The Industrial Computed Tomography Market size is estimated at USD 502 million in 2024, and is expected to reach USD 773.45 million by 2029, growing at a CAGR of 9.03% during the forecast period (2024-2029).
The pandemic virus has limited employees working on the production lines by replacing them with automated detection and monitoring systems. This has been increasing the demand for the computed tomography in the industrial sector. For instance, the South Korean government is offering an impetus up to KRW 20 billion (USD 16.8 million) to cover relocation and facility costs for firms relocating to regions outside the capital and up to KRW 15 billion to tech firms relocating to the capital region of Seoul. This is expected to boost the demand for industrial testing, detection, and monitoring systems, thereby augmenting the market for the computed tomography.
The industrial computed tomography market is reasonably competitive and consists of several players. In terms of market share, few of the key players presently lead the market. These chief players with a substantial share in the market are aiming to expand their customer base across other countries. These companies are leveraging on strategic collaborative initiatives to augment their market share and increase their profitability. With the increasing importance on performance and rising levels of competition in the industry, the market is poised to witness strong growth over and beyond the forecast period.
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