CHICAGO, Oct. 24, 2023 /PRNewswire/ -- The global X-ray inspection system market is expected to be valued at USD 0.8 billion in 2023 and is projected to reach USD 1.1 billion by 2028; it is expected to grow at a CAGR of 6.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the X-ray inspection system market is propelled by rising focus on safety and quality of products in emerging economies, and rising level of automation in manufacturing. However, concerns for radiation exposure are restraining the growth of the market.
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X-ray Inspection System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 0.8 billion |
Estimated Value by 2028 | $ 1.1 billion |
Growth Rate | Poised to grow at a CAGR of 6.2% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, Dimension, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexity in integration of X-ray inspection system with existing production lines |
Key Market Opportunities | Rising level of automation in the field of manufacturing creates opportunity for X-ray inspection system manufacturers |
Key Market Drivers | Increasing awareness among the consumers for quality of the products driving the market |
2D segment is expected to hold the largest share during the forecast period.
The 2D segment in X-ray inspection systems are expected to dominate owing to versatility and the X-ray inspection system is well-suited for numerous applications in diverse industries, including electronics, automotive, aerospace, and food production. Their ability to inspect a wide range of products and components makes them highly adaptable.
Oil and gas Segment is projected to witness growth at the highest CAGR during the forecast period.
The Manufacturing sector is expected to experience substantial growth during the forecasted period, primarily due to the escalating investments. Governments and businesses on a global scale are increasingly acknowledging the pivotal role of manufacturing in fostering economic development. This recognition has led to a surge in investments aimed at enhancing manufacturing facilities and technologies. Moreover, many manufacturing industries are expanding in response to the rising domestic and international demand.
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North America to dominate X-ray inspection system market during the forecast period.
North America is expected to dominate in the X-ray inspection system market during the forecast period. Numerous prominent manufacturers and suppliers of X-ray inspection systems operate in the region. Their presence has stimulated fierce competition and innovation, which in turn accelerates the expansion of the market. Furthermore, the increasing adoption of X-ray inspection systems in manufacturing and quality control procedures is a significant driver of this growth.
The X-ray inspection system market includes significant Tier I and II players like Mettler Toledo (US), Nordson Corporation (US), Comet Group (Switzerland), Anritsu (Japan), Viscom AG (Germany), North Star Imaging Inc. (US), Nikon Corporation (Japan), Ishida Co. Ltd. (Japan), Omron Corporation (Japan), and Toshiba IT & Control Systems Corporation (Japan), are some of the key players in the X-ray inspection system market.
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