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Radiography Test Equipment Market at a CAGR of 9.14% Rising Enterprise Efficiency and Dominated by Top Competitors (Yxlon International, Ge Measurement & Control, Nikon Metrology, North Star Imaging, Carestream) and Global Forecast Till 2023

08-28-2018 07:42 PM CET | Health & Medicine

Press release from: Market Prognosis

In 2017, the global radiography test equipment market was valued at USD 858.6 million and is expected to reach a value of USD 1451.12 million by 2023, registering a CAGR of about 9.14% during 2018-2023 (the forecast period).

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The radiography test equipment market has been segmented on the basis of technology, end user, and geography. The technologies considered under the study scope include film radiography, computed radiography, digital direct radiography, and computed tomography. End users considered under the study scope are aerospace, energy, automotive, oil & gas, manufacturing, construction, and u2018others’. The u2018others’ segment includes transportation, commercial R&D, foundry, and waste management. The geographical scope of the study includes North America, Europe, Asia-Pacific, and Rest of the World.

The shift from analog toward digital technology has given the industrial radiography market a new lease of life for NDT applications, broadening the scope for X-ray inspection systems beyond traditional applications.

The surge in demand from aerospace and automotive sectors, due to the conformance to high industry standards and safety regulations and mandating testing, and preventive maintenance, is boosting the rate of adoption of radiography testing solutions.

The fierce competition from ultrasonic systems, high risk of radiation, lack of skilled personnel, especially in the digital radiography, and relative high deployment costs are the factors expected to hinder the growth of the studied market.

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Key Developments in the Market

• October 2017 - The Comet Group opened its first technology and application center, Lab One in San Josu00e9, California. With the establishment of this plant, customers now have a direct access to all three of the Group’s core technologies.
• January 2017 - Team Penske announced a technical alliance with Nikon Metrology. The NASCAR team used the optical instrumentation to support its technical processes.

Major Players:

YXLON INTERNATIONAL, GE MEASUREMENT & CONTROL, NIKON METROLOGY INC., NORTH STAR IMAGING INC., CARESTREAM, AND DUu0308RR AG, among others.

Stringent Regulations and Safety Standards are driving the Market Growth

Several governmental agencies and regional bodies, such as the American Society of Mechanical Engineers (ASME) and International Organization for Standardization (ISO), have instituted stringent measures in order to assure the safety of instruments and oversee engineering services testing.

Incidents, like the BP Macondo disaster, the San Bruno pipeline explosion, and the BP Texas City refinery explosion, have further emphasized on the need for safety, environmental sustainability, and regulatory compliances.

Asset owners and operators are continually facing high economic and reputational cost of non-compliance, as the public and regulatory focus on safety increases.

For example, the ISO 13623 mandates certain standards for design, material, fabrication, testing, operation, maintenance, and abandonment of pipeline systems that are employed for transportation in the petroleum and natural gas sectors.

Direct Radiography held a significant market share in 2017

Real-time radiography (RTR) is a well-known traditional method of NDT, having significant applications in aerospace, automotive, pressure vessel, electronic, and munitions industries, among others. The use of RTR is increasing due to a reduction in the cost of the equipment and resolution of issues, such as the protecting and storing digital images. In 2016, the automotive industry held a dominant position in the adoption of inspection systems and accounted for about 28.5% of the total revenue. DR systems are perfectly suited for production environments and can be used for the continuous inspection of hundreds or even thousands of parts per hour. To conform to high industry standards for quality and safety, the need for NDT inspection in the military & defense, and aerospace industry is paramount for, both, manufacturing and maintenance applications.

North America and Europe are the two largest markets for DR systems from a geographic region perspective, as these regions are the fastest adopters of new technology. A key reason for quicker adoption is the end-user mindset in these regions. Although, they are reluctant to change and there is a certain degree of resistance, the end users understand the advantages of new technology.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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