The industrial radiography market size is projected to reach US$ 1242.9 million by 2031 from US$ 638.9 million in 2023. The market is expected to register a CAGR of 8.6 % during 2023–2031. Integration of AI and ML is likely to remain a key trend in the market.
Industrial Radiography Market Analysis
In industrial radiography, inspectors analyze the interior structure of materials and components using ionizing radiation such as X-rays or gamma rays. This allows one to disclose hidden defects, measure thickness, and check the integrity of various constructions while causing no damage. Further, increasing maintenance, repair and operations are driving the growth of the market.
Industrial Radiography Market Overview
Industrial radiography is a nondestructive testing modality that uses ionizing radiation to inspect materials and components with the purpose of detecting and measuring faults and degradation in material qualities that might cause the breakdown of engineering structures. Manufacturers utilize industrial radiography to detect fractures or faults in materials. Industrial radiography mostly employs x-ray and gamma radiation to reveal faults that cannot be noticed with the naked eye. Industrial radiography is a nondestructive type of physical testing. This form of radiography employs ionizing radiation emitted from a radioactive source under regulated conditions to detect or determine the interior structure of an object without causing any harm to its outward morphology. As a result, it can be used to obtain a clear understanding of the constituents or components of the thing or product under study.
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Industrial Radiography Market: Strategic Insights
Market Size Value in US$ 565.31 million in 2021 Market Size Value by US$ 993.45 Million by 2028 Growth rate CAGR of 8.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Industrial Radiography Market: Strategic Insights
| Market Size Value in | US$ 565.31 million in 2021 |
| Market Size Value by | US$ 993.45 Million by 2028 |
| Growth rate | CAGR of 8.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Industrial Radiography Market Drivers and Opportunities
Growing Importance of Quality Control to Favor Market
Quality Control Inspectors of industrial radiography evaluate the overall quality of radiographic images and inspection methods. They guarantee that inspections satisfy industry standards and that equipment works properly. Industrial radiography is primarily used to detect internal flaws in materials and structures, such as cracks, voids, inclusions, and discontinuities. It ensures the structural integrity and safety of numerous system components. Industrial radiography is used to evaluate materials such as metals, polymers, composites, and ceramics. Welds, pipelines, castings, forgings, aviation components, and other items are all commonly inspected.
Growing MRO Operation in APAC
India's MRO demand is expected to expand faster than the global average, creating opportunities for domestic and foreign investors, OEMs, and top MROs. Investors, both domestic and foreign, might participate. Further, the home to the largest MRO base in Asia high concentration of aerospace industry presence of big industry players such as Rolls Royce and Airbus are the reasons for growing MRO Operations in Asia. MRO is a vital component of many industries. The following industries make heavy use of MRO practices: Manufacturing businesses rely extensively on maintenance and repair activities for manufacturing equipment, machinery, and tools. This encompasses automobiles, airplanes, electronics, consumer goods, and other industries. The transportation business, which includes airlines, trains, shipping, and logistics, relies on MRO techniques to maintain their car, airplane, locomotive, and shipping container fleets.
Industrial Radiography Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial radiography market analysis are technique and end-user industry.
- Based on the technique, the industrial radiography market is segmented into film-based radiography and digital radiography.
- Based on the end-user industry, the industrial radiography market is segmented into manufacturing, aerospace, automotive and transportation, power generation, petrochemical and gas, and others.
Industrial Radiography Market Share Analysis by Geography
The geographic scope of the industrial radiography market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The industrial radiography market in North America is segmented into the US, Canada, and Mexico. North America has developed the aerospace & defense industry meteorology automotive vehicle production. The region has various renowned automotive manufacturers such as Ford, Hona, Toyota, Tesla, and others. The industrial radiography primary aim is to detect internal defects in materials and structures such as cracks, voids, inclusions, and discontinuities. Manufacturers use it to detect products for cracks or faults.
Industrial Radiography Market Report Scope
Industrial Radiography Market News and Recent Developments
The industrial radiography market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial radiography market are listed below:
- The Royal Air Force has awarded 3DX-Ray a contract to supply three ThreatScan-LSC Portable X-ray Scanning Systems (RAF). The ThreatScan-LSCs will replace existing systems, and this is 3DX-first Ray's contract with the RAF.
(Source: 3DX-RAY, January 2021)
- Teledyne Industrial X-Ray Solutions, a provider of high-performance X-ray imaging, introduced a new product line of high-speed, high-performance industrial dynamic detectors based on our innovative radiation-hard IGZO sensor technology. The Rad-Xcam 1717, 1723 and 3030 detectors are designed to address the demanding needs of Industrial inspection, biomedical and scientific applications, providing compelling integration cost advantages. (Source: Teledyne., July 2023)
Industrial Radiography Market Report Coverage and Deliverables
The “Industrial Radiography Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Industrial radiography market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Industrial radiography market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industrial radiography market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the industrial radiography market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technique ; End-User Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 8.6 % during 2023–2031.
The global industrial radiography market is expected to reach US$ 1242.9 million by 2031.
Integration of AI and ML to play a significant role in the global industrial radiography market in the coming years.
The leading players operating in the global industrial radiography market are 3DX-RAY, Anritsu, Comet Group, Fujifilm Corporation, GENERAL ELECTRIC, Mettler Toledo, Nikon Corporation, Novo Dr Ltd, Shimadzu Corporation, and ZEISS International.
The growing importance of quality control is the major factors that propel the global industrial radiography market.
North America dominated the industrial radiography market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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