Industrial Radiography Market Size, Share, Opportunities, And Trends By Imaging Techniques (Film Based, Digital), By Application (Power Generation, Manufacturing, Aerospace, Automotive, Others), And By Geography - Forecasts From 2024 To 2029
- Published : Sep 2024
- Report Code : KSI061610205
- Pages : 133
The industrial radiography market is expected to grow at a CAGR of 7.24%, reaching a market size of US$1,100.743 million in 2029 from US$776.157 million in 2024.
Industrial radiography is a non-destructive testing method that employs ionizing radiation to inspect materials and components. It is used to track down and quantify anomalies and degradation in the material characteristics that would cause structural components to fail. It is critical to the science and technology required to ensure product quality and reliability. This modality exploits the traits of gamma rays, X-rays, and neutrons to penetrate many materials. Industrial radiography is used in various applications, from aircraft maintenance to food inspection, including casting parts, welding, composite piece inspection, counterfeit drug control, coating thickness measurement, and many others. The growing demand for industrial radiography in manufacturing, aerospace, automotive, and power generation is expected to drive the market's growth. The industrial radiography market landscape is segmented based on the types of imaging techniques, application industries, and geographical regions.
Given the significant growth in global energy demand, it is also expected that the petrochemical, gas, and energy & power sectors will see stable growth in the demand for industrial radiography solutions. For example, compared to the growth rate in 2022, the International Energy Agency (IEA) projects that the global demand for electricity will grow at a much faster rate of about 3% per year over the period of 2023–2025. In addition, the IEA projects that investments in energy will total about USD 2.8 trillion by 2023. The energy industry uses industrial radiography testing extensively to find equipment and infrastructure flaws, so it is expected that these trends will create opportunities in the market under study.
Industrial Radiography Market Drivers:
- The increasing demand for industrial radiography methods in multiple industries is expected to drive market growth.
Non-destructive industrial radiography solutions are increasingly being used and have progressively evolved as an indispensable tool due to their versatile range of applications in several industries. From inspecting, quantifying, and qualifying malfunctions and abnormalities to accessing internal and external geometric features, industrial radiography has diverse applications based on the type, size, and inspection criterion of the materials. Pre-production qualification in manufacturing, ballistics in the automotive industry, packaging or structural integrity analysis in the packaging sector, and internships in medical devices are a few examples of applications. The increasing number of nuclear power plants is another factor contributing to the growing demand for industrial radiography. According to the Nuclear World Organisation, for instance, there were about 441 operable nuclear power reactors globally as of May 2022. Furthermore, about 53 reactors are under development, while 325 more such reactors are currently under the proposal.
- Increasing demand from the aerospace industry
Nondestructive testing like radiography is essential to maintaining quality assurance in the aerospace industry and meeting its high standards. The global demand for flights makes aircraft manufacturing an ever-growing business. Any design flaw or failure of any individual part of an airplane can lead to horrific accidents that put at risk those who are onboard, as well as the financial superfluities entailed by it. Therefore, testing using radiography has been made a compulsory requirement by this industry so that it can guarantee safety in aviation. Moreover, GE Aerospace announced in March 2023 that it would invest more than USD 450 million into its existing manufacturing facilities in the US. This investment would encompass modern equipment purchases and upgrades to enable enhancements in assembly processes, expansion of capacity, maintenance works, and thereby enhancing safety infrastructure upgrades.
Industrial Radiography Market Restraint:
- Rising safety concerns and regulatory compliance
Although industrial radiography has many advantages, some limitations affect the industry's expansion. Safety concerns and regulatory compliance represent a notable constraint. Using radiation-based techniques increases operational complexity and expense because they demand strict adherence to safety regulations and standards. Furthermore, due to its inherent limitations, this radiography may not be as effective when used to evaluate materials or structures with high densities or thicknesses.
Industrial Radiography Market Geographical Outlook
- Asia Pacific is expected to hold a significant market share in the forecast period.
Given the rapid growth of all the major end-user industries in the market studied, the industrial radiography testing market is expected to grow significantly in the Asia-Pacific region. As major vendors increase their global reach, the market is seeing a rise in the adoption of advanced manufacturing and product testing solutions. In this scenario, maintaining product safety and quality becomes essential to their ability to compete with global players.
