Industrial radiography is currently experiencing a high demand from variety of end-use application sectors such as oil & gas, semiconductor, and aerospace & defense among others
With the constant developments in the field of imaging techniques, the global market for industrial radiography equipment is expected to witness a highly promising growth in the near future
ALBANY, New York, March 25, 2020 /PRNewswire/ -- According to the new research report published by Transparency Market Research, the global industrial radiography equipment market is expected to undergo a considerable transformation over the course of the given forecast period of 2019 to 2027. The research report offers great insights on the key segments, driving and inhibiting factors, prominent geographical segments, and the leading companies operating in the global market.
According to the research report, the global industrial radiography equipment market stood at an initial valuation of US$574.8 Mn in the year 2018. The market is projected to develop at a healthy CAGR of 6.75% over the course of the mentioned forecast period of 2019 to 2027. With this rate of growth, the valuation of the global market is expected to rise up to US$1,032.7 Mn by the fall of forecast period in 2027.
Global Industrial Radiography Equipment Market – Key Takeaways
In terms of imaging technique, the global market for industrial radiography equipment is expected to be dominated by the segment of digital radiography.
Growing usage of this technique for carrying out non-destructive testing of different components to assess their quality and make sure of their structural integrity is the chief growth factor for the segment.
Based on application, the global market is expected to be led by the segment of manufacturing as the sector is increasingly using these techniques to ensure superior quality of components.
The manufacturing segment is expected to witness a lucrative CAGR of 7.98% over the given period of assessment.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Industrial Radiography Equipment Market (Imaging Technique – Film based Radiography, Digital Radiography; Application - Aerospace and Defense, Automotive and Transportation, Electronics, Manufacturing, Oil and Gas at https://www.transparencymarketresearch.com/industrial-radiography-equipment-market.html
Global Industrial Radiography Equipment Market – Key Driving Factors
One of the biggest driving factors for the growth of the global industrial radiography equipment market is its ever increasing segments for end use applications.
Currently, the market caters to variety of sectors such as aerospace & defense, oil & gas, manufacturing, and semiconductor among others.
Increasing demand from these sectors to use industrial radiography techniques to maintain the high quality of the components is also a key driving factor for the development of the global market.
Another important growth factor for the market development has been the recent growth observed in the semiconductors sector.
With the shrinking size of different components making it difficult to test their quality, there is a high demand for industrial radiography equipment to carry out non-destructive testing for their durability and quality assessment.
In addition to this, constant developments in the field of imaging techniques is also expected to help the growth of the global market in the coming years of the forecast period.
Global Industrial Radiography Equipment Market – Geographical Outlook
The global market is primarily dominated by the regional segment of North America followed by Europe.
Growth of the North America market is due to increasing demand for these equipment from several end use sectors such as manufacturing, aerospace, defense, and oil & gas among others.
Asia Pacific is the fastest developing regional segment of the global industrial radiography equipment market.
Analyze Industrial Radiography Equipment Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Industrial Radiography Equipment Market – Key Players
Fujifilm Corporation, Comet Group, Shimadzu Corporation, Nikon Corporation, and North Star Imaging are some of the key companies operating in the global market.
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