NEWARK, Del, Sept. 05, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global Industrial Digital Radiology Market value is projected to increase from US$ 831.1 Million in 2023 to US$ 1457.4 Million by 2033. Over the forecast period, global demand for industrial digital radiology is anticipated to rise at 5.8% CAGR.
Computed tomography is expected to remain the most popular imaging technology in the industrial digital radiology market. This is due to its several benefits, including high speed & efficiency and non-invasive nature. The target segment is set to expand at 5.6% CAGR through 2033.
Several factors drive growth in the industrial digital radiography market. These include rapid penetration of industrialization and the increasing need for improving the quality & safety of critical components and products.
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Industrial digital radiography has become an ideal non-destructive testing technology used for assessing the properties of materials, components, and systems. It helps end users detect flaws and improve product quality and safety effectively.
Growing usage of digital radiology across sectors such as manufacturing, automotive, and aerospace is expected to boost the global industrial digital radiology market. This is due to the ability of industrial digital radiology to enhance the quality, safety, and longevity of critical products.
With advancements in digital radiology, its application area is expanding rapidly. From product examination to detection of flow-accelerated corrosion and corrosion under insulation, it is emerging as a promising technology for companies.
Introduction of new product quality and safety regulations is projected to play a key role in uplifting industrial digital radiology demand during the assessment period. Industrial digital radiology is becoming a key tool for companies to comply with strict product safety standards and regulations.
Key Takeaways from the Industrial Digital Radiography Market Report:
- The global industrial digital radiography market is expected to total a valuation of US$ 1457.4 Million by 2033.
- Based on imaging technology, the computed tomography segment is set to thrive at 5.6% CAGR through 2033.
- By end use, the automotive segment is likely to expand at 5.4% CAGR through 2033.
- The United States market value is predicted to reach US$ 251.4 Million by 2033.
- Demand in South Korea is anticipated to rise at 5.4% CAGR through 2033.
- China market is projected to total a valuation of US$ 287.4 Million by 2033.
- The United Kingdom market is poised to exhibit a CAGR of 5.5% CAGR between 2023 and 2033.
- Japan market value is anticipated to reach US$ 210.3 Million by 2033.
“Growing need for enhancing product quality and safety of products across industries such as automotive, manufacturing, and aerospace is creating a conducive environment for the growth of the industrial digital radiography market. To maximize their profits, companies are using a wide range of strategies, including launching new products and testing services.” - Says a lead analyst at Future Market Insights (FMI).
Who is Winning?
3DX-Ray, American Testing Services, Anritsu, Applied Technical Services Inc., Ashtead Technology Ltd, Bosello High Technology, and Comet Group are among the top players listed in the industrial digital radiography market report.
These top companies are continuously innovating to improve the image quality, resolution, and processing times of digital radiography systems. They are also adopting strategies such as new product launches and services, alliances, acquisitions, mergers, partnerships, and to solidify their market positions.
Recent Developments:
- In January 2022, Image Scan introduced a ThreatScan-ASI portable X-Ray system for security professionals and bomb squads.
- In May 2020, Creation Technologies acquired Applied Technical Services to expand its presence in Mexico and the Pacific Northwest.
Scope of the Report:
| Attribute | Details |
| Estimated Market Value (2023) | US$ 831.1 million |
| Projected Market Value (2033) | US$ 1457.4 million |
| Anticipated Growth Rate (2023 to 2033) | 5.8% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue (US$ million) |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Imaging Technology, End Use, and Region |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled |
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More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global industrial digital radiography market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on imaging technology (computed tomography, computed radiography, and direct radiography), end use (automotive, oil & gas, aerospace & defense, manufacturing, power generation, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
Key Segments Covered in Industrial Digital Radiography Market:
By Imaging Technology:
- Computed Tomography
- Computed Radiography
- Direct Radiography
By End Use:
- Automotive
- Oil & Gas
- Aerospace & Defense
- Manufacturing
- Power Generation
- Other End Uses
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About the Technology Division at Future Market Insights (FMI):
Future Market Insights' highly experienced technology team aids companies worldwide with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 Million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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