Video borescopes are micro cameras attached to portable and rugged insertion tubes that allow users to inspect and image in locations that are otherwise inaccessible or too dangerous for the camera operator to enter directly. Video borescopes are commonly used for industrial applications such as machinery inspection, airplane inspection and repair, automotive inspection and repair, and many more. They provide high definition images and videos from hard to reach areas to facilitate troubleshooting, quality control checks, and maintenance procedures. The global video borescopes market is estimated to be valued at US$ 814.7 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from various end-use industries: One of the major drivers fueling the growth of the video borescopes market is the increasing demand from various end-use industries such as aerospace, automotive, healthcare, manufacturing and others. Video borescopes help facilitate inspection and repair activities in these industries. For instance, in aerospace industry they are used for airplane engine inspection and repair. Similarly, in automotive industry they are used for inspection of hard to reach areas inside engines and other vehicle parts.
The flexibility and portability offered by video borescopes: Another driver for the market growth is the flexibility and portability offered by video borescopes. Unlike traditional inspection methods, video borescopes do not require disassembling of machinery or equipment for inspection. They can easily maneuver inside confined spaces with their flexible insertion tubes and camera heads. Also, they are compact and portable which allows for on-field inspections. This makes them a preferred inspection tool over traditional methods.
Segment Analysis
The video borescopes market is dominated by the inspection segment, which accounts for over 60% share of the overall market. Video borescopes are widely used across industries like automotive, aviation, power generation, oil & gas, marine, and semiconductors for inspection purposes. The inspection of hard to reach areas inside machinery, equipment, and components is done using video borescopes to detect cracks, leaks, corrosion and other defects. This helps in preventing catastrophic failures and unplanned downtime. The growing demand for preventive maintenance and quality checks across various industries has propelled the inspection segment’s dominance in the video borescopes market.
PEST Analysis
Political: Stringent government regulations regarding workplace safety, product quality, and emissions are boosting demand. Countries pushing industrialization via initiatives like ‘Make in India’ are positively impacting market growth.
Economic: Rising GDP, increasing manufacturing output, and high capital expenditure on machinery across developed and developing nations are fueling market expansion. Cost-savings from preventive maintenance using video borescopes also encourage adoption.
Social: Growing emphasis on worker safety, asset protection, and productivity improvement across industries is driving greater acceptance of video borescopes.
Technological: Advancements like miniaturization, higher resolution, compatible software/apps, and new functionalities like measurements are enhancing capabilities and spurring refresh cycles.
Key Takeaways
The Global Video Borescopes Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing industrialization and stringent regulations. The inspection segment will continue dominating aided by the necessity of preventive maintenance across industries.
Regional analysis: North America currently captures the largest share of over 35% of the global market owing to well-established manufacturing industries and greater awareness. Asia Pacific is poised to emerge as the fastest growing region supported by strong growth in core industries and government initiatives promoting industrial development and factory production.
Key players: The key players operating in the video borescopes market include Olympus, GE, Karl Storz, SKF, MORITEX, Mitcorp, VIZAAR, Yateks, Lenox Instrument, and Gradient Lens. Key players are focusing on new product launches with advanced features and expanding to emerging regions to strengthen their market position.
