The industrial radiography market was valued US$ 565.31 million in 2021, it is expected to grow at a CAGR of 8.4% from 2021 to 2028, says The Insight Partners
Unique physical properties of the X-rays and γ-rays allow them to penetrate various materials, such as carbon and steel, followed by exiting the same after traveling through. This property is used to inspect the defects in the metals and welding parts of the machines, thus ensuring the durability and safety of products. Further, radiography provides a non-destructive means of testing in industrial facilities. Radiography equipment is always sealed with the shield to protect users from radiations. Industrial radiography is performed with ionizing electromagnetic radiations for observation, evaluation, and analysis of subjects being tested. The rising applications of industrial radiography in the aerospace and automotive industries are driving the growth of the market growth. However, the higher costs of this equipment and concerns related to its harmful effects due to radiation exposures hinder the adoptions of these devices. Rapid industrialization, coupled with increasing automation applications for testing machines in the industries, would provide lucrative opportunities for the players operating in the industrial radiography market during the forecast period.
Impact of COVID-19 Pandemic on Industrial Radiography Market
In North America, the US has registered a large number of COVID-19 cases (more than 20 million); California, Texas, Florida, and New York are among the majorly affected areas. The federal government in the country did not impose nationwide lockdown in 2020; however, governors of few states decided to impose lockdown in their respective states, which hindered the operations of manufacturing and aerospace industries, among others. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceuticals had to continue their operations. North America dominates the industrial radiography market owing to the presence of the world's largest aerospace sector in the US and a large automotive industry in Mexico, wherein radiography finds major applications. Companies are increasingly focusing on decreasing radiation-related hazards and favoring portable solutions, prompting them to rethink their product lines. The impact was not only from the demand side, but it was also from the supply side. The shuttering or low-capacity functioning of manufacturing facilities in the region led to disruptions in supply chain and interruptions in the procurement of raw materials, which presented OEMs with prominent challenge of keeping up with the quarterly revenues.
Lucrative Regions for Industrial radiography Market
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Market Insights
Growing Importance of Quality Control Drives Market Growth
Manufacturers are highly investing in quality control operations and equipment owing to the increasing competition across industrial sectors. Industrial radiography, which is a non-destructive testing method, is one of the major technologies that manufacturers are adopting significantly. Industrial radiography is a technique that uses ionizing radiation for identifying deviation in the component and materials X-rays and gamma-rays in this method. A few examples of defects are cracks, cavities, gaps, delamination, pores, shrinkage holes, slag inclusions, and looseness. The industrial radiography technique can be performed on types of materials with various densities. Also, the technique requires minimal surface preparation and can be performed on the surface and subsurface of objects to identity defects. Thus, it allows manufacturers to conduct quality checks of materials and components with the need to completely dissemble them and save a significant amount of time and human effort. Moreover, the industrial radiography system is adopted by end users to perform periodic quality check of machinery and equipment. Thus, owing to these factors, the industrial radiography market is experiencing growth.
Technique-Based Market Insights
Based on technique, the industrial radiography market is segmented into film-based radiography, and digital radiography. The digital radiography is the modern form of non-destructive testing inspection method, which generates digital radiographic images on the computer instantly. The digital radiography eliminates the need of the use of an intermediate cassette for transferring the examination over the system. Owing to the digital radiography benefits such as shorter exposure time, real-time applications, analysis and defect recognition tools, improved detail detectability, enhanced SNR and linearity, portability, and immediate feedback the adoption of digital radiography is increasing. Moreover, reduction in price of digital radiography is among another factor which is bolstering the adoption of digital radiography.
Industrial radiography Market, by Platform – 2020 and 2028
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End-User-Based Market Insights
Based on end-user industry, the industrial radiography market is segmented into manufacturing, aerospace, automotive and transportation, power generation, petrochemical and gas , and others. Owing to the increasing government regulations for road and vehicle safety, the automotive manufacture has significantly invested in quality control operations over the last two decades. Various automotive components such engine, chassis, transmission, wheels, body panels, brakes, and others are thoroughly getting quality checked before it is commissioned. One of the major technologies which is getting adopted for conducting quality check is industrial radiography for identifying defects in the various components. Moreover, this technology is also getting widely adopted by ship building companies for detecting structural errors is among other factor boosting the adoption of industrial radiography.
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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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Product development is the commonly adopted strategy by companies to expand their product portfolio. Anritsu Corporation, Comet Group, Fujifilm Corporation, GENERAL ELECTRIC, and METTLER TOLEDO are among the key players implementing strategies to enlarge their customer base and gain significant share in the global industrial radiography market, which, in turn, permit them to maintain their brand name. A few of the recent key developments are as follows:
- In 2021, ZEISS Applied Artificial Intelligence to 3D X-ray Microscope Reconstruction Technologies.
