Europe Industrial Radiography Market
Europe is witnessing significant investments in the oil & gas industry. The North Sea continues to remain the main source of Europe’s oil & gas demand, while several projects are in the development phase in the region. A few of the recent or ongoing projects include Johan Sverdrup Development in Norway, Rosebank & Lochnagar Oil & Gas Fields in the UK, Johan Castberg Field in Norway, and Aphrodite Gas Field in Cyprus. France and Russia have the biggest aircraft manufacturing hubs in Europe. The aviation industry is among the largest sectors across Europe, which contributes massively to the GDP of the region. Owing to the high GDP per capita, air travel is considered the most preferred means of travel among the European population. Further, the robust technological infrastructure and favorable economic conditions bolster the aerospace and aviation industry in the region, thereby propelling the growth of the industrial radiography market in Europe. The region also houses manufacturing facilities of a few of the major aircraft manufacturers, such as Airbus, Dassault Aviation, Leonardo, and Thales Group. The presence of such leading players has paved the growth path for military and civil aircraft and helicopters. The existence of aircraft and helicopter manufacturers in Europe is one of the key driving factors for the growth of the industrial radiography market in the region. The automotive industry contributes substantially to the growth of the economy by assisting the supply chain that has paved the way to the creation of a diversified array of business opportunities. Europe comprises several major automotive manufacturing assembly and production plants. There are ~298 vehicle assembly plants across the region. Over the last decade, the automotive industry gained traction in Central and Eastern Europe. Automotive manufacturers established their production sites in Central and Eastern European countries, which drives the market growth in the region. Europe is considered a joined-up sourcing, manufacturing, and logistics hub. Also, owing to the political consolidation and economic development, the region has highly attracted investors. Automotive giants such as Mercedes-Benz, Porsche, Audi, Dacia, Skoda, Jaguar Land Rover (JLR), Kia, Hyundai, VW, and BMW have established their presence in the region. Thus, the growing automotive sector in Europe supports the growth of the industrial radiography market in the region. Moreover, the presence of fossil fuel and nuclear power plants across Europe is among other factors bolstering the growth of the market.
Europe witnessed a varying impact of the COVID-19 pandemic across its economically diverse countries. For instance, countries such as Germany, the UK, the Netherlands, and France imposed stringent government restrictions and closed their borders to curb the virus spread. Additionally, countries such as Italy, Russia, and Spain witnessed a significant surge in COVID-19 cases, which led them to shut down businesses and manufacturing operations for a few months. However, numerous European countries witnessed a swift recover from the quarter 4 of 2020. Irrespective of the surge in the number of COVID-19 cases and the shutting down of business operations for months, manufacturers had to continue the production of essential products, resume it earlier than other businesses. This severely impacted the number of businesses associated or involved in manufacturing operations, such as x-ray machines manufacturers. Further, since manufacturing facilities in the region were completely shut down for months, the manufacturers of industrial radiography faced several challenges related to procuring raw material and keeping up with the overall stock. However, since the beginning of 2021, governments of countries in Europe expedited the vaccination process, and currently the number of COVID-19 cases in the region has drastically reduced. Seeing this, the government authorities have now opened up the economies. Furthermore, countries such as Germany are heavily investing in offshore wind generation projects. Germany is the birthplace of Industry 4.0, and enterprises investing in digitalization will require a high level of testing labs. Manufacturers can better handle spare parts thanks to real-time monitoring and improved analytics, which would drive the growth of the industrial radiography market in the coming years. The COVID-19 pandemic has a negative impact on the industrial radiography market in major countries of Europe.
Strategic insights for the Europe Industrial Radiography provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 172.46 Million |
| Market Size by 2028 | US$ 307.88 Million |
| Global CAGR (2021 - 2028) | 8.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technique
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Industrial Radiography refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The industrial radiography market in Europe is expected to grow from US$ 172.46 million in 2021 to US$ 307.88 million by 2028; it is estimated to grow at a CAGR of 8.6% from 2021 to 2028. Growing MRO operation; from the past few years, the rising aviation industry has been propelling the demand for aircraft maintenance, repair, and overhaul (MRO) services. A few of the aircraft MRO businesses are Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Huge spending on aviation infrastructure, economic growth, and increasing passenger count are among the factors propelling the adoption of aircraft MRO services. Moreover, the increasing number of middle-class travelers, is the main factor contributing to the growth of air travel, which is consequently increasing the need for aircraft MRO services in the region. The radiography technique is one of the most used techniques for inspecting aircraft components as it reduces overall downtime and cost subsequently. MRO companies across the region are engaged in the rapid adoption of radiography systems to ensure efficient and time-saving MRO procedures. With a rising fleet of wide-body and narrow-body aircraft, the airlines are demanding reliable and versatile systems for inspecting aircraft. Thus, it would create lucrative business opportunities for the players in the industrial radiography market in the coming years. This is bolstering the growth of the industrial radiography market.
Based on technique, the market is bifurcated into digital radiography and film-based radiography. In 2020, the digital radiography segment held the largest share Europe industrial radiography market. By end-user industry, the market is segmented into petrochemical and gas, power generation, manufacturing, aerospace, automotive & transportation, and others. In 2020, the automotive & transportation segment held the largest share Europe industrial radiography market.
A few major primary and secondary sources referred to for preparing this report on the industrial radiography market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 3DX-RAY, Anritsu, Comet Group, Fujifilm Corporation, GENERAL ELECTRIC, METTLER TOLEDO, Nikon Corporation, SHIMADZU CORPORATION, and ZEISS International among others.
The Europe Industrial Radiography Market is valued at US$ 172.46 Million in 2021, it is projected to reach US$ 307.88 Million by 2028.
As per our report Europe Industrial Radiography Market, the market size is valued at US$ 172.46 Million in 2021, projecting it to reach US$ 307.88 Million by 2028. This translates to a CAGR of approximately 8.6% during the forecast period.
The Europe Industrial Radiography Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Industrial Radiography Market report:
The Europe Industrial Radiography Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Industrial Radiography Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Industrial Radiography Market value chain can benefit from the information contained in a comprehensive market report.
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