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Radiography Test Equipment Market Size to Grow at a CAGR of 4.7% During the Forecast Period 2021-2026

admin by admin
January 28, 2022
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(EMAILWIRE.COM, January 27, 2022 ) The Global Radiography Test Equipment Market size accounted $2.67 billion in 2020 and is anticipated to witness significant market growth with a CAGR of 4.7% during the forecast period 2021 to 2026. Radiography is a non-destructive inspection method that use x-rays or gamma rays to determine the interior structure of any component. Radiography offers several benefits over other non-destructive inspection techniques. This approach is extremely repeatable and may be used to a variety of materials. Inspections are becoming more difficult as manufacturers create more sophisticated parts than ever before. Manufacturers can examine and measure these complex components and assemblies at the pace of production with industrial non-destructive testing systems, allowing innovation to continue. The growing requirement for flaw detection, thickness measurement and others in various end user verticals including Oil & Gas, Power Generation, Aerospace & Defence , Automotive, Transportation, and Others are significant drivers for the market growth. The need for radiography technology is projected to rise as safety standards, particularly in civil aircraft, across various end-users and nations become more stringent. Several governmental organizations and regional groups across the world devised strict standards, particularly to ensure safety of workers and building. These regulations have made the use of Film Radiography, Computed Radiography, Digital Radiography and other assessment procedures for fitness inspections mandatory. Furthermore, the forthcoming wave of new technologies in the industrial and automotive sectors, such as Industry 4.0 and autonomous cars are expected to have a significant impact on the Radiography Test Equipment market.

Radiography Test Equipment Market Segment Analysis – By Technology Type

Digital radiography segment is anticipated to witness significant market growth with CAGR 2.8% during the forecast period 2021-2026. Digital radiography is the most recent advancement. Instead of X-ray films, a digital image-capturing equipment is utilized in digital radiography. Computer processing can help to improve image quality. The image is saved in a digital format, allowing for the creation of a database for future reference. The advantage of this method is that the pictures may be fine-tuned at any point during the process. In digital radiography, an ideal imaging system produces a high-quality image with minimum radiation exposure. There are several applications of digital radiography including aerospace product examination, detection of corrosion under insulation (CUI) in petrochemical, oil and gas and power generation industries, others. Additionally, digital radiography is also used to detect foreign objects, examine castings and welds, inspect composites and fibre reinforced components, and create new products and processes. Implementation of digital radiography across different end user verticals for various applications positively impacts the market growth. Furthermore, many vendors in the market are extending their product portfolios and working with other companies to produce more sophisticated instruments, either through partnership or new product development. For instance, in June 2020, Nanoxand SK Telcom entered into a partnership agreement to deploy 2,500 Nanoxdigital X-ray Systems into South Korea and Vietnam. Also, in Nov 2020, Hologic, Inc., received CE mark for its Genius Digital Diagnostics System, which consists of a digital imager for image acquisition, an AI algorithm for analyzing images, an image management server for storing images for Cervical Cancer Screening. Thus, all of the abovementioned factors tends to boost the market expansion.

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Radiography Test Equipment market Segment Analysis – By End user Type

Aerospace and defence segment held the highest market share in 2020 and is anticipated to witness significant market growth with CAGR 4.5% during the forecast period 2021-2026. Radiography testing is important in the aerospace and defence industries as the goods produced actually put lives on the line every day so high precision quality is absolutely critical. Components used in the aircraft sector are designed to be as light as feasible while fulfilling their function, making radiography testing a crucial part of the process. These components’ responsibilities are frequently linked with large loads, and a little fault might lead to catastrophic failure if not detected, putting lives at risk. Considering the lifespan of a standard commercial or military aircraft, which is frequently estimated in decades. The taxi, take off, in-flight manoeuvres, and landing cycles put a tremendous amount of strain on all of the aircraft’s components and structures throughout the course of its lifetime. Fatigue cracks and corrosion are persistent dangers in the aerospace and defence industries, and high-quality inspection and radiographic testing are the first line of security in preventing them. Thus, the radiography market in the aerospace and defence industry is being driven by increasing attention on safety requirements, reducing service intervals, low emission objectives, and the introduction of novel materials and processes. The United States has urged NATO members to increase their aerospace and military spending. As a response, France’s government has announced plans to expand its military and aerospace expenditure to 2% of GDP in 2019. According to Airbus, Airbus received 300 net commercial aircraft orders in the first three quarters of 2020, compared to 127 net orders in the same period in 2019. Airbus delivered 566 commercial aircraft in 2020 and has orders for 383 more. Consequently, with the rise of market for Aerospace and Defence, the market for Radiography Testing Equipment also develops.

