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According to the latest research report titled “Industrial Radiography Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 752.59 million by 2028, registering a CAGR of 4.9% during 2021–2028.
The industrial radiography market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, North America held the largest revenue share of the market. North America has the world's largest aerospace sector due to the presence of different military and commercial aircraft manufacturers as well as maintenance, repair, and overhaul (MRO) service providers. The sector in North America has thrived due to a positive outlook toward the adoption of new technologies, presence of a competent workforce, existence of favorable economic policies, and high GDP per capita. This is driving the growth of the industrial radiography market in this region. A few of the world's largest aircraft manufacturers, including Airbus, Dassault Aviation, Leonardo, and Thales Group, have manufacturing sites in Europe. The presence of such major players has paved the way for the development of military and civilian planes and helicopters. One of the primary forces driving the industrial radiography market growth in Europe is the presence of several aircraft and helicopter manufacturers in the region.
APAC has a strong automotive sector, and the strength of this sector is ascribed to the rising automobile manufacturing industries across China, India, and South Korea. In addition, India, China, South Korea, and Japan are among the world's top automobile manufacturers. Energy demand in APAC is expected to rise dramatically over the coming years owing to the increasing industrialization, urbanization, and population growth. As a result, governments throughout APAC are investing heavily in the development of fossil fuel-based power plants, which is fueling the adoption of industrial radiography.
Impact of COVID-19 Pandemic on Industrial Radiography Market
Irrespective of the surge in number of COVID-19 cases and shutting down of business operations for months, manufacturers had to continue the production of essential products, resume it earlier than other businesses. This severely impacted the number of businesses associated or involved in manufacturing operations, including x-ray machines manufacturers. Further, since manufacturing facilities were completely shut down or operating in limited capacity months, the manufacturers of industrial radiography faced several challenges related to procuring raw material and keeping up with the overall stock, among others. However, as the containment restriction was eased and economies reopen the industrial radiography market players experienced positive growth from Q1 of 2020
Key Findings of Study:
Based on end-user industry, the industrial radiography market is segmented into manufacturing, aerospace, automotive and transportation, power generation, petrochemical and gas, and others. The automotive and transportation segment led the industrial radiography market in 2020. Owing to the increasing government regulations for ensuring road and vehicle safety, the automotive manufacturers are significantly investing in quality control operations since the last two decades. Various automotive components such engines, chassis, transmission, wheels, body panels, and brakes are thoroughly checked for quality before their commissioning. Industrial radiography is one of the major technologies adopted for conducting quality check of such components for identifying defects in them. Moreover, shipbuilding companies are also widely adopting this technology for detecting structural errors.
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