Industrial X-Ray Inspection Equipment And Imaging Software Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – 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 in the historic period can be attributed to demand for non-destructive testing (NDT), regulatory standards, growth in manufacturing industries, cost efficiency, and increased demand for 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 can be attributed to industry 4.0 integration, emerging applications, demand for high-resolution imaging, focus on sustainability, and evolving regulatory landscape. Major trends in the forecast period include integrating artificial intelligence (AI), portable and handheld solutions, digitalization of workflows, multi-modal imaging systems, and advanced materials and additive manufacturing.
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Scope Of Industrial X-Ray Inspection Equipment And Imaging Software MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Industrial X-Ray Inspection Equipment And Imaging Software Market Overview
Market Drivers -The growing automotive production is expected to propel the growth of the industrial X-ray inspection equipment and imaging software market going forward. There is growing automotive production due to several factors, including increasing consumer demand, globalization of manufacturing processes, and government incentives promoting the automotive industry. Industrial X-ray inspection equipment and imaging software allow manufacturers to inspect internal structures and detect defects or inconsistencies in automotive parts, such as welds, castings, and composite materials. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based association, 85.4 million motor vehicles were produced globally in 2022, an increase of 5.7% compared to 2021. Therefore, the growing automotive production is driving the growth of the industrial X-ray inspection equipment and imaging software market.
Market Trends – Major companies operating in the industrial X-ray inspection equipment and imaging software market are providing innovative technology such as IGZO technology, to gain a competitive edge. IGZO technology uses Indium Gallium Zinc Oxide-based sensors or detectors to capture X-ray images with high speed, precision, and sensitivity. For instance, in July 2023, Teledyne Industrial X-Ray Solutions, a Netherlands-based company providing high-performance X-ray imaging, launched the Rad-Xcam detectors, featuring state-of-the-art IGZO sensor technology. These detectors offer high-speed performance and superior image quality for industrial inspection, biomedical, and scientific applications. The detectors boast artifact-free images, easy integration, and high thermal stability, ensuring efficient workflow and reduced calibration needs.
The industrial x-ray inspection equipment and imaging software market covered in this report is segmented –
1) By Offering: Equipment, Software
2) By Technology: Film Radiography, Computed Radiography, Direct Radiography, Computed Tomography
3) By End-User Industry: Aerospace, Food Industry, Construction, Oil And Gas, Automotive And Manufacturing, Energy And Power, Semiconductor And Electronics, Other End-User Industries
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Regional Insights – 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.
Key Companies – 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
Table of Contents
1. Executive Summary
2. Industrial X-Ray Inspection Equipment And Imaging Software Market Report Structure
3. Industrial X-Ray Inspection Equipment And Imaging Software Market Trends And Strategies
4. Industrial X-Ray Inspection Equipment And Imaging Software Market – Macro Economic Scenario
5. Industrial X-Ray Inspection Equipment And Imaging Software Market Size And Growth
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27. Industrial X-Ray Inspection Equipment And Imaging Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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