Press release
Industrial Computed Radiography Market to Reach USD 3.0 Billion by 2034, Driven by Rising Safety Standards and Technological Advancements
Industrial Computed Radiography Market
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The aerospace industry remains the largest user of industrial computed radiography due to the need for precise inspections of critical components. Meanwhile, the automotive sector is expected to grow the fastest, backed by the rising production of electric vehicles and modern manufacturing methods.
Computed radiography is widely used in applications like weld inspection, corrosion detection, and quality assurance. Weld inspection leads the application segments, while corrosion detection is seeing the quickest growth, driven by global infrastructure aging and safety regulations. The National Association of Corrosion Engineers (NACE) estimates corrosion-related losses at USD 2.5 trillion annually, emphasizing the demand for advanced detection tools.
In terms of technology, Digital Radiography Systems are expected to dominate the market, with a projected size of USD 1.0 billion by 2034 and a growth rate of 8.5%. These systems offer better image quality, quicker results, and lower radiation exposure. Computed Radiography Systems, which are more cost-effective, are also gaining ground, particularly among smaller companies. Traditional film-based systems are declining but still used in regions with limited access to newer technologies.
North America is set to lead the global market due to its advanced industrial base and strict safety regulations. Meanwhile, the Asia Pacific region is expected to grow the fastest, fueled by rapid industrialization and infrastructure development in countries like China and India.
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The market's progress is supported by several key trends:
Digital transformation: Digital radiography adoption is expected to grow by 25% annually, as per McKinsey.
AI integration: Advanced image analysis using artificial intelligence is projected to improve image processing by 30% over the next decade.
Sustainability efforts: Organizations are working to reduce radiation exposure by 20% by 2030, in line with goals set by the International Atomic Energy Agency (IAEA).
However, the market also faces some challenges. High costs of modern imaging equipment are a major barrier for small and medium-sized enterprises (SMEs). A PwC survey found that 45% of SMEs struggle with the initial investment needed. A shortage of skilled radiography professionals is another hurdle, along with complex compliance requirements across different regions, particularly in Europe under the Pressure Equipment Directive (PED).
Despite these challenges, government support and product innovation are pushing the market forward. For example, the U.S. Department of Energy has allocated USD 500 million for the development of advanced imaging technologies. Leading companies are also investing in new product launches. In 2024, GE Measurement & Control Solutions introduced new digital radiography systems that offer sharper images and lower radiation levels, gaining notable market traction.
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Industrial Computed Radiography Competitive Strategies
GE Measurement & Control Solutions
Revenue: USD 1.2 billion
Region: North America
Core Product: Digital Radiography Systems
Market Position: Leading market player with a 25% revenue share, driven by advanced product offerings and strategic partnerships.
2. Fujifilm Holdings Corporation
Revenue: USD 1.0 billion
Region: Asia Pacific
Core Product: Computed Radiography Systems
Market Position: Strong market presence with a 20% revenue share, supported by a diverse product portfolio and global distribution network.
3. 3D Systems Corporation
Revenue: USD 800 million
Region: North America
Core Product: Digital Radiography Systems
Market Position: Competitive market player with a 15% revenue share, driven by innovation and strategic acquisitions.
4. Agfa-Gevaert Group
Revenue: USD 700 million
Region: Europe
Core Product: Film-Based Radiography Systems
Market Position: Established market player with a 10% revenue share, supported by a strong brand reputation and extensive distribution network.
5. Carestream Health
Revenue: USD 600 million
Region: North America
Core Product: Digital Radiography Systems
Market Position: Competitive market player with a 10% revenue share, driven by innovation and strategic partnerships.
6. Nikon Corporation
Revenue: USD 500 million
Region: Asia Pacific
Core Product: Computed Radiography Systems
Market Position: Strong market presence with a 5% revenue share, supported by a diverse product portfolio and global distribution network.
7. Shimadzu Corporation
Revenue: USD 400 million
Region: Asia Pacific
Core Product: Digital Radiography Systems
Market Position: Competitive market player with a 5% revenue share, driven by innovation and strategic partnerships.
8. YXLON International
Revenue: USD 300 million
Region: Europe
Core Product: Digital Radiography Systems
Market Position: Established market player with a 5% revenue share, supported by a strong brand reputation and extensive distribution network.
9. Vidisco Ltd.
Revenue: USD 200 million
Region: Middle East & Africa
Core Product: Digital Radiography Systems
Market Position: Competitive market player with a 5% revenue share, driven by innovation and strategic partnerships.
10. Teledyne DALSA
Revenue: USD 100 million
Region: North America
Core Product: Digital Radiography Systems
Market Position: Emerging market player with a 5% revenue share, supported by a diverse product portfolio and global distribution network.
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Industrial Computed Radiography Market Segmentation
By Product Type
Digital Radiography Systems
Computed Radiography Systems
Film-Based Radiography Systems
By Application
Weld Inspection
Corrosion Detection
Quality Assurance
Others
By End User
Aerospace
Automotive
Oil & Gas
Manufacturing
Others
By Technology
X-ray
Gamma-ray
By Distribution Channel
Direct Sales
Distributors
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