X-ray Inspection System Market Worth 860.5 Million USD by 2023
PUNE, India, August 4, 2017 /PRNewswire/ --
The report "X-ray Inspection System Market by Technique (Film-Based Imaging, Digital Imaging (Computed Tomography, Computed Radiography, Direct Radiography)), Dimension (2D, 3D), Vertical (Manufacturing, Oil & Gas, Aerospace), and Geography - Global Forecast to 2023", published by MarketsandMarkets(TM), the X-ray Inspection System Market was valued at USD 545.0 Million in 2016 and is expected to reach USD 860.5 Million by 2023, at a CAGR of 6.51% between 2017 and 2023. The major factors driving the growth of this market include stringent government regulations due to security concerns, growing consumer awareness raising the bar of safety and quality standards, and demand from both developed and developing economies.
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X-ray inspection system market for digital imaging to grow at higher CAGR during forecast period
The X-ray inspection system market for digital imaging is expected to grow at a higher CAGR during the forecast period in this market. The digital imaging technique involves the use of latest technologies such as sensors, computers, and communication fields. The benefits of using this technique include instant image preview, minimized cost, enhanced image display, and faster processing than film-based imaging technique. Also, the systems based on the digital imaging techniques are easy to use and safe. These factors collectively boost its adoption in the X-ray inspection systems over the traditional film-based imaging technique.
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2D expected to have larger size of X-ray inspection system market based on dimension by 2023
The 2D segment held a larger share of this market in 2016. X-rays that are generated at a fixed point source pass through the product to be inspected and form an image on a detector. The growth of the 2D segment market could be attributed to the applicability of 2D where high precision is required in single-sided boards working in a harsh environment.
X-ray inspection system market for manufacturing vertical to grow at highest CAGR during forecast period
The X-ray inspection system market for the manufacturing vertical is expected to grow at the highest CAGR between 2017 and 2023. Various types of goods such as durable or nondurable consumer good, electronics components, and equipment have to pass regulatory standard testing before they reach the customers. This system is used in manufacturing plants to inspect and monitor regular activities for damages or irregularities, and regulate the equipment according to standard recommended values, which, in turn, is driving the growth of this market.
Americas expected to hold largest share of X-ray inspection system market during forecast period
The Americas is expected to hold the largest share of the market during 2017-2023. The Americas is home to the major players of X-ray inspection system such as North Star Imaging, Inc. (US), VJ Group, Inc. (US), and General Electric Co. (US). The well-developed manufacturing, oil and gas, and aerospace industries in this region are boosting the growth of the X-ray inspection system market as these systems are widely used for routine inspection, dimension measurement, and maintenance across these industries.
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The report also profiles the most promising players in the X-ray inspection system market. The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a force to reckon with. The key players in this market are North Star Imaging, Inc. (US), Nikon Metrology NV (Belgium), Nordson DAGE (UK), YXLON International GmbH (Germany), VJ Group, Inc. (US), 3DX-RAY Ltd. (UK), VisiConsult X-ray Systems & Solutions GmbH (Germany), Smiths Detection, Inc. (UK), Mettler-Toledo International Inc. (Switzerland), and General Electric Co. (US).
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