Global radiography test equipment demand is anticipated to be valued at USD 18 Billion in 2021, forecast to grow at a CAGR of 6.3% to be valued at USD 35 Billion from 2022 to 2032. Growth is attributed to increasing growth in construction and manufacturing industries coupled with rising demand for radiography testing equipment for material science research in both developed and developing economies.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 18 Billion |
| Expected Market Value (2022) | USD 19 Billion |
| Anticipated Forecast Value (2032) | USD 35 Billion |
| Projected Growth Rate (2022 to 2032) | 6.3% CAGR |
Radiography test equipment is employed in industrial radiography applications which is the primary driver of the market. With the rise in investments in industrial infrastructure, growth is inevitable for the radiography test equipment industry.
Radiography test equipment is employed to test material content used in cement, asphalt, bituminous rocks, and others. Furthermore, this is considered a prerequisite before engaging in any construction activity. With the rise in construction industries and material science labs to conduct testing operations, North America, Europe, and Asia Pacific are expanding. Radiography uses a safe technique to identify internal flaws such as fissures in the material. The technique involves subjecting the material to an ultrasonic wave passing through it and eliminating the requirement of intrusive destructive testing.
Aging infrastructure coupled with incendiary reactions causing fire eruptions in exploding pipelines and power plant leakages drive the market.
The market is being pulled down because of the high costs of the equipment, lack of experienced technicians, and risks of high exposure to radiation have pulled the plugs on the radiography test equipment market.
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Radiography test equipment growth lies in demand from aerospace and automotive sectors with safeguards prominent to industry growth. With the prevalence of digitalization over analogue systems, the radiography test equipment market is emerging as a key industry in different verticals.
When a robust concrete structure shows anomalies in the grain direction and strength, the radiography test equipment market is a viable solution for detecting the variations likewise. Safeguards to electrical equipment are also exhibiting diverse growth in the market which adds to the market growth of the radiography testing equipment market.
Swift development in the manufacturing industry in regional markets including Asia Pacific with countries such as India, China, and Japan is driving the radiography test equipment market. The inherent use of radiography equipment in industries such as electronics, pulp and paper, and semiconductors for testing equipment and complying with industrial regulations is driving the radiography test equipment market.
Some prominent industrial bodies such as the Internal Organization for Standardization (ISO) and the American Society of Mechanical Engineering (ASME) have made it mandatory to follow guidelines to maintain instrument safety which drives the growth prospects of the radiography test equipment market.
The primary challenge the radiography test equipment industry faces is the health constraints associated with exposure to radiation. The other constraints include the dearth of skilled technicians and the high cost of radiography test equipment which are major factors causing growth to backfire in the radiography test equipment market.
Asia Pacific is witnessing overpowering industrial activity in the region with a boom in the manufacturing, energy, and power sectors. This has created a rapid penetration in the Asia-Pacific market which is expected to grow at a high CAGR during the forecast period.
According to Future Market Insights, North America is expected to hold a major market share in terms of value in the radiography test equipment market due to the rapid adoption of radiography test equipment and non-destructive testing technologies across various industries such as automotive and aerospace, and defense. Furthermore, the radiography test equipment market in the region benefits from high access to skilled labor in the United States of America.
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Some of the major players covered in the radiography test equipment market report are Siemens Healthcare GmbH, Jones X-Ray, Inc, Konica Minolta Business Solutions India Private Limited, Euroteck Systems, Multi, Inc, MXR Imaging Inc, Desert Health Imaging Technologies, LLC, FUJIFILM Corporation and Koninklijke Philips N.V, Johnson and Johnson Services, Inc., B. Braun Melsungen AG, MedicalTek Co., Ltd., and Solos Endoscopy, among other domestic and global players
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.3% from 2022 to 2032 |
| Market Value in 2022 | USD 19 Billion |
| Market Value in 2032 | USD 35 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Imaging Methods, Industry, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, BENELUX, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC Countries, South Africa, Turkey |
| Key Companies Profiled | General Electric Company; Nikon Metrology Inc.; YXLON International; Olympus Corporation; Hitachi Ltd.; Rigaku Corporation; Carl Zeiss X-Ray Technologies S.r.l; Canon Inc.; North Star Imaging Inc.; Hamamatsu Photonics KK |
| Customization | Available Upon Request |
FMI projects the global radiography test equipment market to expand at a 6.3% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic radiography test equipment market expanding at a CAGR
Siemens Healthcare GmbH, Jones X-Ray, Inc, Konica Minolta Business Solutions India Private Limited, Euroteck Systems, are some prominent radiography test equipment manufacturers
| Market Estimated Size (2023) | USD 85 billion |
|---|---|
| Market Projected Size (2033) | USD 167.2 billion |
| Market Growth Rate (2023 to 2033) | 7% CAGR |
| Expected Market Value (2022) | USD 1.9 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 2.8 Billion |
| Projected CAGR (2022 to 2032) | 4% |
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Radiography Test Equipment Market
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