Industry 4.0 (fourth industrial revolution) represents the fourth revolution in manufacturing, although it is concerned with areas not usually classified as industry applications. The fourth industrial revolution refers to the adoption of computers and automation, which is enhanced with autonomous and smart systems powered by machine learning and data analysis. With the enhancement of automatic defect recognition technology, non-destructive testing will boost the production of products in various industries with zero defects. The advancement that happened in non-destructive testing under the fourth industrial revolution, large laboratory facilities and darkroom setups aren’t required to conduct non-destructive radiography testing. In addition, it also helps the technicians to view the result in digital format through the computer monitor, which reduces the usage of films and the money spent to store the films.
The global industrial computed radiography market is estimated to reach $68.8 million in 2033 from $59.1 million in 2022, at a growth rate of 1.49% during the forecast period 2023-2033.
The industrial computed radiography solution has been popularly used in several industries for various applications, such as corrosion, foreign object detection (FOD), welding, internal and external cracks, assembly and maintenance, repair, and overhaul (MRO). From key market participants, the industries that are using the computed radiography (CR) solution as a part of their non-destructive testing (NDT) have been identified. The industries include:
- Aerospace and Defense
- Automotive
- Oil and Gas
- Power and Energy
- Electronics and Semiconductors
- Transportation Infrastructure
- Marine
- Manufacturing
This study uses the aforementioned segmentation after careful inspection of the product and service portfolios among eight industrial computed radiography manufacturers and four key players providing computed radiography non-destructive testing services. This indicates that this is a relatively small market with multiple roles played by the market participants. In addition, to the manufacturers that provide NDT services, there are several other third-party NDT service providers that provide computed radiography testing services to various industrial applications.
The global industrial computed radiography market by application includes aerospace and defense, and oil and gas, manufacturing, marine, automotive, and much more. Among all these applications, aerospace and defense during the forecast period 2023-2033. The revenue of the oil and gas segment is expected to dominate because of the flexibility of the imaging plate that helps to take imaging from difficult angles. The revenues of the marine, transportation infrastructure, and electronics and semiconductors are expected to decline because the industry is migrating toward advanced technologies such as digital radiography and computed tomography.
Europe and North America to Dominate Industrial Computed Radiography Market
Europe and North America are expected to owing to a significant number of companies based in the regions. Asia-Pacific is expected to witness the second-highest growth during the forecast period 2023-2033, driven by various manufacturing companies and NDT service providers. Increased investment by industrial computed radiography manufacturers such as Durr Ndt Gmbh & Co. Kg, Carestream Health, and Waygate Technologies (Baker Hughes Company) for the different industrial applications is expected to drive stable growth in the industrial computed radiography market during the forecast period.
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Competitive Landscape
The competitive landscape of the industrial computed radiography market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
Some of the key players in the industrial computed radiography market include Durr Ndt Gmbh & Co. Kg, FUJIFILM Holdings America Corporation, Waygate Technologies (Baker Hughes Company), Rigaku Corporation, Carestream Health, and Virtual Media Integration. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.
The report "Industrial Radiography Market by Imaging Technique (Film-based Radiography, Digital Radiography), End User (Petrochemicals & Gas, Power Generation, Manufacturing, Aerospace, and Automotive & Transportation), and Geography - Global Forecast to 2025", is estimated to grow from USD 532 million in 2020 to USD 784 million by 2025; growing at a CAGR of 8.1% during the forecast period.
Major factors fueling the market growth are advancements in software that are integrated into radiography systems, stringent regulations by various governments regarding industrial safety and product quality, increasing demand for NDT services in automotive and aerospace industries, and the preventive maintenance of industrial equipment.
Market for petrochemicals & gas end user to grow at higher CAGR during forecast period The rising adoption of industrial radiography equipment for inspecting the welds of pipelines and pressure vessels in the petrochemical & gas industry is expected to drive the growth of the industrial radiography market during the forecast period.
The adoption of industrial radiography solutions is high in APAC due to the growing manufacturing sector in the region.
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