The Industrial Radiography Market Size was valued at USD 672.03 million in 2023 and is expected to reach USD 1262.4 million by 2031 and grow at a CAGR of 8.2% over the forecast period 2024-2031.
Industrial radiography is a technique that uses short-wavelength electromagnetic radiation to inspect materials for internal flaws. Industrial radiography is used to detect defects that are not visible to the naked eye. It is used in manufacturing plants to detect flaws, cracks, and surface contamination of products. In chemical plants, industrial radiography is used to inspect oil and gas pipelines as well as pressure vessels.
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KEY DRIVERS:
Increased demand for improved and efficient productivity from manufacturing units, as well as increased adoption of testing technology by automotive and aerospace & defence manufacturing companies to correct defects and flaws
Strict government safety regulations and high-precision inspection by various manufacturers
RESTRAINTS:
Exposure to radiation and high implementation costs.
The growth of the industrial radiography market. The use of ionizing radiation in industrial radiography presents health risks, including cell damage and increased cancer risk without proper safety measures. Stringent government regulations mandate specialized training for workers, requiring adherence to radiation safety protocols and the use of expensive protective gear. Moreover, the high implementation costs stem from the expensive equipment, specialized disposal procedures for radioactive sources, and the need for dedicated facilities with radiation shielding. These factors collectively contribute to the perception of industrial radiography as a complex and costly process, deterring smaller companies from investing despite its undeniable benefits in ensuring product quality and safety. The growth of the industrial radiography market. The use of ionizing radiation in industrial radiography presents health risks, including cell damage and increased cancer risk without proper safety measures. Stringent government regulations mandate specialized training for workers, requiring adherence to radiation safety protocols and the use of expensive protective gear. Moreover, the high implementation costs stem from the expensive equipment, specialized disposal procedures for radioactive sources, and the need for dedicated facilities with radiation shielding. These factors collectively contribute to the perception of industrial radiography as a complex and costly process, deterring smaller companies from investing despite its undeniable benefits in ensuring product quality and safety.
OPPORTUNITIES:
Opportunities in the industry are created by the automation of testing and inspection processes, industrialization in developing economies, and the provision of customized solutions.
CHALLENGES:
Fluctuations in raw material prices directly influence the overall cost of radiography equipment manufacturing, thereby affecting the accessibility and affordability of the technology.
Radiography equipment requires various raw materials for its construction, including metals, electronic components, and specialized materials for radiation shielding. Any changes in the prices of these raw materials can significantly affect the overall production cost of the equipment. When raw material prices increase, manufacturers may face higher production expenses, leading to elevated prices for radiography equipment. This, in turn, can make the technology less accessible and affordable for potential buyers, including industrial facilities and inspection service providers. Conversely, when raw material prices decrease, manufacturers may be able to offer radiography equipment at lower costs, potentially increasing its accessibility and affordability. Therefore, fluctuations in raw material prices directly impact the economic feasibility of manufacturing radiography equipment and can influence market dynamics, including demand and competition within the industry.
The COVD-19 epidemic has had an impact on the industry's supply chain, but it has also increased the demand for radiography and testing in the healthcare sector. The COVID-19 pandemic had a significant impact on trade and business. Manufacturers are reworking their product offerings and producing new items in order to recover from the current situation. The duration of the pandemic's propagation is still an important consideration when analyzing the pandemic's total impact. However, the global Industrial Radiography Market is expected to level off after 2021. The Industrial Radiography Market Size is one of the fastest-growing industries. However, the global Industrial Radiography Market Share is expected to level off after 2021. Because the outbreak had little impact on the sector, it had no effect on the global market during the Industrial Radiography Market Forecast.
BY IMAGING TECHNIQUE
Digital Radiography
Film-based Radiography
The segmentation of the Industrial Radiography Market, based on technology, comprises film-based radiography and digital radiography. Within this segmentation, the digital radiography segment has emerged as the top revenue generator. Digital radiography, the latest non-destructive testing inspection technique, instantly produces digital images on a computer, eliminating the need for an intermediate cassette to transfer examinations. The adoption of digital radiography is on the rise due to its numerous advantages, including faster exposure times, real-time applications, advanced analysis and defect-recognition tools, enhanced detail detectability, improved SNR and linearity, portability, and rapid feedback.
BY RADIATION TYPE
Gamma Rays
X Rays
Segmentation of the Industrial Radiography Market based on radiation type includes X-rays and Gamma rays. Among these segments, the X-rays category has emerged as the top revenue generator, driven by ongoing technological advancements, intensified product development, and increased government funding and investment. The market's focus on enhancing and innovating X-ray units further fuels the growing adoption of this segment. Industrial radiography primarily employs industrial X-ray machines, which come in various sizes and capacities.
