X-Ray Detector in Industrial Sector Market Share, Current Developments, Market Size, Growth Analysis Assessment, Market Strategies and Future Outlook 2022-2031

The global X-ray detector in industrial sector market is estimated to garner a revenue of USD 336.74 Million by the end of 2031 by growing at a CAGR of 4.95% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market registered a revenue of USD 209.53 Million. The growth of the market can be attributed to the growing need for quality control across different end-use industries, especially in automotive, aerospace, power, marine, and oil & gas among others. Industrial X-ray detectors are also used for applications such as non-destructive testing (NDT) in evaluation, troubleshooting, quality control, and research. Industries around the globe are nowadays focusing on improving their product quality and hence are adopting various devices that help them to increase their controlling power on the quality of the product. Moreover, increasing advancements in digital imaging technologies, along with the growing shift towards Industry 5.0 standards from Industry 4.0, are also expected to boost the market growth in the coming years.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The X-ray detectors are also widely being used in the automotive industry as these devices help in detecting any error during the production process of the vehicle. Backed by the surge in the production of vehicles around the globe, the demand for these detectors is expected to increase, which in turn is projected to boost the market growth during the forecast period. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of vehicles around the globe increased from 58374162 units in the year 2000 to 91786861 units in the year 2019.

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Global X-Ray Detector in Industrial Sector Market Regional Synopsis

Regionally, the global X-ray detector in industrial sector market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 112.51 Million by the end of 2030, up from a revenue of USD 68.77 Million in the year 2020. The growth of the market in the region can primarily be attributed to the growing number of businesses available in the region, especially in the field of manufacturing. According to the statistics by the North American Industry Classification System (NAICS) Association, there were a total of 649784 manufacturing business establishments in the United States, of which, 1950 were motor vehicle manufacturing establishments. On the other hand, the market in the Asia Pacific is expected to garner the second-largest revenue of USD 93.82 Million by the end of 2030, up from a revenue of USD 52.11 Million in the year 2020. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, Singapore, and the Rest of Asia Pacific. Out of these, the market in China is projected to display the largest revenue of USD 37.46 Million by the end of 2030, up from a revenue of USD 19.37 Million in the year 2020.

Growth Drivers and Challenges Impacting the Growth of the Global X-Ray Detector in Industrial Sector Market

Growth Drivers

  • Growing Advancements in Digital Imaging Technology
  • Rising Demand for Digital Imaging Equipment in Different End-User Industries

Challenges

  • High Cost of Equipment

Global X-Ray Detector in Industrial Sector Market Segmentation Synopsis

The global X-ray detector in industrial sector market is segmented by technology into flat-panel detectors, computed radiography (CR) detectors, line scan detectors, and charge-coupled device detectors. Out of these, the flat-panel detectors segment is anticipated to garner the largest revenue of USD 165.16 Million by the end of 2030, up from a revenue of USD 103.47 Million in the year 2020. By portability, the market is segmented into fixed detectors, and portable detectors, out of which, the portable detectors segment is anticipated to grow with the highest CAGR of 5.13% during the forecast period and also attain the largest revenue by the end of 2030. By end-use application, the market is segmented into aerospace & defense, automotive, electronics & semiconductors, heavy industries & manufacturing, construction, oil & gas, and others. Out of these, the heavy industries & manufacturing segment is anticipated to garner the largest revenue of USD 89.41 Million by the end of 2030, up from a revenue of USD 53.97 Million in the year 2020.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global X-ray detector in industrial sector market that are included in our report are Varex Imaging Corporation, Thales Group, Teledyne Digital Imaging Inc., Canon Inc., Hamamatsu Photonics K.K., FUJIFILM Holdings Corporation, Carestream Health, DRTECH Co., Ltd., Vieworks Co., Ltd., Konica Minolta, Inc., iRay Technology, CareRay Medical Technologies, PROTEC GmbH & Co. KG, Waygate Technologies (Baker Hughes Company), and others.

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