Video Inspection Equipment Market to Grow at a CAGR of 4.9% to reach US$ 1,834.35 Million from 2021 to 2028 | TheInsightPartners.com

The global video inspection equipment market Size is expected to grow from US$ 1,311.63 million in 2021 to US$ 1,834.35 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021–2028.

The count of sewer operations across the world is increasing Market Share at an exponential rate. To ensure the uninterrupted performance of drainage systems and sewer lines in the industrial, commercial, and residential sectors, timely maintenance and cleaning service is needed. The local government authorities of developed nations, such as the US, are investing considerably in sewage works. The United States Department of Agriculture (USDA) administers various water and waste disposal programs, and also grants & loans for sanitary sewer, drinking water, and storm drainage facilities in rural communities.

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The eligibility of such programs is limited to rural communities with a population of 10,000 people or fewer for direct loans and grants and 50,000 or lesser for guaranteed loans. Such initiatives are also aiding the growth of the video inspection equipment market. Also, such investments are utilized for operating and renovating water and sewer systems in the country. For instance, in 2018, Irish Water invested approximately € 263.072 million in its wastewater infrastructure program to enhance Ireland’s wastewater infrastructure.

However, according to the Environmental Protection Agency (EPA), due to underinvestment, treatment plants and public sewers lack development. These factors are increasing the use of advanced drainage services, primarily video inspection equipment Industry. Sewer video cameras and locate equipment inspect drainages, pipes, and sewers to locate blocks if any. Homeowners or industrialists want video inspection tools and services to fix blockages that they cannot fix by plunging, liquid drain cleaners, and sewer or drain auguring.

Impact of COVID-19 Pandemic on Video Inspection Equipment Market

The Asia Pacific region is characterized by the presence of a large number of developing countries, a positive economic outlook, a high industrial presence, and a huge population. The high growth rate of urbanization and industrialization in developing countries of the Asia Pacific region is anticipated to offer ample growth opportunities to the global video inspection equipment market Size vendors, as the investments in industrial development are quite high in the region.

These factors make APAC a major growth and Share driving region in the global video inspection equipment market. In addition to this, APAC is a global manufacturing hub with countries such as China, Japan, South Korea, and India leading the global electronics and semiconductor industry growth. The ongoing COVID-19 is anticipated to cause huge disruptions in the growth of various industries of the Asia Pacific region. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is among one of the worst affected COVID-19 countries.

The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting manufacturing, delivery schedules, and sales of various electronic products and hardware components in the global video inspection equipment market. China had also emerged from a 2-month containment phase and moved into the mitigation stage during 2020; however, the economic growth is still slow due to uncertainty and the recent comeback of COVID-19 cases in China.

India is another country where COVID-19 cases had been rising constantly and industrial activities were halted due to nationwide lockdown. Hence, the disruptions in the supply of raw materials and electronic components from China & other Asian countries have affected the manufacturing of products across the global video inspection equipment market share and thus impacted the market growth during FY 2020.

Moreover, India is the fastest-growing country in the global and APAC video inspection equipment market, according to the research study. India is also expected to surpass its 2019 market levels by 2022 only whereas other countries are expected to surpass their 2019 market levels by 2023, according to the research study.

Video Inspection Equipment Market Size Insights

Increase in Manufacturing and Constructional Projects Fuels Growth of Video Inspection Equipment Market Considerable growth in construction projects across the residential, commercial, and industrial sectors are contributing remarkably toward the adoption of drainage services. The video inspection equipment tools are widely utilized to locate exact places of clogs before purchasing any industrial land or property.

In a constantly changing world, the job of a municipal engineer has become more complex, with intensifying complexity of rules and regulations, covering the underground environment. Hence, contractors and municipal technicians have to ensure that the complete survey in underground infrastructure is conducted before initiating any other activity. The video inspection equipment Industry tools, including transporters, cameras, and recorders, are used in municipal verticals for inspection purposes.

Considering the portability, robustness, reliability, and lightweight of video inspection equipment Market tools, these are broadly needed across the manufacturing & construction industry. The increasing requirement for remote-operated inspection systems is one factor that stimulates the demand for cameras in the manufacturing & construction industry and hence aiding the growth of the global video inspection equipment market. Moreover, various localities and municipalities are using inspection cameras to improve the monitoring of clogs or blockages, propelling the penetration rate of the video inspection equipment Industry within the manufacturing industry worldwide. This is also propelling the global video inspection equipment market growth worldwide.

Application-Based Market Insights 

Based on application, the video inspection equipment market size is segmented into drain & sewer, electrical conduit & ducts, pipeline, and others. In 2020, the drain & sewer segment accounted for the largest market share across the global video inspection equipment market.

Video Inspection Equipment Market Key Players

A few key players operating in the global video inspection equipment market are Aries Industries, Inc.; CUES Inc. (SPX Corporation); Subsite Electronics; Vivax-Metrotech Corp; Rausch Electronics USA, LLC; Envirosight LLC; Hathorn Corporation; IBAK Helmut Hunger GmbH & Co. KG; CDS Corporation; and Extech (Flir Systems Inc.). Also, several other market players have been analyzed to understand the market.

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