Industrial Radiography Market - Forecast(2024 - 2030)

Report Code: AIR 0515 Report Format: PDF + Excel

Industrial Radiography Market Overview:

The global Industrial Radiography Market size is estimated to reach $812 million by 2031, growing at a CAGR of 8.3% during the forecast period 2024-2031. The stringent government regulations on industrial safety and product quality, the growing demand for NDT services in the automotive and aerospace industries, advancements in software integrated into radiography systems, and the adoption of preventive maintenance practices for industrial equipment are driving factors within these respective sectors. These trends promote safety, reliability, and efficiency while facilitating compliance with regulatory standards and ensuring high product quality.

Moreover, The growth of the global industrial radiography market is driven by factors such as the demand in the automotive and aerospace industries and stringent safety regulations imposed by governments. Additionally, the integration of advanced software enhances inspection accuracy and contributes to market growth. However, certain factors like the high risk of radiation exposure and deployment costs restrain market growth. Nevertheless, opportunities are emerging in the market through the automation of inspection and testing processes, industrialization in developing economies, and the provision of customized solutions.
 

Market Snapshot:

Industrial Radiography market - Report Coverage:

The “Industrial Radiography market - Forecast (2024-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Industrial Radiography Market. 
Attribute Segment

By Technology

  • Film Radiography

  •  Computed Radiography

  •  Direct Radiography

  •  Computed Tomography

By End-User

  • Aerospace & Defense

  •  Petrochemical & Gas

  • Energy & Power

  • Construction

  • Automotive & Transportation

  •  Manufacturing

  •  Others

By Geography

  • North America (U.S., Canada and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

  • Rest of the World (Middle East and Africa).
 
COVID-19 / Ukraine Crisis - Impact Analysis:  
 
● The pandemic led to temporary disruptions in industrial activities, including manufacturing, construction, and infrastructure projects. This slowdown affected the demand for industrial radiography services as companies reduced their operations or put projects on hold to comply with lockdown measures and prioritize employee safety. The pandemic highlighted the importance of health and safety measures in industrial settings. This increased emphasis on workplace safety may lead to a greater demand for industrial radiography services in the long term, as companies prioritize regular inspections to ensure the integrity of equipment and infrastructure, and to comply with safety regulations.
 
● The conflict between Russia and Ukraine has led to disruptions in industrial operations, particularly in the affected regions. This can result in a decrease in demand for industrial radiography services as industrial activities are scaled back or halted due to the conflict, impacting the market negatively.  In regions impacted by the conflict, there may be an increased emphasis on safety and compliance measures to ensure the integrity of infrastructure and industrial processes.

Key Takeaways:-

● Fastest Growth of Asia Pacific Region
The APAC industrial radiography market is predicted to develop at the fastest CAGR during the forecast period. Strict government safety rules have produced a considerable demand for industrial radiography equipment in this region. Furthermore, the consumer electronics industry is constantly developing due to the global increase in demand for various consumer electronic products, which leads to an increase in the use of radiography equipment to minimize failures and maintenance costs. Moreover, fast technical improvements and increasing focus of manufacturers on R&D are likely to generate a substantial potential for the growth of the industrial radiography market.
 
● Growing Popularity of Computed Radiography
Computed radiography is the most recent advancement. Instead of X-ray films, computed radiography employs a digital image-capturing device. Computer processing can be used to improve image quality. The image is saved in digital format, allowing for the creation of a database for future reference. Computed radiography is employed in a variety of industries, including petrochemicals and gas, power generation, manufacturing, aerospace, automotive, and transportation. The benefit of this approach is that the photos may be improved at each stage. An ideal imaging system should produce a high-quality image with little radiation exposure, which computed radiography may provide.
 
● Demand from the automotive and aerospace industries to drive market expansion.
The combination of 2D and 3D capabilities in a single system has emerged as a trend in the industrial radiography industry in recent years. The key growth drivers of the global industrial radiography market are increasing integration with advanced software, which in turn increases inspection quality and popularity, growing demand for industrial radiography technique in automotive and aerospace industries, and strict regulations imposed by various regional governments, all of which are supporting the growth of the global industrial radiography market.
 
● Growth in Energy and Infrastructure Sectors to drive the market
The growing energy and infrastructure sectors, including oil and gas, power generation, renewable energy, and construction, contribute significantly to the demand for industrial radiography. These sectors require thorough inspections to ensure compliance with safety standards, optimize performance, and meet the increasing energy demands of a growing population.
 
● Concerns about radiation safety regulations may impede market expansion.
Industrial radiography involves the use of ionizing radiation sources, which necessitates strict adherence to radiation safety regulations. Compliance with these regulations requires specialized training, licensing, and safety protocols to ensure the protection of workers, the public, and the environment. Meeting and maintaining these stringent requirements can be a significant challenge for companies operating in the industrial radiography market.
 
