Market Size of Industrial X-ray Inspection Equipment and Imaging Software Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial X-ray Inspection Equipment & Imaging Software Market Analysis
The Industrial X-ray Inspection Equipment and Imaging Software market was valued at USD 604.3 million in 2020, and it is expected to reach USD 1032.14 million by 2026, registering a CAGR of 7.7%, during the period of 2021 - 2026. Some of the initial industries that pioneered the use of X-ray inspection for quality control include the aerospace and defense and semiconductor industries.
- Computed Tomography (CT) has found an increasing acceptance in the manufacturing landscape, particularly in the electronics industry, largely due to the evolution of components in focal point sizes and which need advanced inspection systems.
- Increasing number of semiconductor fabrication plants or fabs are expected to drive the demand for X-ray inspection equipment, especially in Asia-Pacific. For instance, in 2019, Screen Holdings, a semiconductor and electronics company (headquartered in Japan), announced the completion of its manufacturing facility, to produce semiconductor equipment.
- According to Shin-Etsu Micro Inc., by 2019, the total number of 300 mm foundries reached 155, opening several opportunities for the X-ray inspection equipment and imaging software market.
- The oil and gas industry remains one of the most prominent industries in the market and is expected to retain its position over the forecast period. Asset protection of aging infrastructure, in contrast to new investments in equipment, due to the plummeting crude oil prices, is driving the radiography market in the oil and gas industry.
- The recent COVID-19 outbreak in China could bring instability in the supply chain of the market; however, according to the latest updates, many companies have restored or will restore their manufacturing operations soon. For instance, in April 2020, Europe-based Detection Technology PLC announced the official production launch at its new production and service site in the Greater Shanghai area.
