The Latest Industrial Radiography Industry Statistics Explained
The global industrial radiography market was valued at $495.4 million in 2018.
The statistic indicates that the global industrial radiography market generated revenues totalling $495.4 million in the year 2018. Industrial radiography is a non-destructive testing method used in various industries such as manufacturing, aerospace, oil and gas, and automotive to inspect the internal structure of products for defects or flaws without causing any damage to the item being tested. The market value represents the total sales and revenue generated by companies involved in providing industrial radiography equipment, services, and related solutions worldwide during that particular year. This statistic suggests a significant market size and demand for industrial radiography services and technology across different industries in 2018.
It is projected that by 2025, the global industrial radiography market will reach $806 million.
The statistic states that the global industrial radiography market is expected to reach a value of $806 million by the year 2025. Industrial radiography is a non-destructive testing method that uses X-rays or gamma rays to inspect the internal structure of materials for flaws or abnormalities. The projected increase in market value suggests a growing demand for industrial radiography services and equipment across various industries such as manufacturing, construction, and automotive. This growth could be driven by factors such as increased focus on safety regulations, technological advancements in imaging equipment, and the need for reliable quality control measures in industrial processes. The projected market value serves as an important indicator of the expanding market opportunities and the significance of industrial radiography in ensuring quality and safety standards in industrial applications.
North America holds the largest market share in the industrial radiography industry.
The statistic ‘North America holds the largest market share in the industrial radiography industry’ indicates that the region of North America, which includes the United States, Canada, and Mexico, has the highest proportion of sales or revenue generated within the industrial radiography sector compared to other regions around the world. This suggests that North America is a significant player in the industry, likely due to factors such as technological advancements, a strong manufacturing base, and a high demand for industrial radiography services. The statistic highlights North America’s dominance in this particular market segment and underscores the region’s importance in the global industrial radiography industry.
The compound annual growth rate (CAGR) for the industrial radiography industry is projected to be 8.1% from 2020 to 2025.
The compound annual growth rate (CAGR) of 8.1% projected for the industrial radiography industry from 2020 to 2025 indicates the average annual growth rate at which the industry is expected to expand over the specified time period. This statistic accounts for compounding effects, providing a more accurate representation of growth compared to simple average calculations. A CAGR of 8.1% suggests a steady and healthy growth trajectory for the industry, indicating increasing demand and opportunities. It can be utilized by industry stakeholders and investors for strategic planning, forecasting future revenues, and assessing investment potential in the industrial radiography sector.
The digital radiography segment holds over 60% share in the global industrial radiography market.
The statistic indicates that digital radiography technology accounts for more than 60% of the total market share in the global industrial radiography industry. Digital radiography involves using electronic sensors to capture and display images, offering advantages such as faster image acquisition, better image quality, and easier storage and sharing compared to traditional film-based radiography. The significant market share held by digital radiography suggests a strong preference for this technology among industrial users for its efficiency, accuracy, and convenience, driving its dominance in the industry over other radiography methods.
Radiography testing services are expected to see the highest growth in the sector, around 9.8% CAGR till 2025.
The statistic indicates that the radiography testing services sector is projected to experience significant growth with a compound annual growth rate (CAGR) of around 9.8% until the year 2025. This suggests a strong upward trend in demand for radiography testing services, which are commonly used in various industries such as healthcare, manufacturing, construction, and oil and gas. The high growth rate implies increasing investment and adoption of radiography testing methods due to factors such as advancements in technology, regulatory requirements, and the importance of ensuring quality and safety standards. This forecast suggests that the radiography testing services industry is poised for expansion and presents opportunities for businesses operating within this sector.
The petrochemical and gas industry application segment is projected to have the highest CAGR of 9.7% during the forecast period of 2020-2025.
The statistic indicating that the petrochemical and gas industry application segment is projected to have the highest compound annual growth rate (CAGR) of 9.7% during the forecast period of 2020-2025 suggests that this particular industry is expected to experience significant and steady growth over the next five years. This growth rate indicates that there is increasing demand for products and services within the petrochemical and gas sector, likely driven by factors such as technological advancements, increasing global energy consumption, and expanding industrial activities. Companies operating in this segment can potentially capitalize on these growth opportunities by investing in innovation, expanding their production capacities, and adapting to changing market dynamics to maximize their market share and profitability.
Europe is the second-largest market for industrial radiography after North America.
The statistic indicates that Europe is the second-largest market for industrial radiography, a non-destructive testing method used in various industries to inspect materials for flaws or defects. This implies that industrial radiography is widely used in Europe, with a significant demand for services and equipment related to this testing method. The ranking suggests that North America has a larger market for industrial radiography, but Europe still holds a substantial share of the global market, highlighting the importance of radiography in European industries and the potential for growth and development in this sector within the region.
The increase in demand from the automotive and aerospace sector is a substantial factor in the market growth.
This statistic highlights the significant impact of increased demand from the automotive and aerospace sectors on overall market growth. The rise in demand from these industries can be attributed to various factors such as technological advancements, increased consumer spending, and a growing focus on sustainability. The automotive and aerospace sectors are key drivers of innovation and economic development, leading to a ripple effect across related industries and the broader economy. As demand in these sectors continues to grow, it fuels market expansion, creates opportunities for suppliers and manufacturers, and stimulates job creation. Therefore, the increase in demand from the automotive and aerospace sectors serves as a substantial and positive factor in driving overall market growth.
Asia Pacific is projected to witness substantial growth with a CAGR of over 10% during 2019-2025.
