The industrial radiography market was evaluated at US$606.399 million for the year 2020, growing at a CAGR of 6.45%, reaching a market size of US$939.316 million by the year 2027.
Industrial radiography is a technique that uses x-rays or gamma rays to take pictures of products or materials to identify any damage or problem that is not visible to the naked eye. Manufacturers use industrial radiography to ensure that the products are not damaged before selling. The x-rays and gamma rays can travel through different types of materials without damaging the materials, which allows the end-user to inspect the materials easily. Furthermore, it can also take pictures from the inside of an object to ensure that there are no cracks that would be impossible to see from the outside. It works by directly pointing an x-ray or gamma-ray beam to the object that is being examined. More rays travel through the area with a crack or fault because the substance there is thinner. The detector uses the light that passes through to produce an image that reveals any cracks or faults, hence supporting the manufacturer to identify any hidden flaws in the material or product.
The increasing demand for industrial radiography methods in various industries like power generation, manufacturing, aerospace, and automotive among others is expected to drive the industrial radiography market.
Industrial radiography is used to inspect, quantify, and quality control in end-user industries. The International Atomic Energy Agency (IAEA) elaborates on the use of industrial radiography, which is non-destructive testing technology for stringent quality control purposes for safe operations and other industrial installations. Furthermore, over the decades the demand for electricity has been increasing. For instance, in July 2021, the IEA reported that the global electricity demand grew by a strong 6% in the year 2021. Such higher energy demand is expected to support the growth of the industrial radiography market.
Over the years consumer electronics are being widely used worldwide for a variety of purposes. At the same time, different types of new consumer electronics products are being introduced and manufactured in the market which is simultaneously expected to further push the demand for industrial radiography techniques in the end-user industry of manufacturing during the forecast period. Additionally, the use of industrial radiography in the automotive sector extends from castings and composites to weld and bond seam inspections to electronics, sensors, and battery scanning. The growth in the automotive sector is expected to drive the market demand for industrial radiography during the forecast period. The India Brand Equity Foundation has stated that to keep up with the growing demand, several automakers in India have started investing heavily in the various segments of the industry and the government of India expects the automobile sector will attract US$8 to US$10 billion in local and foreign investments by 2023. Consequently, the growing automotive sector is expected to drive the market demand for the industrial radiography market.
The automotive and aerospace industry is expected to hold a significant share of the industrial radiography market.
Based on application industries, the industrial radiography market can be segmented into power generation, manufacturing, aerospace, automotive, and others. During the forecast period, the automotive and aerospace industry is expected to hold a notable share of the industrial radiography market. Due to strict safety standards implemented by various governments and preventative maintenance of industrial equipment, the demand from the automotive and aerospace industries is on the rise, which is boosting the market for industrial radiography testing. Further, quality assurance has become extremely versatile due to the variety of components and with the new drive systems and connectivity, the task has become more complex for the automotive industry. Industrial radiography is a nondestructive testing technology that is used as an important means to improve the quality control of the automobile industry. For instance, Comet Group, a globally leading Swiss technology firm offers Comet Yxlon to support automotive manufacturers and OEMs in their aim to produce high-quality products in the most sustainable and cost-efficient way. Additionally, this Comet Yxlon system offers highly precise CT systems to aid the inspection work. Moreover, the automation industry benefits from the reduced complexity, with the help of automated test reports, recording dimensional accuracy, and image quality of the industrial radiography systems. Henceforth, these advantages and the extensive use of industrial radiography technology in the automotive sector is expected to drive the market under the application industries segment.
Based on Geography, the North American and Europe regions are expected to hold a dominant share in the industrial radiography market.
Based on geography, the industrial radiography market is segmented into the Americas, Europe, the Middle East and Africa (EMEA), and the Asia- Pacific. The analysts anticipate that the North American and European regions will hold a significant share during the forecast period. A growing aerospace and automotive industry is driving the demand for industrial radiography in North America. The United States and the United Kingdom have the largest aerospace segment in their respective geographic regions. Additionally, Mexico and Germany are home to many automotive giants which is further propelling the growth of industrial radiography in these regions. Furthermore, the rigorous rules and regulations deployed by governments in this region to limit the consumption of non-renewable resources supported the growth of power plants, which ultimately propelled the demand for industrial radiography in this region.
Additionally, the growing manufacturing industries and automotive sector in the Asia Pacific region are expected to drive the market for industrial radiography. The growth of industrial radiography can be attributed to the increasing development in the countries like China, India, and Japan in the Asia Pacific region. Moreover, the analysts anticipate that the presence of different key market players prevailing in this region like COMET Group, General Electric, FunjiFilm Holding, etc is also adding up to the growth of the industrial radiography market.
The pandemic had a negative impact on the industrial radiography market. due to the overall shutdown of most important industries, the global economy witnessed a declining trend during the pandemic. Furthermore, the global energy demand was low during this period due to temporary shutdowns of manufacturing units, industries, and factories. In particular, the end-user industries suffered due to supply chain disruptions, restrictions on free transportation, and lockdowns imposed by the government to contain the spread of the virus. Moreover, the overall conditions of recession in the economy as a result of the pandemic forced many companies and industries to halt their ongoing operations to comply with the COVID-19 protocol. Consequently, the demand for the industrial radiography market was hindered during this period.