New Analysis from Global Industry Analysts Reveals Steady Growth for Industrial X-Ray Inspection Systems, with the Market to Reach $816.3 Million Worldwide by 2026

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Dec 08, 2021, 10:08 ET

SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Industrial X-Ray Inspection Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 20; Released: November 2021
Executive Pool: 9278
Companies: 102 - Players covered include 3DX-RAY Ltd.; Anritsu Infivis Ltd.; Baker Hughes Company; Bosello High Technology srl; Mettler-Toledo International Inc.; Minebea Intec; Nikon Metrology NV; Nordson DAGE; North Star Imaging, Inc.; Shimadzu Corporation; Thermo Fisher Scientific, Inc.; Toshiba IT & Control Systems Corporation; Vision Medicaid Equipments Pvt. Ltd.; VJ Group, Inc.; YXLON International GmbH and Others.
Coverage: All major geographies and key segments
Segments: Technique (Digital, Film); Application (Oil & Gas, Manufacturing, Automotive & Transportation, Aerospace, Power Generation, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Rest of World.

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ABSTRACT-

Global Industrial X-Ray Inspection Systems Market to Reach US$816.3 Million by the Year 2026
X-ray inspection systems are among the most important tools in testing applications. Growth in the global market is spurred by shift from conventional film-based systems to the innovative and highly advanced digital systems. Industries such as automotive and aerospace, with their high image quality requirements are among the important end-users of high-resolution industrial X-ray inspection systems. The deep sea oil and gas industry basically relies on dependable equipment for carrying out safe and uninterrupted operations. NDT equipment therefore has achieved critical importance in the oil & gas industry, while creating opportunities for X-ray inspection equipment. Regulatory and consumer demand for safe and premium quality food products, is driving food producers to adopt inspection systems in their production lines to identify defective items. X-ray systems are of particular importance to this industry due to their ability to detect contaminants in food, packaged in metal containers or foil. In post-COVID-19 environment, demand for X-ray inspection devices is likely to revive and remain steady owing to anticipated influx of newer applications as well as progressive developments across various technological aspects.

Amid the COVID-19 crisis, the global market for Industrial X-Ray Inspection Systems estimated at US$563.4 Million in the year 2020, is projected to reach a revised size of US$816.3 Million by 2026, growing at a CAGR of 6.5% over the analysis period. Digital, one of the segments analyzed in the report, is projected to grow at a 7% CAGR to reach US$698.5 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Film segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 22.7% share of the global Industrial X-Ray Inspection Systems market. CT and DR, the prominent digital X-ray technologies, are witnessing strong demand due to the unique advantages they provide over conventional systems. Quicker image acquisition and processing, higher resolution, ease-of-use and greater throughput are the primary features that are intensifying appeal of these systems. At present, film radiography dominates the installed base in emerging markets as film radiography requires low capital investment.

The U.S. Market is Estimated at $198.3 Million in 2021, While China is Forecast to Reach $76.7 Million by 2026
The Industrial X-Ray Inspection Systems market in the U.S. is estimated at US$198.3 Million in the year 2021. The country currently accounts for a 33.73% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$76.7 Million in the year 2026 trailing a CAGR of 8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5% and 6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6% CAGR while Rest of European market (as defined in the study) will reach US$54.3 Million by the end of the analysis period. Growth in the developed countries is set to be driven by rising demand for non-destructive testing equipment owing to aging infrastructure. The situation is more pronounced in the US where the average age of power plants and refineries is over 40 years, requiring high operating capacities. With several major companies from developed markets having their offshore production, development, and processing facilities in low-cost Asian destinations such as China, India, Korea and Vietnam among other countries, demand for inspection systems in the region is expected to remain high. Also, increase in infrastructure projects, swift recovery of the electronics industry, government safety regulations, and increased investments in R&D continue to propel growth opportunities from the region. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.