Industrial Radiography Market Research Report: By Component (Hardware, Software), Imaging Technology (Film-Based Radiography, Digital Radiography), Radiation Type (X-Rays, Gamma Rays), End-Users (Automotive, Oil & Gas, Consumer Electronics, Aerospace & Defense, Manufacturing, Power Generation, Others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

Industrial Radiography Market Overview

Industrial Radiography Market is estimated to reach USD 837.1 Million by 2025, registering a CAGR of 7.2% during the forecast period of 2020–2025. Industrial radiography is a sort of nondestructive testing that is used by businesses to conduct tests. For detecting cracks or faults in materials, industrial radiography employs a range of techniques, including film-based radiography, digital radiography, and X-ray technologies. In this test, the object, product, or material is exposed to radiation between the transmitter and the receiver; if the intensity of the radiation passed through the material reaches the receiver directly, the object has a crack. However, because the rays' strength is minimal when they pass through an object or material, there is no problem with the material, which can then be used to make a product. Direct radiography is also known as real-time radiography because it can produce real-time photographs of the things being evaluated, which is the most pressing need at the moment. Shortly, this is projected to stimulate Industrial Radiography Market Opportunities techniques.

COVID 19 Analysis

The COVD-19 epidemic has affected the industry's supply chain, but it has also increased the demand for radiography and Industrial Radiography Market testing in the healthcare sector. The pandemic of COVID-19 had a huge impact on trade and business. To recuperate from the current situation, manufacturers are reworking their product offers and producing new things. In analyzing the pandemic's total impact, the duration of the pandemic's propagation is still an important consideration. However, after 2021, the worldwide Industrial Radiography Market is likely to level off. One of the fastest-growing industries is the Industrial Radiography Market Size. However, after 2021, the global Industrial Radiography Market Share is likely to level down. The outbreak had no effect on the global market during the Industrial Radiography Market Forecast because it had little impact on the sector.

Market Dynamics

Drivers

Similarly, industrial radiography has a great degree of variety, ability, and reliability in terms of providing permanent information about a substance or an object, which improves the overall efficiency of the result. Various factors are driving the growth of the industrial radiography market, because of various Industrial Radiography Market Key Players such as increased demand from manufacturing units for improved and efficient productivity, and increased adoption of testing technology by automotive and aerospace & defense manufacturing companies to correct defects and flaws. Furthermore, strict government regulations relating to safety and high-precision inspection by various manufacturers are fueling the growth of the Industrial Radiography Market around the world. The market is also being driven by the increased acceptance and use of consumer electronics, as radiography equipment is used to reduce device failure and maintenance costs. Manufacturers are currently fighting on quality, which is projected to propel the Industrial Radiography Market forward in the approaching years.

Restraints

However, the significant risk of radiation exposure and expensive implementation costs are limiting the market's expansion. Market opportunities include automation of inspection and testing processes, industrialization in developing economies, and the provision of customized solutions that are being affected by the risk of radiation.

Technology Analysis

The industrial radiography testing market is predicted to have a wide range of applications in fields such as petrochemical and gas, manufacturing, automotive and transportation, aerospace, power generation, and others, due to the growing need for high-quality and low-cost goods. Because of severe safety standards imposed by various governments and preventive maintenance of industrial equipment, the expansion of the industrial radiography testing market is aided by increased demand from the automotive and aerospace industries. People, on the other hand, have a superior understanding and knowledge of the technology. In comparison to other types of radiography, the process control is simpler. A transparent foundation and an emulsion layer are used in film-based radiography to measure faults. The most recent advancement is digital radiography. Instead of X-ray films, digital radiography uses digital image-capturing equipment. Computer processing can help to improve image quality. The image is saved in digital format, allowing for the creation of a database for future referrals.

Segment Overview

The Industrial Radiography Market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the Industrial Radiography Market Forecast period in 2025. The market has been segmented based on the following:

Industrial Radiography Market, By Component

• Hardware


• Software

Industrial Radiography Market, By Imaging Technology

• Film-based radiography


• Digital radiography.

Industrial Radiography Market, By Radiation Type

• X-rays


• Gamma rays

Industrial Radiography Market, By End-User

• Automotive


• Consumer electronics


• Oil & gas


• Aerospace & defense


• Manufacturing


• Power generation


• Others

Industrial Radiography Market, By Region

• North America


• Europe


• Asia-Pacific


• The rest of the world

Regional Classification

One of the factors driving the industrial radiography market is the growing industrialization and need for defect-free products such as pipes, metal sheets, and other items from various sectors. Because of the presence of numerous significant players such as General Electric Company, Baker Hughes, Mettler-Toledo, and others who offer various products and imaging technologies, North America holds the highest share of the industrial radiography market during the historic forecast period. The presence of different manufacturing units, oil and gas firms, and automotive industries in the region has further boosted the demand for radiography testing. However, due to increased government expenditures and manufacturing units, chemical plants, and other factors, the Asia-Pacific region is predicted to be the fastest-growing area in the market.

Competitive Landscape

The market for industrial radiography testing is competitive, with only a few prominent companies. Few of these large firms now lead the market in terms of market share. These market leaders are concentrating their efforts on growing their consumer base to include international countries. These businesses are relying on strategic collaboration activities to grow their market share and profit margins. The Major Players continue to innovate and invest in R&D to offer a cost-effective product selection. There have been recent mergers and acquisitions among the major players, a tactic used by businesses to expand their consumer base. The major Industrial Radiography Market Key Players are as follows:

• General Electric Company (US)


• Fujifilm Holdings Corporation (Japan)


• Nikon Corporation (Japan)


• Shimadzu Corporation (Japan)


• Baker Hughes (US)


• Anritsu Corporation (Japan)


• Mettler-Toledo (US)


• PerkinElmer, Inc. (the US)


• 3DX-Ray Ltd.(UK)


• Bosello High Technology SRL (Italy)


• COMET Holding AG (Switzerland)

Industrial Radiography Market Recent Developments

• The computed tomography (CT) systems from YXLON International have been improved and are now directly compatible with VGSTUDIO MAX 3.4, the newest version of Volume Graphics GmbH's analysis and visualization software for industrial CT data.


• Durr AG increased its range by adding essential competencies in battery manufacturing technology with the acquisition of the US company Megtec/Universal. Durr Megtec- the partnership business of bith companies- offers solutions for three crucial processes in the production of lithium-ion batteries with its coating, drying, and solvent recovery systems. Durr Megtec is a branch of Clean Technology Systems.

Industrial Radiography Market Report Overview

Recent market developments, drivers, restraints, technological advancements, value chain optimization, market share, the impact of major key market players, changes in market regulations, strategic market growth analysis, market size, category market growths, and dominance, product approvals, product launches, and geographic expansions are all covered in the Industrial Radiography Market report. The study looks at a variety of factors that drive market dynamics, as well as major and related industries, to assist businesses in better understanding different client proposals. The research provides a detailed analysis of the international industrial radiography market's main driving and inhibiting forces.

This research provides an in-depth quantitative analysis of the current market, as well as projections, to aid in the identification of market opportunities. An in-depth examination of major strategies employed by leading manufacturers aids in the comprehension of the competitive landscape. The study examines the existing and future state of the global industrial radiography market in great detail.