Global Industrial Radiography Equipment Market 2019-2023 | 14% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 10, 2020--
The global industrial radiography equipment market is expected to post a CAGR of almost 14% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global industrial radiography equipment market 2019-2023. (Graphic: Business Wire)
Ongoing digitization among end-user industries has significantly increased awareness regarding digital systems. This has led many end-users to upgrade their existing analog radiography systems with digital radiography systems. Despite the high cost, digital radiography systems are preferred as they offer higher ROI compared to analog radiography systems. For instance, in analog X-ray radiography, the X-ray films require regular maintenance and are susceptible to contamination or degradation. These issues can be eliminated by industrial digital radiography systems. The images captured through X-ray systems can be securely stored in discs or hard drives, which gives the user significant control over them. Many such benefits offered by digital radiography systems are increasing their adoption among end-users, which is driving the growth of the market.
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As per Technavio, the rising demand for portable radiography equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Industrial Radiography Equipment Market: Rising Demand for Portable Radiography Equipment
Portable radiography equipment offers several benefits during various inspection activities across industries. They offer high flexibility in the test phases of various components in the automotive industry. Portable radiography equipment is also used in the oil and gas industry to inspect various points in the pipeline. This reduces testing expenditure as the products can be tested at the end-user’s location. Further, the growing popularity of portable equipment is encouraging many market vendors to introduce more lightweight and ruggedized portable radiography equipment for various industrial applications. This trend is expected to boost the growth of the global industrial radiography equipment market during the forecast period.
“Advent of new types of materials and the growth opportunity for radiography in additive manufacturing will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Industrial Radiography Equipment Market: Segmentation Analysis
This market report segments the global industrial radiography equipment market by product (digital and analog), end-user (automotive, aerospace and defense, power generation, oil and gas, and others), and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to increasing investments in the oil and gas upstream sector in countries such as China, India, Pakistan, and Australia.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 01/10/2020 04:15 AM/DISC: 01/10/2020 04:16 AM