Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Industrial Radiography Market Overview
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.
Market Size & Forecast
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
Growth Drivers & Challenges
Growing Automotive Industry
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 Awareness Regarding Packaged Food Safety
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.
Health Concerns Regarding Radiation Exposure
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.
Market Segmentation
Our-in depth analysis of the global Industrial Radiography market includes the following segments:
By Technique
By End-User Industries
By Region
Global Industrial Radiography Market is further classified on the basis of region as follows:
Key Players
Disclaimer | Privacy Policy | Terms & Conditions
Copyright © 2020 Research Nester. All Rights Reserved
