According to a new market research report published by Transparency Market Research , titled ‘Industrial Radiography Equipment Market (Imaging Technique: Film-based Radiography and Digital Radiography, and Application: Aerospace & Defense, Automotive & Transportation, Electronics, Manufacturing, Oil & Gas, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ the global industrial radiography equipment market is expected to reach value of US$ 1,032.7 by 2027.
The market is projected to expand at a CAGR of 6.75% from 2019 to 2027. According to the report, the market would continue to be influenced by growing popularity of industrial radiography across the globe. In terms of demand, North America is projected to lead the global market, with the market in the region expanding at a CAGR of 6.70% during the forecast period.
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Digital radiography segment held a major market share in 2018
Based on imaging technique, the global industrial radiography equipment market has been segmented into film-based radiography and digital radiography. Furthermore, the digital radiography segment has been sub-divided into direct radiography, computed radiography, and computed tomography. The digital radiography segment is expected to expand at a rapid pace during the forecast period, owing to increasing usage of this method for conducting nondestructive testing of components to analyze their quality and ensure their structural integrity.
Manufacturing to be rapidly expanding segment throughout the forecast period
In terms of application, the global industrial radiography equipment market has been classified into aerospace & defense, automotive & transportation, electronics, manufacturing, oil & gas, and others. This can be attributed to increasing use of the industrial radiography method in the manufacturing sector in order to ensure high quality of components. Additionally, industrial radiography is also being used in additive manufacturing by various manufacturers to analyze the quality of additives. Thus, the manufacturing segment is expected to expand at a significant CAGR of 7.98% during the forecast period.
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North America expected to continue to hold a significant share
North America is expected to hold a major share of the global industrial radiography equipment market during the forecast period. This growth is primarily attributable to the increasing demand for industrial radiography equipment from various sectors in the region such as aerospace & defense, semiconductor, oil & gas, and manufacturing.
Industrial radiography equipment are gaining popularity across the Asia Pacific region, especially in developing economies such as China and India. This popularity is attributable to the expanding semiconductor industry and increasing miniaturization of electronic components in the region.
Major players operating in the global industrial radiography equipment market are Fujifilm Corporation, Comet Group, Shimadzu Corporation, Nikon Corporation, and North Star Imaging. Details such as financials, business strategies, recent developments, product implementation expertise, key contracts, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
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