Industrial Radiography Market - Forecasts from 2024 to 2029

Industrial Radiography Market - Forecasts from 2024 to 2029

The industrial radiography market is expected to grow at a CAGR of 7.24%, reaching a market size of US$1,100.743 million in 2029 from US$776.157 million in 2024.

Industrial radiography is a non-destructive testing method that employs ionizing radiation to inspect materials and components. It is used to track down and quantify anomalies and degradation in the material characteristics that would cause structural components to fail. It is critical to the science and technology required to ensure product quality and reliability. This modality exploits the traits of gamma rays, X-rays, and neutrons to penetrate many materials. Industrial radiography is used in various applications, from aircraft maintenance to food inspection, including casting parts, welding, composite piece inspection, counterfeit drug control, coating thickness measurement, and many others. The growing demand for industrial radiography in manufacturing, aerospace, automotive, and power generation is expected to drive the market's growth. The industrial radiography market landscape is segmented based on the types of imaging techniques, application industries, and geographical regions.

Given the significant growth in global energy demand, it is also expected that the petrochemical, gas, and energy & power sectors will see stable growth in the demand for industrial radiography solutions. For example, compared to the growth rate in 2022, the International Energy Agency (IEA) projects that the global demand for electricity will grow at a much faster rate of about 3% per year over the period of 2023–2025. In addition, the IEA projects that investments in energy will total about USD 2.8 trillion by 2023. The energy industry uses industrial radiography testing extensively to find equipment and infrastructure flaws, so it is expected that these trends will create opportunities in the market under study.

Industrial Radiography Market Drivers:

The increasing demand for industrial radiography methods in multiple industries is expected to drive market growth.

Non-destructive industrial radiography solutions are increasingly being used and have progressively evolved as an indispensable tool due to their versatile range of applications in several industries. From inspecting, quantifying, and qualifying malfunctions and abnormalities to accessing internal and external geometric features, industrial radiography has diverse applications based on the type, size, and inspection criterion of the materials. Pre-production qualification in manufacturing, ballistics in the automotive industry, packaging or structural integrity analysis in the packaging sector, and internships in medical devices are a few examples of applications. The increasing number of nuclear power plants is another factor contributing to the growing demand for industrial radiography. According to the Nuclear World Organisation, for instance, there were about 441 operable nuclear power reactors globally as of May 2022. Furthermore, about 53 reactors are under development, while 325 more such reactors are currently under the proposal.

Industrial Radiography Market Geographical Outlook

Asia Pacific is expected to hold a significant market share in the forecast period.

Given the rapid growth of all the major end-user industries in the market studied, the industrial radiography testing market is expected to grow significantly in the Asia-Pacific region. As major vendors increase their global reach, the market is seeing a rise in the adoption of advanced manufacturing and product testing solutions. In this scenario, maintaining product safety and quality becomes essential to their ability to compete with global players.

The growth rate of this particular market is likely to be influenced by several end-user industries such as railways, plastics, and filters, which consume bottles, etc. Examples include automobiles, motor vehicles, or even airplanes with parts made from these materials. To stay ahead of its competitors in China’s crude oil production sector, Changchun Petrochemical Works started transforming its establishment at the beginning of 2022. The project entails building 21 new facilities—including the 1.2 million ethylene unit—renovating nine existing facilities and closing seven existing facilities.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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The Industrial Radiography Market is segmented and analyzed as follows:

By Imaging Techniques

Film Based
Digital

By Application

Power Generation
Manufacturing
Aerospace
Automotive
Others

By Geography

America
USA
Canada
Mexico
Others
Europe, Middle East and Africa
UK
Germany
France
Saudi Arabia
UAE
Others
Asia Pacific
China
India
Japan
South Korea
Australia
Indonesia
Others