Radiography Test Equipment market Segment Analysis – Geography

North America region held the highest market share in 2020 of around 34%. The market growth in this region is owing to widespread use of radiography testing equipment across numerous industries. Furthermore, the region’s market expansion is aided by the availability of radiography testing equipment training institutions and the high rate of growth in the building and industrial sectors. As per the United States Census Bureau, the total construction spending including both private and public infrastructures increased to $ 1,364,565 million in July 2020 as compared to $1,362,823 million in June 2020. With such rising investments, the country is anticipated to expand construction of private residential buildings, public infrastructures including roads and highways, bridges as well as commercial buildings in the near future. The Canadian government announced of investing $115 million for building a 27 storey residential building in Ottawa as an initiative towards making housing affordable during 2020. This project was developed by Claridge Homes, a part of CMHC’s Rental Construction Financing Initiative towards creating rental housing options in the expensive housing market. Such projects are anticipated to fuel the market demands. The utilization and adaptability of developing digital imaging technology added to the cost-effectiveness of the advanced radiography equipment methods. The capability of continuous data collection, storage, online inspection, advanced simulation of data in real-time, and interpretation of the information are also possible with digital techniques. These techniques are creating greater opportunities in the market. Additionally, the market is experiencing an increase in acceptance and applications in verticals including power generation, healthcare and others due to the continuous evolution of traditional radiography techniques. For instance, in march 2019, Canon Medical Systems USA, Inc. displayed its new, sophisticated angiography configuration, the AlphenixTM 4D CT, which combines its premium AquilionTM ONE / GENESIS Edition CT machine with its Alphenix Sky + C-arm and Hybrid Catheterization Tilt/Cradle Table for interventional radiology procedures. The new initiative provides doctors with a fully integrated interventional imaging system that can be used to conduct a wide range of treatments, allowing them to plan, treat, and verify procedures in a single clinical environment. The adaptable hybrid system allows for a more efficient workflow as well as a wider range of patient access and coverage. Such product launches and developments further is anticipated to propel market growth.

Radiography Test Equipment market Drivers

Trend towards adoption of portable radiography equipment drives the market growth

The increasing adoption of portable radiographic testing equipment in a variety of industries is expected to boost demand for portable radiographic test equipment and hence the entire market in the years ahead. Moreover, technological advancements and innovations have resulted in the simplification of radiographic equipment such as x-ray machines, which, when combined with hand-held characteristics, will witness substantial adoption during the forecast period 2021-2026.

Rising applications across medical imaging boosts the market expansion

Medical diagnostics is a rapidly growing market for Radiography Test Equipment. The market is primarily driven by applications of Radiography Test Equipment in endoscopy and X-ray imaging. Moreover, the market is expected to grow as the scope for imaging diagnostics in the medical industry expands. Emerging endoscopic solutions are projected to contribute to the market’s continued expansion. Endoscopy applications are increasing rapidly due to a rise in therapeutically treatable disorders such as cancer and gastrointestinal diseases, as well as a growing patient desire for less abrasive procedures.

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Radiography Test Equipment Market Challenges

High cost of X-ray machines

The expense of X-ray machines, as well as imaging on patients, is believed to be a hindrance to market expansion. Along with this, the cost of equipment parts is expensive, which adds to the overall expenditures.

Radiography Test Equipment Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Radiography Test Equipment market. As of 2020, the market for Radiography Test Equipment market is consolidated with the top players including YXLON International, GE Measurement and Control, Nikon Metrology Inc., Teledyne Dalsa Inc., Hamamatsu Photonics K.K., Canon Inc., Hitachi Ltd, COMET Holding AG, Fujifilm Holdings Corporation, Shimadzu Corporation and among others.

Acquisitions/Technology Launches/Partnerships

In May 2021, Nikon enhanced the Metrology’s industrial microfocus X-ray CT inspection solutions with a new offset CT reconstruction algorithm to deliver unrivalled scan speed and image resolution. Using X-ray CT for non-destructive quality control of larger components like aluminium castings or battery modules for electrical vehicles, it will shorten the inspection cycle times without compromising resolution. One prerequisite for achieving this is high X-ray intensity, or flux.

In Nov 2020, Siemens Healthineers launched MULTIX Impact C, ceiling-mounted digital radiography (DR) system. The company also launched MULTIX Impact VA20, a new version of the established floor-mounted parent DR system

In Oct 2020, Siemens Healthineers received clearance from the FDA for the Ysio Max digital radiography system which includes new detectors and usability features that improve imaging and quicken exams.

Key Takeaways

Implementation of radiography equipment across healthcare vertical for applications including detection of diverse diseases, fractures, infection, different cancers, arthritis, and others uplifts the market demand.

With the advent of Industry 4.0, trends such as Industrial IoT (IIoT), smart manufacturing, smart factory, predictive manufacturing, industrial robots, there is rise in demand for NDT fault detection solutions which in turn enhance the market growth.

North America held the highest market share in 2020. The market growth is attributed to increased construction activities, infrastructure development and others. Moreover, the presence of key market players in this region also benefits the market growth.

Related Reports:

A. Nondestructive Testing Equipment Market

https://www.industryarc.com/Research/Nondestructive-Testing-Equipment-Market-Research-507409

B. GCC Non destructive Testing Equipment Market

https://www.industryarc.com/Research/GCC-Non-destructive-Testing-Equipment-Market-Research-505791

For more Electronics Market related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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