Video borescopes, also known as industrial endoscopes, are fiber-optic cameras that allow inspecting the hidden interiors of systems and machinery without disassembly. They are widely used in industries such as aviation, oil and gas, automotive, maritime, and others to inspect hard-to-reach places. Using video borescopes help reduce downtime and prevent potential failures by identifying problems early. More recently, advancements in camera technology have improved image quality enabling users to spot even minor defects inside equipment or engines.
The global Video Borescopes Market is estimated to be valued at US$ 814.7 million 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 key trends:
One of the key trends driving the growth of video borescopes market is the adoption of wireless video borescopes. Wireless video borescopes help eliminate the hassle of cords and cables and provide greater mobility to the user. They transmit high definition video signal through WiFi or Bluetooth to a smartphone, tablet or laptop from within enclosed areas. This has made inspection and diagnosis much more convenient. Many manufacturers are now offering wireless video borescopes with rechargeable batteries that can last 2-3 hours on a single charge. The added mobility and flexibility offered by wireless technology is increasing its popularity among industries like aerospace, power plants etc. Another trend gaining traction is the integration of smart sensors and analytics into video borescope systems. This helps collect additional operational data during inspections and enable predictive maintenance of equipment.
Threat of new entrants: The threat of new entrants in the video borescopes market is moderate. High capital investments required to manufacture the technologically advanced products creates a barrier for new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers can compare products and prices online, which gives them more negotiating power. However, specialized medical video borescopes have fewer alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components used in video borescopes such as cameras and lighting systems come from a few specialized suppliers globally.
Threat of new substitutes: The threat of substitutes is low. No direct substitutes currently exist for video borescopes and their applications in industrial inspection and medical surgeries.
Competitive rivalry: The competitive rivalry in the market is high. The presence of numerous global and regional players leads to intense competition based on product differentiation, pricing, innovation and quality.
The Global Video Borescopes Market Size is expected to witness high growth over the forecast period.
North America is expected to dominate the market during the forecast period. Factors such as advanced healthcare infrastructure and major industry players located in the region will drive regional growth.
Europe is also estimated to hold a significant share in the global market. The increasing usage of video borescopes in automotive and aerospace applications is fueling the demand in the region. Countries such as Germany, UK, and France have a large number of manufacturing facilities, which supports regional market growth.
Key players operating in the video borescopes market are Olympus, GE, Karl Storz, SKF, MORITEX, Mitcorp, VIZAAR, Yateks, Gradient Lens, Lenox Instrument, AIT, Schindler, and OROT. These companies are focusing on new product launches, collaborations and acquiring other players to strengthen their market position and expand their global footprint.