by Industrial radiography utilizes penetrating radiation such as X-rays or gamma rays to examine the internal structure and components of metallic and non-metallic materials in various industries. It helps detect flaws and defects that cannot be detected easily through visual inspection and ensures product quality. Some key advantages of industrial radiography include high resolution, ability to penetrate thick sections, non-destructive testing, and minimized chances of damage during inspection. The Growing industrialization along with stringent quality control and safety regulations have propelled the need for advanced non-destructive testing techniques like industrial radiography across various industries including oil & gas, manufacturing, aerospace, automotive, and power generation.
The Global Industrial Radiography Market is estimated to be valued at US$ 3.12 Bn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Industrial Radiography are 3DX-Ray Ltd., Anritsu Corporation, Baker Hughes, Bosello High Technology S.r.L, Comet Group, Fujifilm Corporation, General Electric Company, Mettler-Toledo, Nikon Corporation, Olympus Corporation, PerkinElmer, Inc., Rigaku Corporation, Shimadzu Corporation, Toshiba Electron Tubes & Devices Co., Ltd., and Yxlon International GmbH. Key players are focusing on developing innovative digital radiography systems with advanced features to cater to evolving industry needs.
The growing demand from oil & gas, aerospace, and manufacturing industries is expected to drive the industrial radiography market during the forecast period. stringent quality control norms and safety regulations across various industries have boosted the adoption of industrial radiography.
The Global Industrial Radiography Market Size is witnessing significant expansion with growing penetration in emerging economies across Asia Pacific, Latin America, and Middle East regions. Key players are expanding their operations in high growth markets through strategic partnerships and mergers & acquisitions to leverage opportunities.
Market Key Trends
Digital transformation is one of the key trends gaining traction in the industrial radiography market. With advancements in imaging technologies, digital radiography systems are replacing traditional film-based systems significantly. Digital systems offer various advantages like faster inspection times, improved image quality, reduced costs, automated image processing and easy sharing of results. This has been a major driver promoting the adoption of advanced digital radiography solutions among end-use industries over the years. As digital radiography gains more ground, it is expected to remain a key trend that shapes the future outlook of the overall industrial radiography market.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs for equipment and licenses to enter the industrial radiography market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many players offering industrial radiography equipment and services.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as they supply standardized and commonly available components.
Threat of new substitutes: There is a low threat from substitutes as industrial radiography offers unique non-destructive testing abilities.
Competitive rivalry: The industrial radiography market is competitive due to presence of many global and regional players.
Geographical Regions
North America accounts for the largest share of the industrial radiography market in terms of value due to extensive inspection and maintenance activities in oil & gas, automotive and aerospace industries in the region.
Asia Pacific is projected to be the fastest growing regional market during the forecast period driven by rapid industrialization, infrastructure development and establishment of new manufacturing facilities in China, India and other Southeast Asian countries.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
