Market Size of Industrial Radiography Testing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Radiography Testing Market Analysis
The industrial radiography testing market was valued at USD 643.76 million the previous year and is expected to register a CAGR of 8.75%, reaching USD 1.056 million over the forecast period.
- Industrial radiography testing is widely used in the manufacturing and maintenance of military and civil aircraft and is considered under the scope of the aerospace segment. Radiography applications in aerospace include the detection of internal defects in thick and complex shapes, in metallic and non-metallic shapes, quality of critical aerospace components, structures, and assemblies.
- The growing size of commercial and military aircraft fleets is anticipated to drive opportunities in the studied market. For instance, according to Boeing, about 17,645 commercial aircraft are anticipated to be delivered in the Asia Pacific region between 2021-2040, followed by North America (9,160) and Europe (8,705), among others.
- The demand for industrial radiography solutions is also anticipated to witness stable growth in the petrochemical and gas and energy & power sector as the global energy demand is growing significantly. For instance, according to the International Energy Agency (IEA), the global electricity demand is anticipated to grow at a much faster pace of about 3% per year over the period (2023-2025) compared with the 2022 growth rate. Furthermore, IEA also estimates that around USD 2.8 trillion will be invested in energy in 2023. Such trends are thus anticipated to drive opportunities in the studied market as industrial radiography testing is widely used in the energy industry to identify infrastructure/equipment defects.
- However, the higher cost of radiography testing equipment and solutions, along with a high risk of radiation, are among the major factor challenging the studied market's growth. Furthermore, a lower awareness, especially across developing markets, also challenges the studied market's growth.
- The market studied has witnessed a notable impact of COVID-19 as the major end-user industries, such as automotive, aerospace, construction, and petrochemical, were highly impacted by the demand and production vertical. However, with covid-led restrictions lifted from almost all the countries and the market demand gaining traction, the studied market is also anticipated to witness positive growth during the forecast period.