- In 2020, GE Healthcare launched new AI suite to detect chest X-ray abnormalities, including pneumonia caused by COVID-19 and tuberculosis.
Industrial radiography Market Segmentation:
By Technique
- Film-Based Radiography
- Digital Radiography
By End-User
- Manufacturing
- Aerospace
- Automotive and Transportation
- Power Generation
- Petrochemical and Gas
- Others
Company Profiles
- 3DX-RAY
- Anritsu
- Comet Group
- Fujifilm Corporation
- GENERAL ELECTRIC
- METTLER TOLEDO
- Nikon Corporation
- NOVO DR LTD
- SHIMADZU CORPORATION
- ZEISS International
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 rising applications of industrial radiography in the aerospace and automotive industries are driving the growth of the industrial radiography market. Higher costs of this equipment and concerns related to its harmful effects due to radiation exposures hinder the adoptions of these devices, which restrains the growth of the market. Rapid industrialization coupled with increasing automation applications for testing of the machines in the industries would provide lucrative opportunities for the players operating in the industrial radiography market during the forecast period.
From the past few years, the rising aviation industry has been propelling the demand for aircraft maintenance, repair, and overhaul (MRO) services. APAC is highly focused on extending MRO services for commercial and military aircraft companies. A few of the aircraft MRO businesses in APAC are Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Huge spending on aviation infrastructure, economic growth, and increasing passenger count are among the factors propelling the adoption of aircraft MRO services. Moreover, the increasing number of middle-class travelers, especially in APAC countries such as China, Singapore, and India, is the main factor contributing to the growth of air travel, which is consequently increasing the need for aircraft MRO services in the region. The radiography technique is one of the most used techniques for inspecting aircraft components as it reduces overall downtime and cost subsequently. MRO companies across the regions are engaged in the rapid adoption of radiography systems to ensure efficient and time-saving MRO procedures. With a rising fleet of wide-body and narrow-body aircraft, the airlines in APAC are demanding reliable and versatile systems for inspecting aircraft. Thus, it would create lucrative business opportunities for the players in the industrial radiography market in APAC in the coming years.
The digital radiography is the modern form of non-destructive testing inspection method, which generates digital radiographic images on the computer instantly. The digital radiography eliminates the need of the use of an intermediate cassette for transferring the examination over the system. Owing to the digital radiography benefits such as shorter exposure time, real-time applications, analysis and defect recognition tools, improved detail detectability, enhanced SNR and linearity, portability, and immediate feedback the adoption of digital radiography is increasing. Moreover, reduction in price of digital radiography is among another factor which is bolstering the adoption of digital radiography.
Owing to the increasing government regulations for road and vehicle safety, the automotive manufacture has significantly invested in quality control operations over the last two decades. Various automotive components such engine, chassis, transmission, wheels, body panels, brakes, and others are thoroughly getting quality checked before it is commissioned. One of the major technologies which is getting adopted for conducting quality check is industrial radiography for identifying defects in the various components. Moreover, this technology is also getting widely adopted by ship building companies for detecting structural errors is among other factor boosting the adoption of industrial radiography.
North America is one of the most significant passenger and commercial vehicle production and sales nations across the world. In 2018, 2019, and 2020, the production of passenger and commercial vehicles were 17,436,070, 16,783,398, and 13,375,622 units, respectively. Moreover, North America has a presence of major automotive manufacturers, such as Ford Motor Company, General Motors Company, Tesla, BMW, Porsche, Fiat Chrysler Automobiles, Daimler, Toyota, Honda, Nissan, Renault, RAM, VW, and Hyundai. Also, the governments in the region are taking initiatives for the development of the automotive sector. The Department of Energy administered the Advanced Technology Vehicle Manufacturing Loan Program worth US$ 25 billion. The growing automotive industry is driving the industrial radiology market in North America. Moreover, the region is characterized for developing and manufacturing high-quality industrial products. These products undergo numerous quality checks, which is one of the major contributors propelling the demand for industrial radiology across North America. Meanwhile, the region generates the majority of its energy from coal, gas, nuclear, and oil power plants, which is also fueling the growth of the market in the region.
The List of Companies - Industrial Radiography Market
- 3DX-RAY
- Anritsu
- Comet Group
- Fujifilm Corporation
- GENERAL ELECTRIC
- METTLER TOLEDO
- Nikon Corporation
- NOVO DR LTD
- SHIMADZU CORPORATION
- ZEISS International
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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