In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Industrial radiography is a method of flaw detection in manufacturing components, internal structures of devices and verifying their integrity using electromagnetic radiations such as x-rays and gamma rays. Industrial radiography is used for inspection of products, inspection of welds, airport security, non-intrusive cargo scanning and various other applications. The digital sensor based radiography segment is anticipated to showcase the highest growth in the filming technique sector on account of rise in shift of the consumer market towards more digitized methods. Additionally, use of penetrants in order to enhance contrast for delamination and planar cracks detection using industrial radiography is estimated to propel the market robustly during the forecast period. On account of the capability of electromagnetic radiation to penetrate, travel through, and exit various materials due to their short wavelength, industrial radiography is extensively used.
Industrial radiography market is expected to record a CAGR of 8.53% over the forecast period. Industrial radiography market is anticipated to be valued at USD 672 million at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in industrial radiography. Moreover, the many advantageous properties of industrial radiography are exploited in the field of automotive and aerospace inspection now and then. New uses for industrial radiography in petrochemical and gas industry are expected to drive the industrial radiography market rapidly.
Currently the global industrial radiography market is observing vibrant growth on account of increasing demand of safety detection in equipment in various end-user industries in the market. Advances in automotive industry in the past few years and growing technological explorations are projected to drive industrial radiography market besides the wide range of functions of industrial radiography using x-rays and gamma rays for cracks and flaw detection during the forecast period.
On the basis of regional platform, global Industrial Radiography market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
With a highly developed industrial sector across the region, North America is panned to observe substantial growth in industrial radiography market on the back of rising industrial radiography usage in food and beverage industries. Asia Pacific is predicted to follow North America in terms of usage on account of increasing industrialization with growing industrial radiography application. On the back of multiplying industrial radiography uses in growing end-use industries for instance, automotive, petrochemical and gas, manufacturing and others, Asia Pacific is budding as a regional industrial radiography using market.
Europe is expected to drive demand and positively impact industrial radiography market growth over the forecast period owing to increasing industrial radiography application for non-destructive examination of components for various manufacturing processes. CLICK TO DOWNLOAD FREE SAMPLE
The rising demand for industrial radiography for various processes for instance, equipment inspection in automotive and manufacturing industries, food quality checking in food and beverage as well as in pharmaceutical industries are expected to drive the market rapidly over the forecast period. Growing aerospace and automotive industry requiring safety components and equipment inspection along with government initiated strict safety regulations in device manufacturing is anticipated to drive the industrial radiography market significantly over the forecast period. Rapid industrialization and economic development with a thriving manufacturing sector is expected to boost the industrial radiography market in the developed as well as the developing regions across the globe. International Federation of Robotics 2018 reported that the supply of industrial robots - automotive of World increased from 98,000 thousand units in 2015 to 126,000 thousand units in 2017 growing at an average annual rate of 13.72 %.
Rising concerns regarding food safety due to rising number of cases of food borne illness arising from packaged food and beverages is expected to drive the industrial radiography market further across the globe. Moreover, increasing awareness within the consumer population regarding quality packaged food is estimated to help the industrial radiography market grow. Furthermore, with growing automotive industry on account of rise in disposable income, demand for equipment customization is rising which is subsequently impacting the industrial radiography market positively around the globe. Growing research and developmental activities associated with industrial radiography is anticipated to push the market strongly during the forecast period.
However, health issues associated to the use of industrial radiography due to high risk of radiation exposure leading to acute radiation syndrome, skin burns or radiation induced cancer in the human body which is expected to drive the industrial radiography market. Additionally, cost constraints associated with equipment deployment is anticipated to serve as another restraint in the growth of the industrial radiography market during the forecast period.
Our-in depth analysis of the global Industrial Radiography market includes the following segments:
Global Industrial Radiography Market is further classified on the basis of region as follows:
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