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.With the significant growth of major industries like food and beverage, automotive, power plants and many others, market demands for industrial digital x-ray has been raising rapidly. Moreover, technological growth along with higher demands towards portable systems are also acting as major drivers fuelling the growth of Industrial Digital X-Ray Market.
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.
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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. Higher investments towards research and development towards improving the inspection standards are also affecting the market growth of industrial digital x-ray.
Drivers – LATAM Industrial Digital X-Ray market
Rising demand of portable systems
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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