The "LATAM Industrial Digital X-Ray Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for LATAM Industrial Digital X-Ray is forecast to reach $ 139.22 million by 2025, growing at a CAGR of 6.64% from 2020 to 2025.
- Computed Radiography is anticipated to grow at a higher rate during the forecast period due to its cost efficiency as well as providing advantage of reusing of imaging plates.
- The significant shift towards the portable digital x-ray is analyzed to be one of the key drivers for the LATAM Industrial Digital X-Ray market during the forecast period 2020-2025.
- Brazil had witnessed the highest growth during 2019 in the industrial digital x-ray market due to governmental regulations as well as presence of major end use industries.
By Technology - Segment Analysis
Computed Radiography is expected to grow at highest growth rate of 7.89% during the forecast period 2020-2025. As compared to conventional technology, computed radiography serves as a better alternative due to usage of imaging plates instead of x-ray films for digital image creation. This technology has helped in replacing use of chemical processing and darkrooms, thus acting as a cost effective solution in the transition from analog to digital imaging. High adoption of computed radiography technology in the market due to offering features such as better image quality scans within shorter time intervals is majorly boosting its deployment across various industrial sectors.
By Portability - Segment Analysis
Portable Digital X-ray systems has accounted for market share of $ 34.98 million during 2019 and is set to grow with a highest CAGR of 8.23% during the forecast period 2020-2025. Portable digital x-ray systems have been gaining much popularity in the market due to their capabilities of providing increased portability and flexibility. Since portable x-ray systems are accompanied with stand on wheels or are motorised, causing faster movement of equipment with eliminating the requirement of electrical plug-in, they have been facing huge demands across various industrial sectors for improving workflow efficiency. Portable digital x-ray systems are further segmented into mobile and handheld x-ray systems, out of which handheld ones are expected to have a major growth with 9.07% CAGR during the forecast period.
Geography - Segment Analysis
During 2019, Brazil was the dominating country accounting with major share of $ 33.07 million in the industrial digital x-ray market. The major industries operating in this country are automotive, chemicals, iron and steel sector among others. Since these sectors are highly prone to accidents and related risks, this causes major demands for industrial digital x-ray systems. Moreover, governmental regulations regarding safety and security across the major industry verticals have been also raising the market demands for industrial digital x-ray market
Drivers - LATAM Industrial Digital X-Ray market
- Higher efficiency
Major industries such as oil and gas, power generation, automotive and many others have been constantly raising the market demands towards efficient industrial inspection systems. Since these industries offer a hazardous environment, regular monitoring of the machinery and equipment used during manufacturing products becomes highly essential. Deployment of industrial digital x-ray systems helps the manufacturers to reduce the risks and threats caused during plant operations. Industrial digital x-ray systems are highly efficient and helps in faster detection of damages or faults related to machinery. Usage of industrial digital x-ray has been rising rapidly due to its capabilities of identifying and providing high quality scanning of valves, turbine blades, vessel nozzles and many others, reducing the risks of machine failure related accidents, fires and others.
- Rising demand of portable systems
Rising growth of portable systems has been acting as a major driver towards significant growth of industrial digital X ray market. Portable x-ray systems have been getting highly deployed majorly in automotive, food and beverage and many others due to its capability of enhancing the inspection process across an organization. Since portable systems are not fixed within one place, they can be shifted anywhere depending on the user requirement, which improves flexibility and reliability. Moreover, industries have been majorly deploying portable systems to reduce the workload pressures of its workers along with no requirement for electric plugins at times.
Challenges - LATAM Industrial Digital X-Ray market
- High costs
With growing technological advancements, wireless connectivity, cloud deployment as well as many others has been getting compiled with industrial digital x-ray systems. Such growing advancements are causing the manufacturers hike the prices of such systems. High costs have been acting as a major factor towards hampering the growth of industrial digital x-ray market. Moreover, costs associated with its maintenance also restrict majorly the small scale industries towards its lesser adoption. Though it provides, high quality inspection but its maintenance can sometimes act as a barrier for its significant market growth.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the LATAM Industrial Digital X-Ray market. LATAM Industrial Digital X-Ray market is expected to be dominated by major companies such as Baker Hughes, OR Technology, Carestream, North Star Imaging, Durr NDT GmbH, Teledyne DALSA, Sanying Precision Instruments and Fujifilm among others.
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