The growth rate of this particular market is likely to be influenced by several end-user industries such as railways, plastics, and filters, which consume bottles, etc. Examples include automobiles, motor vehicles, or even airplanes with parts made from these materials. To stay ahead of its competitors in China’s crude oil production sector, Changchun Petrochemical Works started transforming its establishment at the beginning of 2022. The project entails building 21 new facilities—including the 1.2 million ethylene unit—renovating nine existing facilities and closing seven existing facilities.
Industrial Radiography Market Key Launches
- In May 2023, Waygate Technologies, a Baker Hughes company, announced that Phoenix V|tome|X M Omni, its new flagship computerized tomography (CT) scan solution, will be available. This incredibly versatile premium CT solution enables various 3D metrology, research, and evaluation applications in the laboratory setting and automated production quality checks. The V|tome|x M Phoenix With more than a thousand installed systems worldwide, Waygate Technologies' Phoenix V|tome|x platform—the most popular industrial CT system solution—serves as the foundation for Omni. High-flux|target, which delivers faster scan results, the company's proprietary Scatter|correct solution, which eliminates scatter with a single button click, and the unique Dynamic 41 detectors, which provide higher resolution and brightness, are a few of the established key features.
- In January 2023, Nikon Corporation introduced a new reconstruction algorithm that typically results in a ten-fold reduction in scanning times. When two materials of different densities are combined in an assembly, Dual Material CT offers increased efficiency. It greatly enhances the ability to discern between the two materials in the voxel image generated from 2D X-rays obtained while the part is rotating inside a Nikon X-ray CT machine.
The Industrial Radiography Market is segmented and analyzed as follows:
- By Imaging Techniques
- Film Based
- Digital
- By Application
- Power Generation
- Manufacturing
- Aerospace
- Automotive
- Others
- By Geography
- America
- USA
- Canada
- Mexico
- Others
- Europe, Middle East and Africa
- UK
- Germany
- France
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Others
- America
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key Benefits to the Stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. CXO Perspective
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. INDUSTRIAL RADIOGRAPHY MARKET BY IMAGING TECHNIQUES
5.1. Introduction
5.2. Film Based
5.3. Digital
6. INDUSTRIAL RADIOGRAPHY MARKET BY APPLICATION
6.1. Introduction
6.2. Power Generation
6.3. Manufacturing
6.4. Aerospace
6.5. Automotive
6.6. Others
7. INDUSTRIAL RADIOGRAPHY MARKET BY GEOGRAPHY
7.1. Introduction
7.2. Americas
7.2.1. By Imaging Techniques
7.2.2. By Application
7.2.3. By Country
7.2.3.1. USA
7.2.3.2. Canada
7.2.3.3. Mexico
7.2.3.4. Others
7.3. Europe, Middle East and Africa
7.3.1. By Imaging Techniques
7.3.2. By Application
7.3.3. By Country
7.3.3.1. UK
7.3.3.2. Germany
7.3.3.3. France
7.3.3.4. Saudi Arabia
7.3.3.5. UAE
7.3.3.6. Others
7.4. Asia Pacific
7.4.1. By Imaging Techniques
7.4.2. By Application
7.4.3. By Country
7.4.3.1. China
7.4.3.2. Japan
7.4.3.3. India
7.4.3.4. South Korea
7.4.3.5. Australia
7.4.3.6. Indonesia
7.4.3.7. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
9.1. Image Scan Holdings plc. (3D X-RAY Ltd)
9.2. Anritsu Corporation
9.3. New Mountain Capital (Perkin Elmer)
9.4. Carl Zeiss X-ray Technologies
9.5. FUJIFILM Holding Corporation
9.6. Shimadzu Corporation
9.7. COMET Holding AG
9.8. Nikon Corporation
9.9. Hitachi Ltd.
9.10. Carestream
Image Scan Holdings plc. (3D X-RAY Ltd)
Anritsu Corporation
New Mountain Capital (Perkin Elmer)
Carl Zeiss X-ray Technologies
FUJIFILM Holding Corporation
Shimadzu Corporation
COMET Holding AG
Nikon Corporation
Hitachi Ltd.
Carestream
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