BY END USER
Petrochemicals & Gas
Power Generation
Aerospace
Consumer Electronics
Manufacturing
Automotive & Transportation
Others
The industrial radiography market is segmented into Petrochemicals & Gas, Power Generation, Aerospace, Consumer Electronics, Manufacturing, Automotive & Transportation, and Others. During the forecast period, the market for petrochemicals and gas end users is expected to grow at the fastest rate. In this end user, industrial radiography testing includes monitoring pipelines, storage tanks, and refining equipment to measure internal corrosion without externally damaging the material. The deep-sea oil and gas industry relies heavily on industrial radiography. Oil leaks or spills can occur over time in this industry if refinery infrastructure is not carefully monitored, resulting in extremely high cleanup costs.
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The Asia-Pacific Industrial Radiography market is poised to dominate, driven by stringent government safety regulations, which have spurred significant demand for industrial radiography equipment. In Europe, the Industrial Radiography market holds the second-largest market share, attributed to the region's prominent aerospace industry. Within Europe, the German Industrial Radiography market commands the largest market share, while the UK Industrial Radiography market exhibits the highest growth rate.
In North America, the Industrial Radiography Market is anticipated to witness the fastest Compound Annual Growth Rate (CAGR), fueled by advancements in the automotive, aerospace, manufacturing, and oil sectors. These industries extensively utilize industrial radiography techniques for maintenance, inspection, and dimensional measurement purposes.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The key players in the industrial radiography market are 3DX-RAY Ltd., Anritsu Corporation, PerkinElmer Inc., Shimadzu Corporation, Nikon Corporation, COMET Holding AG, Bosello High Technology SRL, General Electric, FUJIFILM Holdings Corporation, Mettler-Toledo International Inc & Other Players.
PerkinElmer Inc-Company Financial Analysis
RECENT DEVELOPMENT
In February 2023: Carestream Health India introduced The DRX Compass, a precise, straightforward, and flexible digital radiography solution designed to elevate radiologists' productivity to a new level.
In March 2023: Fujifilm Medical Systems USA announced the official launch of the Fujifilm FCR Vixera G300D. This groundbreaking digital radiography system offers top-notch image quality, rapid acquisition rates, and improved workflow efficiency.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 672.03 million |
| Market Size by 2031 | US$ 1262.4 million |
| CAGR | CAGR of 8.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Imaging Technique (Digital Radiography, Film-Based Radiography) • By Radiation Type (Gamma Rays, X Rays) • By End-User (Petrochemicals & Gas, Power Generation, Aerospace, Consumer Electronics, Manufacturing, Automotive & Transportation, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | 3DX-RAY Ltd., Anritsu Corporation, PerkinElmer Inc., Shimadzu Corporation, Nikon Corporation, COMET Holding AG, Bosello High Technology SRL, General Electric, FUJIFILM Holdings Corporation, and Mettler-Toledo International Inc. |
| Key Drivers | • Strict government safety regulations and high-precision inspection by various manufacturers |
| RESTRAINTS | • Exposure to radiation and high implementation costs. |
The Industrial Radiography Market was valued at USD 672.03 million in 2023.
The expected CAGR of the global Industrial Radiography Market during the forecast period is 8.2%
The North America region is anticipated to record the Fastest Growing in the Industrial Radiography Market.
The X-Rays segment is leading in the market revenue share in 2023.
The Asia-Pacific region with the Highest Revenue share in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Industrial Radiography Market, By Imaging Technique
9.1 Introduction
9.2 Trend Analysis
9.3 Digital Radiography
9.4 Film-based Radiography
10. Industrial Radiography Market, By Radiation Type
10.1 Introduction
10.2 Trend Analysis
10.3 Gamma Rays
10.4 X Rays
11. Industrial Radiography Market, By End-User
11.1 Introduction
11.2 Trend Analysis
11.3 Petrochemicals & Gas
11.4 Power Generation
11.5 Aerospace
11.6 Consumer Electronics
11.7 Manufacturing
11.8 Automotive & Transportation
11.9 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 3DX-RAY Ltd.
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Anritsu Corporation
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 PerkinElmer Inc.
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Shimadzu Corporation
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Nikon Corporation
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 COMET Holding AG
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Bosello High Technology SRL
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Saki Corporation
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 General Electric
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 FUJIFILM Holdings Corporation
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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