Industrial Radiography Equipment Market Size to Grow by $ 197.32 mn through 2021-2025
The industrial radiography equipment market is expected to grow by $ 197.32 mn, accelerating at a CAGR of almost 6% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. View Free Sample Report
Industrial Radiography Equipment Market: Segmentation by Product
This report provides a detailed analysis of the market by Product (Digital and Analog), End-user (Automotive, Aerospace and defense, Power generation, Oil and gas, and Others), and Geography (APAC, North America, Europe, South America, and MEA). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
Industrial Radiography Equipment Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ADANI, Anritsu Corp., Comet Group, DURR NDT GmbH & Co. KG, General Electric Co., Illinois Tool Works Inc., Image Scan Holdings plc., MATSUSADA PRECISION Inc., Mettler-Toledo International Inc., and Nikon Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Technavio has been monitoring the Global Industrial Radiography Equipment Market and it is expected to grow by USD 197.32 million progressing at a CAGR of about 6% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
APAC: Demand for digital radiography systems to drive growth
45% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for industrial radiography equipment in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The increasing demand for digital radiography equipment particularly from the automotive and semiconductor and electronics industry will facilitate the industrial radiography equipment market growth in APAC over the forecast period. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the industrial radiography equipment market market size.
The replacement of analog radiography systems with digital radiography systems is a key growth driver for the industrial radiography equipment market. Digital X-ray systems offer several benefits, including increased output, better image quality, faster scanning, and multiple storage options.The images of digital systems can be stored on hard drives or discs, and users have better control over the quality of produced images. Although digital radiography systems are expensive than analog radiography systems, high return on investments is encouraging end-user industries to upgrade their radiography systems. Digital radiography uses computer-aided inspection technology for radiography testing. Digital radiography offers accurate images, consistent quality, lower radiation levels, and proper image storage and retrieval facility. These beneficial attributes have been spurring the demand for digital radiography equipment over the years.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.
Industrial Radiography Equipment Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ADANI, Anritsu Corp., Comet Group, DURR NDT GmbH & Co. KG, General Electric Co., Illinois Tool Works Inc., Image Scan Holdings plc., MATSUSADA PRECISION Inc., Mettler-Toledo International Inc., and Nikon Corp.are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
Industrial Radiography Equipment Market: Key Highlights of the Report for 2020-2024
