LONDON--(BUSINESS WIRE)-- Technavio’s latest market research report on the global industrial radiography equipment market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global industrial radiography equipment market from 2017-2021. (Graphic: Business Wire)
The global industrial radiography equipment market is expected to grow at a CAGR of more than 11% during the forecast period. This is due to the adoption of radiography systems across a wide range of sectors. The automotive, aerospace, and manufacturing sectors have significantly increased their spending on such equipment.
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The top three emerging market trends driving the global industrial radiography equipment market according to Technavio research analysts are:
- Rising demand for portable radiography equipment
- Customization of radiography equipment
- Miniaturization of radiography systems
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Rising demand for portable radiography equipment
The advent of automated portable radiography equipment has generated considerable interest from end-users. As most of the inspection activities are carried out in different locations and positions, the development of miniaturized and portable testing equipment is a necessity. For instance, equipment used to test automotive components and other minute components must be small and portable. These systems reduce testing expenditure, as the products can be tested at the vendor's location, thereby eliminating the high installation costs.
“Portable radiography equipment is much cheaper compared to their conventional counterparts and offers a better ROI. Multiple objects can be tested at different locations using a single device using this technology. These devices are also highly functional for oil rigs, where testing must be carried out at locations that are tough to access. Vendors are currently focused on reducing the size of their products to cater to this emerging demand,” says Chetan Mohan, a lead analyst at Technavio for embedded systems research.
Customization of radiography equipment
The global radiography market is witnessing a trend in equipment customization. Market vendors are customizing test machines based on the client's manufacturing process. Solutions being offered include separate equipment for tube or bar manufacturing and rolling processes for plate manufacturing. Customized equipment is specially used in production lines for testing products across end-user segments with a wide variety of applications.
“The trend of customized radiography equipment can act as a significant boon for vendors if customer-specific requirements are met efficiently during the forecast period. This trend can also negatively impact the market if manufacturers are unable to match customer requirements,” says Chetan.
Miniaturization of radiography systems
The trend of miniaturization has heavily impacted the radiography equipment market. Since most of the testing and inspection is undertaken at different locations, the need for portable and miniaturized equipment is on the rise. For instance, radiography equipment used for automotive components must be small in size as most of the components are themselves small. Similarly, in the oil and gas sector, radiography equipment needs to be compact and lightweight for inspection at locations that are difficult to access. This will ensure an easy inspection procedure.
Moreover, technological advances in manufacturing will propel the market for flexible and compact devices. Hence, Technavio predicts that radiography equipment vendors will continue miniaturizing their systems to meet the emerging demand for compact electronic devices.
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Source: Technavio Research