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According to a new market report published by Credence Research Inc' X-ray Non-destructive Testing (NDT) Market–Growth, Share, Opportunities, Competitive Analysis and Forecast 2018–2026,' the global market for X-ray non-destructive testing equipment (NDT) was valued at US$ 543.0 million in 2017 and is expected to exceed US$ 950 million by 2026, growing at a CAGR of 6.8% over the forecast period 2018–2026.Market Insights:
The worldwide market for x-ray NDT equipment is anticipated to experience significant growth with improved economic condition and perspective for end-use industries including industrial manufacturing, oil and gas, defense and aerospace, construction and automotive. The use of X-ray inspection systems reduces manufacturing errors and improves manufacturers ' overall profit margins. When significant numbers of similar products are produced as per the specified standard during the manufacturing process, early identification of defect or fault can significantly reduce the overall production costs. This is true because it prevents the defective item from going through the remaining manufacturing steps.
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Oil and gas is the largest end-use application segment for X-ray NDT equipment, and by application, the segment accounted for one-third of the overall demand for X-ray NDT equipment on the global market. Increasing adoption of digital X-ray equipment in downstream and upstream activities in the oil and gas industry is anticipated in the near future to support market growth. These equipment are used for the detection of corrosion and erosion, precise measurement of wall thickness and weld quality of pipes used in the oil and gas industry. Increasing market competition and stringent production regulations are forcing industrial manufacturers to produce quality products and minimize waste. As a result, industrial manufacturers are also increasingly investing in testing and inspection solutions to improve their production process. The aerospace and defense industry is predicted to be the fastest end-use application segment with increasing aircraft, spacecraft and related products production.
Asia Pacific is the most appealing regional market for NDT X-ray equipment. China, Japan, and India are the most important markets for X-ray inspection systems, thanks to the country's vast manufacturing, power generation, and oil & gas industries. Due to strong investments in precision testing equipment, including X-ray inspection systems, the market here is expected to continue to witness robust growth during the forecast period. Another major factor fueling market growth is rising investment in security and inspection systems across the region's various industry verticals. Furthermore, with the overall increase in the adoption of non-destructive testing, the region becomes highly promising for X-ray NDT equipment.
China, one of the world's largest manufacturing countries, has a large number of manufacturing facilities across various vertical industries. Many international companies have set up additional manufacturing facilities in the country. This makes the nation one of the world's most important markets for X-ray inspection systems.
Key Players:
Rayence Inc.,
Teledyne DALSA Inc.,
Toshiba Electron Tubes and Devices Co. Ltd.,
Trixell S.A.S.,
Detection Technology,
Image Tech,
Canon Inc.,
FONA Dental Systems Co. Ltd.,
FUJIFILM Holdings Corporation,
Hamamatsu Photonics K.K.,
Konica Minolta Inc.,
Olympus Corporation,
PerkinElmer Inc.,
MatriX Technologies GmbH,
X-Scan Imaging Corporation
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ToC:
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Methodology
1.2.1 Phase I – Secondary Research
1.2.2 Phase II – Primary Research
1.2.3 Phase III – Expert Panel Review
1.2.4 Assumptions
1.2.5 Approach Adopted
Chapter 2 Executive Summary
2.1 Market Snapshot: Global X-ray Non-Destructive Testing Market
2.2 X-ray Non-Destructive Application Market, By Application, 2017 (US$ Mn)
2.3 X-ray Non-Destructive Application Market, By Geography, 2017 (US$ Mn)
Chapter 3 Market Dynamics
3.1 Product Insights and Market Overview
3.1.1 Global X-Ray Non-Destructive Testing Equipment Market Revenue and Growth, 2016 – 2026, (US$ Mn) (Y-o-Y %)
3.2 Market Inclination Insights
3.3 Market Drivers
3.3.1 Government Regulations and Quality Standards
3.3.2 Improved Profit Margins and Return on Investments
3.3.3 Advancements in Technology Driving the Replacement Demand
3.4 Market Challenges
3.4.1 High Upfront Cost and Technical Complexities
3.4.2 Cyclic Nature of the Automotive, Manufacturing, and Construction Industry
3.5 See-Saw Analysis
3.5.1 Impact Analysis of Drivers and Restraints
3.6 Value Chain Analysis
3.7 Attractive Investment Proposition
3.8 Competitive Analysis
3.8.1 Market Positioning of Key Vendors
Chapter 4 X-ray Non-Destructive Testing Equipment Market Analysis, by Application
4.1 Overview
4.2 Tornado Analysis
4.3 Aerospace and Defense
4.4 Industrial Manufacturing
4.5 Semiconductors
4.6 Power Generation
4.7 Construction
4.8 Automotive
4.9 Oil and Gas
4.10 Others (Medical, Chemical, etc.)
Chapter 5 North America X-ray Non-Destructive Testing Equipment Market Analysis
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Chapter 6 Europe X-ray Non-Destructive Testing Equipment Market Analysis
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Chapter 7 Asia Pacific X-ray Non-Destructive Testing Equipment Market Analysis
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Chapter 8 Rest of World X-ray Non-Destructive Testing Equipment Market Analysis
8.1 Market Overview and Outlook
8.1.1 Rest of World X-ray Non-Destructive Testing Equipment Market Revenue and Volume, 2016 – 2026 (US$ Mn) (Volume Units)
8.2 Rest of World X-ray Non-Destructive Testing Equipment Market Revenue and Volume, By Application, 2016 – 2026 (US$ Mn) (Volume Units)
8.2.1 SRC Analysis
8.3 Rest of World X-ray Non-Destructive Testing Equipment Market Revenue and Volume, By Geography, 2016 – 2026 (US$ Mn) (Volume Units)
8.3.1 Latin America
8.3.1.1 Latin America X-ray Non-Destructive Testing Equipment Market Revenue and Volume, 2016 – 2026 (US$ Mn) (Volume Units)
8.3.1.2 Latin America X-ray Non-Destructive Testing Equipment Market Revenue and Volume, By Application, 2016 – 2026 (US$ Mn) (Volume Units)
8.3.2 Middle-East and Africa
8.3.2.1 Middle-East and Africa X-ray Non-Destructive Testing Equipment Market Revenue and Volume, 2016 – 2026 (US$ Mn) (Volume Units)
8.3.2.2 Middle-East and Africa X-ray Non-Destructive Testing Equipment Market Revenue and Volume, By Application, 2016 – 2026 (US$ Mn) (Volume Units)
Chapter 9 Company Profiles
9.1 YXLON International GmbH
9.2 Rigaku Corporation
9.3 Teledyne DALSA, Inc.
9.4 COMET Group Limited
9.5 GE Inspection Technologies, LP
9.6 MISTRAS Group, Inc.
9.7 Nikon Metrology NV
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