Press release
Industrial Radiography Market to Worth US$ 993.45 million by 2028 - Global Analysis and Business Growth by The Insight Partners
The Insight Partners
According to our new research study on “Industrial Radiography Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Material, Military Standard, Application, and Geography,” the market is projected to reach US$ 993.45 million by 2028 from US$ 565.31 million in 2021; it is estimated to grow at a CAGR of 8.4% from 2021 to 2028.
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Innovative active interrogation approaches to identify threats to national security are required to protect a country’s airports, borders, and ports. All detection approaches need a source of high-energy particles for inducing specific reactions that serve as major signatures in detecting fissile materials or conventional explosives. The most instant perceived threats and their essential materials comprise conventional explosives, special nuclear materials, mass destruction weapons, chemical agents, and contraband.
The radiography technology can be utilized to scan cargo to guarantee that nothing is being smuggled into the country. The use of industrial radiography technology enables users to distinguish between different materials. Also, governments are investing significant amounts in border security by deploying the latest technologies at borders. For instance, the Chinese government plans to construct additional 215 airports by 2035. Also, the Indian government plans to build 100 new airports across the country by 2024. Growth in the construction and expansion of airports is anticipated to boost the demand for industrial radiography.
The industrial radiography market is segmented on the basis of technique, end-user industry, and geography. Based on technique, the market is bifurcated into digital radiography and film-based radiography. By end-user industry, the market is segmented into petrochemical and gas, power generation, manufacturing, aerospace, and automotive & transportation. On the basis of geography, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2020, North America held the largest market share, followed by Europe and APAC, respectively. However, APAC is expected to register the highest CAGR in the market from 2021 to 2028.
Impact of COVID-19 Pandemic on Industrial Radiography Market
Irrespective of the surge in a number of COVID-19 cases and the discontinuation of business operations for several months, manufacturers from several industries had to continue the production of essential products, or some had to 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 with limited capacities, manufacturers of industrial radiography products faced several challenges in terms of procuring raw material and keeping up with the overall stock, among others. However, with the ease in containment restriction in late 2020 and reopening of economies, the industrial radiography market players experienced positive growth from Q1 of 2021.
The List of Companies - Industrial Radiography Market
3DX-RAY, Anritsu, Comet Group, Fujifilm Corporation, GENERAL ELECTRIC, METTLER TOLEDO, Nikon Corporation, NOVO DR LTD, SHIMADZU CORPORATION, and ZEISS International are among the major companies operating in the industrial radiography market.
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About The Insight Partners
The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Healthcare, Media, and Telecommunication.
Our research model is very simple. We believe in client servicing and delivering the best quality to our customers. Through our research content, we are making sure that our customers get value for their money along with better quality data and analysis.
Our research content is majorly focused towards market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis, etc. We provide a detailed break-up of segmentation in terms of geography, products, applications, end users etc., which helps our clients to gain a deeper analytical understanding of various research topics.
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