Industrial Radiography Market to Garner 993.45 million, Globally, by 2028 at 8.4% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners

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Sep 02, 2021, 07:30 ET

NEW YORK, Sept. 2, 2021 /PRNewswire/ -- According to The Insight Partners research study on "Industrial Radiography Market Forecast to 2028 – by Technique, End-User Industry, and Geography", Increasing Importance of Border Security to Provide Growth Opportunities to Industrial Radiography Market Players During 2021–2028, and market is projected to reach US$ 993.45 million by 2028 from US$ 565.31 million in 2021; it is estimated to grow at a CAGR of 8.4% from 2021 to 2028.

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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, 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.

The COVID-19 pandemic and precautionary steps taken to control its spread, such as business shutdown, travel restriction, and lockdown impositions, hindered the operations of various industries, including manufacturing and aerospace. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceuticals had to continue their operations. The impact was not only from the demand side, but it was also from the supply side. The shuttering of manufacturing facilities for months led to disruptions in supply chain and interruptions in the procurement of raw materials. Thus, original equipment manufacturers (OEMs) faced prominent challenges in keeping up with the quarterly revenue. These conditions hampered the growth pace of the industrial radiography market in 2020.

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Growing Importance of Quality Control Boosts Industrial Radiography Market Growth

Manufacturers are highly investing in quality control operations and equipment owing to the increasing competition across industrial sectors. Industrial radiography, one of the major technologies adopted by manufacturers, is a nondestructive testing method. It is a technique that uses ionizing radiation for identifying deviations in components 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 different materials with various densities. Also, the technique requires minimal surface preparation and can be performed on the surfaces and subsurfaces of objects to identity defects. Thus, it allows manufacturers to conduct quality checks of materials and components without completely dissembling them, thus significantly saving time and human efforts. Moreover, the industrial radiography systems are adopted by end users to perform periodic quality check of machinery and equipment.

Industrial Radiography market: Technique Overview

Based on technique, the industrial radiography market is further segmented into film-based radiography and digital radiography. The digital radiography segment led the market in 2020. The digital radiography is the modern form of nondestructive testing inspection method, which generates instant digital radiographic images on computers. The digital radiography eliminates the need of using an intermediate cassette for transferring the examination over the system. The adoption of digital radiography is increasing due to its 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. Moreover, reduction in the prices of digital radiography systems and associated components is among another factor bolstering its adoption in industrial applications.

Industrial Radiography Market: Competitive Landscape and Key Developments

3DX-RAY, Anritsu, Comet Group, Fujifilm Corporation, GENERAL ELECTRIC, METTLER TOLEDO, Nikon Corporation, NOVO DR LTD, SHIMADZU CORPORATION, and ZEISS International are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global industrial radiography market and its ecosystem.

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In 2021, Fujifilm invested US$ 850 million (Yen 90 billion) in FUJIFILM Diosynth Biotechnologies to add additional development and manufacturing capacity.

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