The growing opportunity for radiography in additive manufacturing is expected to drive growth in the market. Additive manufacturing based on 3D printing has been recording significant development with the introduction of new technologies. With an increase in the use of additive manufacturing, the need for radiographic testing has grown. Analysts have predicted that the industrial radiography equipment market will register a compound annual growth rate (CAGR) of almost 14% by 2023.
Manufacturers must comply with the policies to avoid product recalls or penalties. Over the years, regulations pertaining to product quality and safety in industry have increased in number.
The presence of many regional and international players characterises the global radiography equipment market, even though it is moderately concentrated.
A new report from Research and Markets details the list of factors that will drive and challenge the growth of the industrial radiography equipment market during the period from 2019-2023.
The market appears to be fragmented and, with the presence of several companies including Anritsu and Comet Holding, the competitive environment is quite intense. Factors such as the rising opportunity for radiography in additive manufacturing and the growing requirements for regulatory compliance for safety will provide considerable growth opportunities to industrial radiography equipment manufacturers. Anritsu, Comet Holding (Comet Group), General Electric, Illinois Tool Works (North Star Imaging) and Nikon are some of the major companies covered in this report.
Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is the growing opportunity for radiography in additive manufacturing.”
According to the report, one of the major drivers for this market is the growing requirement for regulatory compliance concerning safety.
Furthermore, it states that one of the major factors hindering the growth of this market is the high competition within it.
The study was conducted using an objective combination of primary and secondary information, including input from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a strengths, weaknesses, opportunities and threats (SWOT) analysis of the key vendors.