by Video borescopes are endoscopic devices that facilitate internal visual inspections and diagnostics. They consist of a flexible insertion tube with a fiber optic imaging bundle, an eyepiece or imaging camera at the proximal end, and LED lighting. They are widely used across various industries for inspection purposes such as aircraft engines, industrial machines, pipes, turbines, and reactors. The global power generation industry has witnessed increasing adoption of video borescopes for inspecting components without dismantling turbines, hydroelectric plants, wind turbines, and nuclear reactors. This is because visual inspections using video borescopes provide a cost-effective and convenient solution compared to dismantling large equipment for inspection.
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 Dynamics:
The rising demand for effective inspection technology in the power generation industry is a key driver for the video borescopes market. Power plants require periodic inspections to ensure optimal performance and prevent unexpected failures. Video borescopes enable inspecting turbines, generators, boilers, and other components without disassembling large equipment. This significantly reduces downtime and maintenance costs for power companies. Another driver is the increasing focus on safety inspection in oil & gas pipelines and refineries. Strict government regulations mandate periodic checks for corrosion and leaks in oil and gas transport infrastructure. Video borescopes equipped with explosion-proof designs are widely used as they allow inspecting pipelines and vessels in hazardous locations in a safe manner. This boosts compliance and safety standards in the oil & gas industry.
Segment Analysis
The global video borescopes market is segmented by type, diameter type, image type, end-use industry, and geography. Based on type, the market is divided into flexible borescopes, articulating borescopes, and rigid borescopes. The articulating borescopes segment is projected to dominate the market over the forecast period due to the availability of multi-part articulating band design which allows precise navigation inside pipes and tubes. By diameter type, the market is classified into 0 mm – 3 mm, 3 mm – 6 mm, 6 mm – 10 mm, and above 10 mm. The 6 mm – 10 mm segment is expected to be the largest as borescopes of this size are frequently used for inspection in power generation, aviation & transportation and automotive components.
PEST Analysis
- Political: Liberalization of regulations for industrial inspection equipment will support market growth. Regulations for workplace safety are getting stronger which will boost demand.
- Economic: Rising manufacturing sector and industrialization in developing economies will drive the market. Infrastructure investments and maintenance activities require borescopes for quality inspection.
- Social: Workplace safety is a top priority for organizations. Borescopes help avoid accidents by enabling internal inspections of machinery without disassembly. This supports market growth.
- Technological: Advances in miniaturization, image sensors, and battery life are enhancing borescope capabilities. Wireless transmission standards like Wi-Fi and Bluetooth enable remote viewing on mobile devices.
Key Takeaways
The Global Video Borescopes Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The articulating borescopes segment dominates due to applications in industrial machinery inspection.
Regional analysis: North America region holds the highest share currently due to large manufacturing and power industries. Asia Pacific region is projected to grow at the fastest pace led by China, India, and other ASEAN countries on account of rapid industrialization.
Key players: Key players operating in the video borescopes market are Olympus Corporation, GE Inspection Technologies, 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. The market leaders are focusing on product launches and partnerships to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
