Industrial Radiography Market is Driven by Global Infrastructure Development
Industrial radiography refers to a non-destructive testing (NDT) technique that utilizes either X-rays or gamma-rays to detect internal flaws or discontinuity in materials and components. Industrial radiography finds widespread applications across various industries such as oil & gas, power generation, aerospace & defense, construction, manufacturing, and automotive. Radiography provides the advantage of inspecting intricate metallic components without having to dismantle or damage them. It offers a cost effective and non-invasive method of inspecting thick metallic structures and comple assessment of weld joints, castings, and forgings. Growing infrastructure development activities across the world is one of the key drivers augmenting the demand for industrial radiography.
The Global Industrial Radiography Market is estimated to be valued at US$ 3.12 Bn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the industrial radiography are 3DX-Ray Ltd., Anritsu Corporation, Baker Hughes, Bosello High Technology S.r.L, Comet Group, Fujifilm Corporation, General Electric Company, Mettler-Toledo, Nikon Corporation, Olympus Corporation, PerkinElmer, Inc., Rigaku Corporation, Shimadzu Corporation, Toshiba Electron Tubes & Devices Co., Ltd., and Yxlon International GmbH. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
The growing demand from end use industries such as oil & gas, power generation, construction, aerospace and automotive is one of the major factors driving the growth of the industrial radiography market. Rapid industrialization and infrastructure development activities around the world have increased the need for non-destructive testing of materials and components.
The Global Industrial Radiography Market Size is also witnessing growth opportunities in emerging economies due to increasing foreign direct investments in industries such as manufacturing, chemicals and oil & gas. Countries such as China, India, Brazil and other Asian markets are expected to offer lucrative expansion opportunities for market players over the forecast period.
Market Drivers
One of the key drivers augmenting the demand for industrial radiography is the rapid infrastructure development taking place globally. There is growing demand for radiography equipment from the construction industry for inspecting welds, joints and other structural integrity of large infrastructure projects such as bridges, tunnels, buildings and highways. According to the World Bank, the global infrastructure investment needs are estimated to be around $94 trillion by 2040. This rising infrastructure spending will drive the adoption of industrial radiography significantly.
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