Market Size of Radiography Test Equipment Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.22 Billion |
| Market Size (2029) | USD 2.12 Billion |
| CAGR (2024 - 2029) | 11.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Radiography Test Equipment Market Analysis
The Radiography Test Equipment Market size is estimated at USD 1.22 billion in 2024, and is expected to reach USD 2.12 billion by 2029, growing at a CAGR of 11.75% during the forecast period (2024-2029).
The Coronavirus (COVID-19)pandemic has affected every aspect of life globally. This has brought along several changes in market conditions and affected the manufacturing and automotive sector for the market majorly. According to the Ministry of Statistic and Program Institute (MOSPI) India, the impact of COVID-19 on Gross value-added on the construction, manufacturing, and mining sector has accounted for -13.3%,-6.3%, and -14.7%, respectively. Thus, the decline in the growth of these industries has reduced the demand for the radiography test equipment process activities that impact the market growth.
- Increase in demand from aerospace and automotive sectors, primarily due to conformance to high industry standards and safety regulations is boosting the adoption of radiography testing solutions.
- The shift from analog to digital technology has given the industrial radiography market a new lease of life for NDT applications, broadening the scope of X-ray inspection systems beyond traditional applications.
- Companies are increasingly focusing on reducing radiation-related risks, and preferring portability solutions, which has prompted companies to revamp their product portfolio. For instance, Samsung has adopted radiography to test their batteries after the much-publicized Note 7 fiasco.
- Incidents, like the BP Macondo disaster, the San Bruno pipeline explosion, and the BP Texas City refinery explosion, have further emphasized on the need for safety, environmental sustainability, therefore governmental agencies and regional bodies like ASME & ISO have taken stringent measures to assure safety and regulatory compliances.
- Intense competition from ultrasonic systems, high risk of radiation, lack of skilled personnel, to handle radiography equipment which uses gamma rays (especially in digital radiography). Also, relatively high deployment costs are expected to hinder the growth of the study market.
