June 16, 2024
Video Borescopes Market

Video Borescopes Market is Set to Revolutionize Industrial Inspection Trends with Advancing Technology

Video borescopes are inspection cameras that are inserted into small openings, holes or cavities to examine the interior of machines and equipment. They provide visual inspection capabilities and help identify issues such as cracks, corrosion or wear in applications across various industries. Major industries utilizing video borescopes include automotive, aviation, power generation, oil & gas and manufacturing among others. Video borescopes enable non-destructive testing and are a cost-effective alternative to disassembling machinery for inspections. Advancing technologies are adding new capabilities like higher resolution images, measuring and recording features to video borescopes.

The global video borescopes market size is estimated to be valued at US$ 938.54 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the video borescopes market are Zhengzhou Rongsheng Refractory CO, LTD, Shanxi Guofeng Ruineng Refractory Co., Ltd., Orient Abrasives Ltd., Henan Lite Refractory Material Co. Ltd., Almatis, Kerneos, Cimsa, Calceum, Fengrun Metallurgy Material, RWC, and Caltra Nederland.

The global video Video Borescopes Market Growth is driven by growing demand from industries for effective non-destructive testing tools. Video borescopes enable inspection of inaccessible locations without dismantling equipment and ensure safety. Industries are extensively utilizing video borescopes for routine maintenance checks and quality inspections.

Major players are focusing on global expansion into emerging economies through partnerships and joint ventures. Advancements in video borescope designs with new features are further fueling their adoption. Growing infrastructure and manufacturing activities in Asia Pacific and Middle East are creating new revenue opportunities.

Market Key Trends

One of the key trends in the video borescopes market is adoption of advanced imaging technologies. Manufacturers are integrating higher resolution cameras, lenses with zoom capabilities and portable recording modules. This is improving visibility inside confined spaces. Advanced IP67/68 rated designs make video borescopes suitable for harsh and wet environments. Miniaturization of video borescope cameras allows inspection of even smaller openings less than 6mm. Integration of non-destructive testing sensors for thermal, ultrasonic and optical measurements is another trend. Wi-Fi enabled video borescopes enable real-time monitoring and remote inspections. Overall, continual technology advancement will drive the video borescopes market growth during the forecast period.

Porter’s Analysis

Threat of new entrants: Video borescopes have high production cost and established players have strong brand loyalty making it difficult for new players to enter the market.

Bargaining power of buyers: Buyers have moderate bargaining power as there are multiple established players offering varied products at competitive prices in the market.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required for video borescopes production are commodity materials available with multiple suppliers.

Threat of new substitutes: Threat is moderate as new substitutes like fiber optic scopes offer comparable functionality at competitive price points.

Competitive rivalry: Intense as established players compete on product features, pricing and supply chain efficiency to gain market share.

Geographical Regions

North America accounts for the largest share of the global video borescopes market in terms of value owing to a high focus on industrial safety and maintenance in industries like oil & gas and manufacturing.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it