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Video Inspection Equipment Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
Video Inspection Equipment Market Key Drivers
According to The Business Research Company's, The video inspection equipment market size has grown strongly in recent years. It will grow from $1.38 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to regulatory compliance, aging infrastructure, cost reduction, increased awareness.
The video inspection equipment market size is expected to see strong growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to integration with AI and IoT, expansion of end-use industries, demand for non-destructive testing (NDT) solutions, emerging markets, focus on remote operations. Major trends in the forecast period include miniaturization and portability, enhanced data analytics capabilities, shift towards cloud-based solutions, rise of augmented reality (AR) integration, sustainability and environmental monitoring.
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Market Drivers and Trends:
The increase in construction projects is expected to propel the growth of the video inspection equipment market going forward. The construction project involves planning, creating, renovating, and maintaining physical structures and infrastructure. The increase in construction projects can be attributed to growing urbanization, infrastructure development demands, and economic expansion. Video inspection equipment in construction projects facilitates precise examination of structures, ensuring quality control and identifying potential issues. For instance, according to a report published by the Office for National Statistics, a UK-based administrative office, the construction sector saw a record rise of 12.7% in 2021 compared to 2020. Further, the construction output volume increased by 2.0% in December 2021, driven entirely by a 3.5% growth in new work. Therefore, the increase in construction projects is driving the growth of the video inspection equipment market.
Major companies operating in the video inspection equipment market are developing innovative products, such as drop camera systems, to gain a competitive edge in the market. A drop camera system is an underwater imaging device typically consisting of a camera attached to a cable or rope, designed to be lowered into bodies of water to capture visual data of aquatic environments, marine life, or submerged structures. For instance, in February 2023, Ashtead Technology Inc., a UK-based subsea technology company, launched a standard drop camera system tailored for high-resolution seabed visual inspection and engineered to operate in water depths of up to 4000 meters. This state-of-the-art system boasts a depth rating of 1000 meters as standard, with the capacity to extend to 4000 meters utilizing sonar coaxial cable technology. The system streams uninterrupted real-time HD 720P video during surveys while simultaneously capturing 16.6-megapixel digital stills and stunning 4K video footage for post-survey analysis. The topside system, which features a digital video recorder, ensures smooth high-definition video recording in real time. This is enhanced by Ashtead Technology's exclusive drop camera system control software. This innovative software lets users fine-tune camera position, orientation, and light intensity within the frame, providing optimal imagery quality. With the capability to deliver an impressive 4 x 9000 lumens of light intensity, the topside software further enhances the visual inspection process.
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Major Key Players of the Market:
Olympus Corporation, Fluke Corporation, Teledyne Technologies Incorporated, CUES Inc., DEWALT, TechCorr, Aries Industries Inc., Silverline Tools, Vivax-Metrotech Corp., General Tools & Instruments, Subsite Electronics, IBAK Helmut Hunger GmbH & Co. KG, Envirosight LLC, Hathorn Corporation, RIDGID Tools, Teamforce Tools, Teslong Technology Limited, MyTana LLC, REED Instruments, REFCO Manufacturing Ltd., Tool Master, ROTEK, Extech Instruments
Video Inspection Equipment Market 2024 Key Insights:
• The Video Inspection Equipment Market is expected to grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Increase In Construction Projects Fuels Growth In The Video Inspection Equipment Market
• Advanced Drop Camera Systems Transforming The Video Inspection Equipment Market
• North America was the largest region in the video inspection equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video inspection equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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