Industrial Radiography Market - Forecasts from 2022 to 2027

The industrial radiography market is projected to grow at a CAGR of 6.45% during the forecast period to reach US$939.316 million by 2027, from US$606.399 million in 2020. Industrial radiography is a type of non-destructive testing method that employs ionizing radiation to inspect materials and components to track down and quantify anomalies and degradation in the material characteristics that would cause structural components to fail. It is critical to the science and technology required to ensure product quality and reliability. This modality exploits the traits of gamma rays, X-rays, and neutrons to penetrate many materials. Industrial radiography is used in a wide range of applications from aircraft maintenance to food inspection, including casting parts, welding, composite piece inspection, counterfeit drug control, coating thickness measurement, and many others. The growing demand for industrial radiography in manufacturing, aerospace, automotive, and power generation is expected to drive the market's growth onward. The industrial radiography market landscape is segmented based on the types of imaging techniques, application industries, and geographical regions.

The increasing demand for industrial radiography methods in multiple industries is expected to drive the market growth onward.

Non-destructive industrial radiography solutions are increasingly being used and have progressively evolved as an indispensable tool due to their versatile range of applications in a variety of industries. From inspecting, quantifying, and qualifying malfunctions and abnormalities to access internal and external geometric features, industrial radiography has diverse applications based on the type, size, and inspection criterion of the materials. Examples of applications include pre-production qualification in manufacturing, structural integrity analysis or packaging in the packaging industry, ballistics in automotive, and stints in medical devices. The increasing number of nuclear power plants is another factor contributing to the growing demand for industrial radiography. According to the Nuclear World Organisation, for instance, there are about 441 operable nuclear power reactors as of May 2022 globally. Furthermore, about 53 reactors are under development, while 325 more such reactors are currently under the proposal.

The strategic developments deployed by the key players to meet the increasing demand for the industrial radiography market and enhance their brand presence are further accelerating the growth of the market. For instance, in June 2020, North Star Imaging relocated its X-ray inspection business to a larger site in California. The new site is equipped with more space, a larger warehouse, an X3000, and two X5000. The latter two devices facilitate the new facility to scan objects, from micron-sized objects to objects as huge as a 50-gallon barrel. The launch of a high-energy CT scanner by Wagayate Technologies, a global leader in inspection solutions, in December 2020 is another such example of this. The new CT system, Phoenix Power Scan HE, can scan and detect the internal attributes of high-density critical components. This 9 MeV machine is about 2 metres in diameter and height.

North America and Europe are expected to occupy a dominant share of the global industrial radiography market.

Geographically, the market is segmented into the Americas, Europe, the Middle East and Africa (EMEA), and the Asia Pacific. The growing aerospace and automotive industries are eliciting demand for industrial radiography in the regions. The growth in North America is predominantly attributed to the presence of the largest aerospace segments in the United States and the United Kingdom. While Mexico and Germany house many automotive giants. The increasing concerns for the environment and the stringent rules and regulations deployed by the governments to decrease the consumption of non-renewable resources are also contributing to the increasing demand for industrial radiography solutions in the power plants, further adding impetus to the industrial radiography market in the regions. The increasing developments in +countries like China, India, and Japan are rapidly driving the market growth in the Asia Pacific region. The presence of various industry giants, including General Electric, COMET Group, and FunjiFilm Holdings, in the above regions is further extending the market growth.

Restraints

Nevertheless, the high deployment costs and risk of high radiation exposure associated with the increasing use of industrial radiography could slow down the growth of the market. Furthermore, the shortage of skilled human resources is another factor affecting the industry. Due to the high technical requirements, finding and training suitable employees is one of the challenges faced

COVID -19 Insights

The outbreak of COVID-19 has negatively affected the industrial radiography market. Several manufacturing industries had to temporarily close due to the mandated lockdowns. Furthermore, the surge in active cases and social distancing measures reduced staffing, thereby reducing productivity. The recession in the economy observed forced many companies to halt their ongoing projects. Consequently, the demand for the industrial radiography market decreased during the period due to the factors mentioned above.

Market Segmentation:

By Imaging Techniques

• Film Based
• Digital

By Applications

• Power Generation
• Manufacturing
• Aerospace
• Automotive

By Geography

• Americas
• USA
• Canada
• Mexico
• Europe, Middle East, and Africa
• UK
• Germany
• France
• Saudi Arabia
• UAE
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Indonesia