PUBLISHER: The Business Research Company | PRODUCT CODE: 1500081
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500081
Industrial X-ray inspection equipment and imaging software are utilized across various industries to examine product quality and integrity without causing damage. These tools utilize X-rays to penetrate materials and generate images of their internal structures, facilitating the detection of defects, faults, or foreign objects hidden from plain sight.
The primary offerings of industrial X-ray inspection equipment and imaging software comprise both equipment and software solutions. Equipment encompasses tools and devices used in medical imaging, such as X-ray machines and CT scanners, to capture and process images of internal structures. Technologies employed include film radiography, computed radiography, direct radiography, and computed tomography. End-users span diverse sectors including aerospace, food industry, construction, oil and gas, automotive and manufacturing, energy and power, semiconductor and electronics, among others.
The industrial X-ray inspection equipment and imaging software market research report is one of a series of new reports from The Business Research Company that provides industrial X-ray inspection equipment and imaging software market statistics, including the industrial X-ray inspection equipment and imaging software industry global market size, regional shares, competitors with industrial X-ray inspection equipment and imaging software market share, detailed industrial X-ray inspection equipment and imaging software market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial X-ray inspection equipment and imaging software industry. This industrial X-ray inspection equipment and imaging software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial X-ray inspection equipment and imaging software market size has grown rapidly in recent years. It will grow from $0.80 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historical period can be attributed to several factors, including the demand for non-destructive testing (NDT), adherence to regulatory standards, expansion within manufacturing industries, cost-effectiveness, and a heightened emphasis on quality assurance.
The industrial X-ray inspection equipment and imaging software market size is expected to see rapid growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period is expected to be fueled by the integration of Industry 4.0 principles, the emergence of new applications, a growing need for high-resolution imaging capabilities, a heightened focus on sustainability practices, and the evolution of regulatory frameworks. Key trends anticipated in the forecast period include the integration of artificial intelligence (AI) technologies, the development of portable and handheld solutions, the digitalization of workflows, the adoption of multi-modal imaging systems, and advancements in materials science and additive manufacturing techniques.
The anticipated growth in automotive production is set to drive the expansion of the market for industrial X-ray inspection equipment and imaging software. Factors contributing to this growth include rising consumer demand, the globalization of manufacturing processes, and government incentives aimed at bolstering the automotive industry. Industrial X-ray inspection equipment and imaging software enable manufacturers to scrutinize internal structures and identify defects or irregularities in automotive components such as welds, castings, and composite materials. For example, the European Automobile Manufacturers Association (ACEA) reported in May 2023 that global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to 2021. Hence, the surge in automotive production is fueling the expansion of the industrial X-ray inspection equipment and imaging software market.
Leading companies in this market are introducing cutting-edge technologies such as IGZO (Indium Gallium Zinc Oxide) technology to gain a competitive advantage. IGZO technology employs sensors or detectors based on Indium Gallium Zinc Oxide to capture X-ray images with exceptional speed, precision, and sensitivity. For instance, Teledyne Industrial X-Ray Solutions launched the Rad-Xcam detectors in July 2023, featuring state-of-the-art IGZO sensor technology. These detectors deliver high-speed performance and superior image quality for various industrial, biomedical, and scientific applications. They offer artifact-free imaging, seamless integration, and exceptional thermal stability, thereby enhancing workflow efficiency and minimizing calibration requirements.
In July 2023, Nikon Americas Inc., a US-based public technology company, acquired Avonix Imaging LLC for an undisclosed amount. This acquisition significantly enhances Nikon's capability to provide top-tier solutions to the manufacturing industry. Avonix Imaging LLC is a US-based imaging and equipment company that provides industrial X-ray and computed tomography (CT) imaging services, equipment sales, and industrial inspection.
Major companies operating in the industrial x-ray inspection equipment and imaging software market are Hitachi Ltd., Siemens AG, General Electric Company, Thermo Fisher Scientific Inc., Danaher Corporation, Canon Inc., Baker Hughes Company, OMRON Corporation, Olympus Corporation, Teledyne Technologies Inc., Nikon Corporation, Bruker Corporation, Hamamatsu Photonics K.K., Carestream Health, Mistras Group Inc., Rigaku Corporation, Eddyfi Technologies, YXLON International, North Star Imaging Inc., Sonatest Ltd., Zetec Inc., Durr NDT GmbH & Co. KG, Aran Electronics Ltd., Bosello High Technology SRL, Fischer Technology Inc
Asia-Pacific was the largest region in the industrial X-ray inspection equipment and imaging software market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial x-ray inspection equipment and imaging software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial x-ray inspection equipment and imaging software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial X-ray inspection equipment and imaging software market consists of sales of 2D X-ray inspection systems, 3D X-ray inspection systems, X-ray tubes, X-ray detectors, manipulators and fixtures, and lead curtains and shields. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial X-Ray Inspection Equipment And Imaging Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial x-ray inspection equipment and imaging software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial x-ray inspection equipment and imaging software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial x-ray inspection equipment and imaging software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.