The statistic indicates that the Asia Pacific region is expected to experience significant growth in a particular industry or sector, with a Compound Annual Growth Rate (CAGR) exceeding 10% between the years 2019 and 2025. This suggests a positive and robust trend in economic expansion, market demand, or investment opportunities within the Asia Pacific region during this period. The projected growth rate indicates the potential for substantial market development and increased business activities, making the region an attractive destination for investors, businesses, and stakeholders looking for growth opportunities.
The market size of the portable radiography equipment segment was over USD 300 million in 2018.
This statistic indicates that in 2018, the total market size for portable radiography equipment surpassed USD 300 million. This implies that there was significant demand and revenue generated from the sales of portable radiography equipment within that specific segment of the market. The figure of over USD 300 million underscores the economic importance and size of the market for portable radiography equipment in 2018, suggesting a growing interest in this technology and its applications in various industries such as healthcare, civil engineering, and manufacturing. This data serves as a quantitative measure of the market’s scale and potential opportunities for businesses operating in this sector.
The oil & gas industry is one of the major contributors to the industrial radiography market, contributing around 29.9% of total market revenue.
This statistic indicates that the oil & gas industry plays a significant role in the industrial radiography market, accounting for approximately 29.9% of the total market revenue. Industrial radiography is a non-destructive testing method commonly used in industries such as oil & gas to inspect materials for flaws or defects without causing damage to the tested components. The high contribution from the oil & gas industry suggests a heavy reliance on industrial radiography for quality control, safety inspections, and maintenance of their equipment and infrastructure. This highlights the importance of industrial radiography services within the oil & gas sector and underscores the industry’s commitment to ensuring operational efficiency and safety standards.
Computed radiography is anticipated to register a CAGR of over 9.0% from 2019 to 2025.
This statistic indicates that the computed radiography market is expected to have a Compound Annual Growth Rate (CAGR) of over 9.0% from the year 2019 to 2025. This means that the industry is projected to experience a steady annual growth rate of at least 9.0% during this period. A high CAGR suggests that the market for computed radiography is likely to expand substantially over the specified timeframe, reflecting increasing adoption and demand for these technologies in the healthcare sector. This growth rate can be indicative of various factors such as technological advancements, increasing investments, and rising applications of computed radiography in medical imaging.
In the Middle East & Africa region, the Saudi Arabian industrial radiography market size is projected to exceed $80 million by 2025.
The statistic indicates that the industrial radiography market in Saudi Arabia within the Middle East & Africa region is expected to experience significant growth and reach a market size of over $80 million by the year 2025. Industrial radiography is a non-destructive testing technique used in various industries such as oil and gas, aerospace, and manufacturing to inspect the integrity of materials and components. The projected growth in the Saudi Arabian market suggests increasing adoption and demand for industrial radiography services in the country, which may be attributed to infrastructure development projects, stringent quality control requirements, and advancements in technology driving the industry forward.
The Latin American market for industrial radiography is projected to grow at a CAGR of 5.5% between 2020 and 2025.
This statistic indicates that the market for industrial radiography in Latin America is expected to experience a Compound Annual Growth Rate (CAGR) of 5.5% annually between 2020 and 2025. This means that the market is forecasted to expand steadily over the five-year period, with an average growth rate of 5.5% each year. This growth projection suggests increasing demand for industrial radiography services or products in the Latin American region during the specified timeframe, likely driven by factors such as infrastructure development, industrialization, or regulatory requirements that necessitate the use of radiography technology for inspection and quality control purposes.
By 2023, approximately 20% of the global market for industrial radiography will be concentrated in the Asia Pacific region.
The statistic indicates that by the year 2023, around 20% of the worldwide market share for industrial radiography services will be held within the Asia Pacific region. This suggests a substantial concentration of industrial radiography activities and services in countries within the Asia Pacific, likely driven by factors such as increased industrialization, infrastructure development, and a growing need for quality control and inspection services in sectors like manufacturing, construction, and oil and gas. The prominence of the Asia Pacific region in the industrial radiography market highlights the importance of this region as a key player in global industrial activities and underscores the potential growth opportunities in this sector within these countries over the specified time frame.
GE (General Electric), a key market player, held around 37.4% of the market share in 2019.
The statistic ‘GE (General Electric), a key market player, held around 37.4% of the market share in 2019’ indicates that General Electric, a significant company within its industry, controlled approximately 37.4% of the total market sales or revenues within its sector in the year 2019. This figure signifies a substantial portion of the market dominated by General Electric, showcasing its strong competitive position and influence within the industry. Companies often use market share as a key performance indicator to assess their standing relative to competitors, evaluate market trends, and formulate strategies for growth and profitability. In this context, GE’s significant market share highlights its prominence and market presence in the industry during that year.
The contribution of FujiFilm in the industrial radiography market is expected to rise by 8% by 2025, reaching a market cap of approximately $70 million.
The statistic indicates that FujiFilm is forecasted to increase its market share in the industrial radiography market by 8% by the year 2025, resulting in a market cap of around $70 million. This suggests that FujiFilm’s products and services in the industrial radiography sector are anticipated to experience significant growth and acceptance among consumers and businesses. The projected rise in market share and market cap for FujiFilm indicates their potential to expand their presence and influence in the industrial radiography market over the coming years, reflecting positive prospects for the company in this particular industry.
Conclusion
The industrial radiography industry statistics provide valuable insights into the trends and dynamics of this sector. By analyzing key metrics such as market size, growth projections, and technological advancements, businesses and stakeholders can make informed decisions to drive innovation and growth within the industry. Stay updated with the latest statistics to stay ahead of the competition.
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