiography Market Report – Key Takeaways:
The Asia Pacific region exhibits the most rapid growth rate
The Asia-Pacific (APAC) industrial radiography market is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. The implementation of stringent government safety regulations in this region has resulted in significant demand for industrial radiography equipment. Moreover, the consumer electronics industry is continuously evolving due to the growing global demand for a wide range of consumer electronic products. As a result, there is an increased adoption of radiography equipment to mitigate failures and reduce maintenance costs. Additionally, the market is poised for substantial growth due to rapid technological advancements and manufacturers' increasing emphasis on research and development activities. These factors create a promising outlook for the industrial radiography market.
Computed radiography is experiencing a surge in popularity.
Computed radiography represents the latest advancement in imaging technology, replacing traditional X-ray films with a digital image-capturing device. This allows for the utilization of computer processing to enhance the quality of the images. By saving the images in digital format, a database can be established for future reference. Computed radiography finds application in various industries such as petrochemicals, gas, power generation, manufacturing, aerospace, automotive, and transportation. The key advantage of this approach is the ability to enhance the images at each stage. Ideally, an imaging system should deliver high-quality images while minimizing radiation exposure, and computed radiography has the potential to fulfil this requirement.
The market is set to be driven by the growth in the energy and infrastructure sectors.
The expanding energy and infrastructure sectors, encompassing oil and gas, power generation, renewable energy, and construction, play a substantial role in driving the demand for industrial radiography. These sectors necessitate comprehensive inspections to ensure adherence to safety regulations, enhance performance, and meet the rising energy needs of a growing population.
The market expansion may face obstacles due to concerns regarding radiation safety regulations.
Industrial radiography relies on the utilization of ionizing radiation sources, necessitating strict compliance with radiation safety regulations. Adhering to these regulations entails specialized training, licensing, and implementation of safety protocols to safeguard the well-being of workers, the public, and the environment. Companies operating in the industrial radiography market face substantial challenges in meeting and upholding these rigorous requirements.
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Key Opportunity Analysis:
Growing need for non-destructive testing (NDT)
Non-destructive testing methods, including industrial radiography, are preferred over traditional destructive testing techniques because they allow inspection without damaging the tested materials or products. This is particularly important for critical components and infrastructure where destructive testing is not feasible or desirable.
Increasing safety regulations
Industrial radiography plays a crucial role in ensuring safety and quality control in various industries such as oil and gas, manufacturing, aerospace, and automotive. Stringent safety regulations imposed by governments and industry bodies drive the demand for industrial radiography equipment to inspect and evaluate the integrity of critical infrastructure and components.
Integration of artificial intelligence (AI) and machine learning (ML)
AI and ML technologies have the potential to revolutionize industrial radiography by automating the inspection process, improving defect recognition, and enhancing decision-making. AI algorithms can analyze radiographic images, identify defects, and classify them, reducing the reliance on human interpretation. This integration opens up new opportunities for faster, more accurate, and cost-effective inspections.
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The Report also covers the following Areas:
Industrial Radiography Market Size and Forecast
Industrial Radiography Market Trends
Industrial Radiography Market Analysis by Technology
Industrial Radiography Market 2023-2031: Key Highlights
CAGR of the market during the forecast period 2024-2031
Value Chain analysis of key stake holders
Detailed analysis of market drivers and opportunities during the forecast period
Industrial Radiography Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Industrial Radiography Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic caused temporary disruptions in industrial activities such as manufacturing, construction, and infrastructure projects. These disruptions resulted in reduced demand for industrial radiography services as companies scaled back operations and delayed projects to comply with lockdown measures and prioritize employee safety. The pandemic underscored the significance of health and safety measures in industrial environments, leading to a heightened focus on workplace safety. As a result, there is a potential for increased demand for industrial radiography services in the future, as companies prioritize regular inspections to guarantee the integrity of equipment and infrastructure while adhering to safety regulations.
The ongoing conflict between Russia and Ukraine has caused significant disruptions in industrial operations, particularly in the affected regions. As a consequence, there is a potential decrease in the demand for industrial radiography services due to the scaling back or suspension of industrial activities resulting from the conflict, which negatively affects the market. However, in the regions directly impacted by the conflict, there might be a heightened focus on safety and compliance measures to ensure the integrity of infrastructure and industrial processes.
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List of Key Market Players in Industrial Radiography Market:
The Industrial Radiography Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- COMET Holding AG
- Fujifilm Holdings Corp.
- General Electric
- PerkinElmer, Inc.
- Anritsu Corp.
- Nikon Corporation
- 3DX-RAY LTD.
- Bosello High Technology S.r.L
- Mettler Toledo
- Shimadzu Corporation
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