by Video borescopes are driving innovations in industrial inspections by enabling visual access to confined spaces. With increasing adoption across various end-use industries such as automotive, aerospace, and manufacturing.
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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Video borescopes are optical probe devices that consist of a rigid or flexible insertion tube, camera module, high-resolution video display, and a portable light source. They are used for non-destructive visual examination and inspection of confined spaces without damaging or dismantling equipment. They help detect cracks, corrosion, and other imperfections in hard-to-reach areas. The growing complexity and miniaturization trends across various sectors have increased the need for advanced visualization tools for inspection of intricate internal components. This factor along with regulatory compliance for quality control and predictive maintenance is propelling the adoption of video borescopes.
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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends gaining traction in the video borescopes market is the increasing demand for wireless and Bluetooth-enabled video borescopes. Wireless connectivity enables real-time monitoring and inspection from remote locations without physical cables or wires getting in the way. This improves worker mobility and safety. Manufacturers are introducing wireless video borescope prototypes with advanced features such as high definition, wide-angle lenses, and integration with tablets and smartphones for enhanced visualization and portability. Growing preference for wireless technologies among end-users will continue shaping innovations in the market during the forecast period.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants entering the video borescopes market is low to moderate owing to the presence of major players that dominate the market. In addition, there is also need for large investments in R&D required to develop similar products.
- Bargaining power of buyers: The bargaining power of buyers in the video borescopes market is moderate. Buyers have various alternatives available to choose from various players operating in the market. However, the switching cost between alternatives is low.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major suppliers provide components required to manufacture video borescopes. However, there are also alternatives available to source components from.
- Threat of new substitutes: The threat of substitutes is moderate. There are alternatives available for visual inspections such as CCTV cameras. However, video borescopes have highly specialized applications.
- Competitive rivalry: The competitive rivalry in the market is high owing to the presence of global as well as regional players. Market players compete based on product features and pricing.
Key Takeaways
The Global Video Borescopes Market Growth is expected to witness high. North America region currently dominates the market owing to high investments in maintenance and inspection of aged infrastructure. Europe is also expected to register high growth rate during the forecast period.
Regional analysis: Asia Pacific region is expected to be the fastest growing market for video borescopes. This is attributed to the increasing infrastructure development activities especially in China and India. Rising industrialization supplemented by government initiatives for infrastructural development will drive the demand.
Key players: Key players operating in the video borescopes market are Olympus Corporation, GE Inspection Technologies (now part of Baker Hughes), Karl Storz GmbH & Co. KG, SKF Group, FLIR Systems Inc., Yateks Corporation, PCE Instruments, Vizaar Industrial Imaging AG, VJ Technologies Inc., Gradient Lens Corporation, Medit Inc., RF System Lab (now owned by Olympus Corporation), Coantec Automation Technology Co. Ltd., IT Concepts GmbH, Chongqing Weichuang Flextube Technology Co. Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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