The radiography test equipment Market to reach a valuation of US$ 19 Billion in 2022, likely to surge at a vigorous 6.3% CAGR from 2022 – 2032. Radiography test equipment is a type of non-destructive testing equipment, and it is used in a wide range of applications which includes engineering, forensics, and medicine. The increasing adoption of radiography test equipment for inspecting materials for hidden flaws is one of the major factors which drives the growth of radiography test equipment market.
Also, the growing usage of radiography test equipment because of its ability to use short wavelength electromagnetic radiation to penetrate various materials for image processing is also supporting the growing adoption of radiography test equipment.
Radiography test equipment is testing equipment which is used for verifying the internal structure and integrity and for ensuring the asset reliability for controlling the manufacturing process. The rising need for enhancing the life of aging assets and to expand their capabilities is creating potential growth opportunities for the radiography test equipment market.
Also, the increasing number of safety, reliability, and environmental standards for industrial products is compelling various industries for the adoption of radiography test equipment and therefore, due to these factors, the radiography test equipment market is expected to expand rapidly in coming few years.
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Radiography Test Equipment Market: Drivers and Challenges
Drivers
The increasing usage of radiography test equipment for industrial radiography applications is the key factor driving the growth of radiography test equipment market. Moreover, the continuous adoption of radiography test equipment in manufacturing industries such as electronics, pulp & paper, and semiconductors for testing equipment while adhering to industry regulations is also one of the major factors which is enhancing the growth of radiography test equipment market.
Apart from this, the increasing industrial radiography market along with the growing investments in the industrial infrastructure development is promoting the growth of radiography test equipment market.
Moreover, government organizations such as ISO (International Organization for Standardization) and ASME (American Society of Mechanical Engineers) have established measures for assuring the safety of instruments and for the administration of engineering testing services which is generating high demand for radiography test equipment.
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Challenges
The health risk associated with the radiation is the key challenge for the growth of radiography test equipment market. Also, the lack of skilled professionals and high cost of radiography test equipment are also some of the major factors which hampers the growth of radiography test equipment market.
Radiography Test Equipment Market: Key Players
Prominent players in the global radiography test equipment market are General Electric, Nikon Metrology Inc., YXLON International, Olympus Corporation, Hitachi Ltd., Rigaku Corporation, Bosello High Technology, Canon Inc., North Star Imaging Inc., and Hamamatsu Photonics KK.
Radiography Test Equipment Market: Regional Overview
On the basis of geography, North America is anticipated to hold substantial market share in terms of value in radiography test equipment market owing to the rapid adoption of radiography test equipment and non-destructive testing technologies across various industries such as automotive and aerospace & defence.
Also, the high availability of skilled workforce in the U.S. is playing a vital role in the growth of radiography test equipment market in the region. In addition, Europe is also expected to capture significant market share in radiography test equipment market due to the upswing in automotive and manufacturing industries.
Moreover, rapid industrialization and boom in manufacturing and energy & power sectors of countries in the Asia Pacific is creating potential growth opportunities for radiography test equipment market and therefore, due to this factor Asia Pacific is expected to grow at a high CAGR during the forecast period.
Furthermore, increasing awareness among various industries in the countries of Middle East & Africa and Latin America towards the adoption of radiography test equipment and radiography technologies is driving the growth of radiography test equipment market in these regions.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The report covers exhaustive analysis on
- Radiography Test Equipment Market Segments
- Radiography Test Equipment Market Dynamics
- Radiography Test Equipment Market Size
- Supply & Demand
- Current Trends/Issues/Challenges in Radiography Test Equipment Market
- Competition & Companies Involved in Radiography Test Equipment Market
- Technology
- Radiography Test Equipment Market Value Chain
- Radiography Test Equipment Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Peru, Chile, Rest of LATAM)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Eastern Europe, Rest of Europe)
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, South Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, S. Africa, Rest of MEA)
Radiography Test Equipment Market: Segmentation
Segmentation of Radiography Test Equipment Market on the Basis of Imaging Methods:
- Film Radiography
- Digital Radiography
- Computed Radiography
- Real-time Radiography
- Computed Tomography
Segmentation of Radiography Test Equipment Market on the Basis of Industry:
- Automotive
- Aerospace & Defence
- Oil & Gas
- Petrochemical
- Energy & Power
- Others
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