Industrial Radiography Market Share (%) By Region, 2023

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in industrial radiography Market. The top 10 companies in this industry are listed below:

1. COMET Holding AG (Comet X-Ray Modules, Comet RF Modules) 
2. Fujifilm Holdings Corp. ( Fujifilm Medical Systems, Instax, VisualSonics)
3. General Electric (GE Healthcare, GE Aviation, GE Power, GE Digital)
4. PerkinElmer, Inc. (OneSource, ViaCord, Euroimmum, Tulip)
5. Anritsu Corp. (Anritsu Industrial Solutions, Anritsu Networks)
6. Nikon Corporation (Nikkor, COOLPIX, KeyMission)
7. 3DX-RAY LTD. (ThreatScan, FlatScan, IntrusionScan)
8. Bosello High Technology S.r.L (Bosello NDT, RADNEXT, BHT NDT)
9. Mettler Toledo ( Safeline, PANTHER, Garvens, Excellence)
10. Shimadzu Corporation (Nexera, LCMS)

Scope of Report:

Report Metric Details

Base Year Considered

2023

Forecast Period

2024–2031

CAGR

8.3%

Market Size in 2031

$812 million

Segments Covered

By Technology, By End- User, By Geography

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

  • COMET Holding AG

  • Fujifilm Holdings Corp.

  • General Electric

  • PerkinElmer, Inc.

  • Anritsu Corp.

  • Nikon Corporation

  • 3DX-RAY LTD.

  • Bosello High Technology S.r.L

  • Mettler Toledo

  • Shimadzu Corporation
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1. Industrial Radiography Market - Overview 

    1.1 Definitions and Scope 

2. Industrial Radiography Market - Executive Summary 

3. Industrial Radiography Market - Comparative Analysis 

    3.1 Company Benchmarking - Key Companies 

    3.2 Global Financial Analysis - Key Companies 

    3.3 Market Share Analysis - Key Companies 

    3.4 Patent Analysis 

    3.5 Pricing Analysis 

4. Industrial Radiography Market - Start-up Companies Scenario 

    4.1 Key Start-up Company Analysis by 

    4.1.1 Investment 

    4.1.2 Revenue 

    4.1.3 Venture Capital and Funding Scenario 

5. Industrial Radiography Market – Market Entry Scenario 

    5.1 Regulatory Framework Overview 

    5.2 New Business and Ease of Doing Business Index 

    5.3 Case Studies of Successful Ventures 

6. Industrial Radiography Market - Forces 

    6.1 Market Drivers 

    6.2 Market Constraints/Challenges 

    6.3 Porter's Five Force Model 

        6.3.1 Bargaining power of suppliers 

        6.3.2 Bargaining powers of customers 

        6.3.3 Threat of new entrants 

        6.3.4 Rivalry among existing players 

        6.3.5 Threat of substitutes 

7. Industrial Radiography Market – Strategic Analysis 

    7.1 Value Chain Analysis 

    7.2 Opportunities Analysis 

    7.3 Market Life Cycle 

8. Industrial Radiography Market – by Technology (Market Size – $Million/$Billion)  

    8.1 Film Radiography 

    8.2 Computed Radiography 

    8.3 Direct Radiography 

    8.4 Computed Tomography 

9. Industrial Radiography Market – by End-User Industry (Market Size – 

$Million/$Billion)  

    9.1 Aerospace & Defense 

    9.2 Petrochemical & Gas 

    9.3 Energy & Power 

    9.4 Construction 

    9.5 Automotive & Transportation 

    9.6 Manufacturing 

    9.7 Others 

10. Industrial Radiography Market – by Geography (Market Size – $Million/$Billion)  

    10.1. North America 

        10.1.1 U.S. 

        10.1.2 Canada 

        10.1.3 Mexico 

    10.2 Europe 

        10.2.1 UK 

        10.2.2 Germany 

        10.2.3 France 

        10.2.4 Italy 

        10.2.5 Spain 

        10.2.6 Russia 

        10.2.7 Rest of Europe 

    10.3 Asia-Pacific 

        10.3.1 China 

        10.3.2 India 

        10.3.3 Japan 

        10.3.4 South Korea 

        10.3.5 Australia & New Zealand 

        10.3.6 Rest of Asia-Pacific 

    10.4 South America 

        10.4.1 Brazil 

        10.4.2 Argentina 

        10.4.3 Chile 

        10.4.4 Colombia 

        10.4.5 Rest of South America 

    10.5 Rest of the World 

        10.5.1 Middle East 

        10.5.2 Africa 

11. Industrial Radiography Market – Entropy 

12. Industrial Radiography Market – Industry/Segment Competition Landscape 

Premium  

    12.1 Market Share Analysis 

        12.1.1 Market Share by Region – Key Companies 

        12.1.2 Market Share by Country – Key Companies 

    12.2 Competition Matrix 

    12.3 Best Practices for Companies 

13. Industrial Radiography Market – Key Company List by Country 

14. Industrial Radiography Market - Company Analysis 

14.1 COMET Holding AG 

14.2 Fujifilm Holdings Corp. 

14.3 General Electric 

14.4 PerkinElmer, Inc. 

14.5 Anritsu Corp. 

14.6 Company 6 

14.7 Company 7 

14.8 Company  8 

14.9 Company 9 

14.10 Company 10 

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The industrial radiography Market is projected to grow at 8.3% CAGR during the forecast period 2024-2031.

Global industrial radiography Market size is estimated to be $632 million in 2024 and is projected to reach $812 million by 2031.

The leading players in the industrial radiography market are COMET Holding AG, Fujifilm Holdings Corp., General Electric, PerkinElmer, Inc., Anritsu Corp. and others.

The stringent government regulations on industrial safety and product quality, the growing demand for NDT services in the automotive and aerospace industries,nadvancements in software integrated into radiography systems, and the adoption of preventive maintenance practices for industrial equipment are some major trends that will shape the market in future.

Growing Popularity of Computed Radiography, Demand from the automotive and aerospace industries, Growth in Energy and Infrastructure Sectors are some driving factors and opportunities for the Industrial Radiography market.