Press release
Strong Growth Ahead: Industrial Borescope Market Size To Grow At Arecord 6.4% Cagr By 2029
Industrial Borescope Market Size
How Big Is the Industrial Borescope Market Size Expected to Be by 2034?
In recent years, the industrial borescope market has seen robust growth. It is expected to increase from $1.72 billion in 2024 to $1.83 billion in 2025, representing a compound annual growth rate (CAGR) of 6.6%. The historical growth can be linked to expansion in segments like the aerospace and defense industry, the broadening of the power generation sector, boosted demand for remote visual inspection (RVI), the proliferation of predictive maintenance methods, and the development in the area of oil and gas exploration and refining.
Significant expansion is anticipated in the industrial borescope market in the upcoming years, with projections showing a growth to $2.35 billion by 2029 at a compound annual growth rate of 6.4%. The predicted growth during this period can be accredited to factors such as an increased desire for minimally invasive techniques, a notable shift towards intelligent manufacturing, an uptick in industrial automation, along with a heightened demand for inspection tools and renewable energy. Key trends during this forecast period are anticipated to be the incorporation of artificial intelligence, the application of machine learning in automation, progress in 3D imaging and augmented reality, the use of cloud-based storage solutions, enhanced video recording, and real-time streaming.
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What Are the Emerging Segments Within the Industrial Borescope Market?
The industrial borescope market covered in this report is segmented -
1) By Type: Flexible Borescopes, Rigid Borescopes, Video Borescopes, Other Types
2) By Application: Automotive, Aerospace, Power Generation, Oil And Gas, Manufacturing, Other Applications
3) By End-User: Industrial, Commercial, Other End Users
Subsegments:
1) By Flexible Borescopes: Fiber Optic Borescopes, Articulating Borescopes
2) By Rigid Borescopes: Non-Articulating Rigid Borescopes, Semi-Rigid Borescopes
3) By Video Borescopes: Portable Video Borescopes, HD Video Borescopes, Wireless Video Borescopes
4) By Other Types: Semi-Flexible Borescopes, Digital Borescopes, Infrared Borescopes
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What Long-Term Drivers Are Shaping Industrial Borescope Market Trends?
The industrial borescope market is anticipated to be significantly influenced by the growth of the oil and gas industry. This industry is instrumental in discovering, producing, and marketing fuels for energy production and other commodities. Not only does it supply power to homes, industries, and transportation sectors but also it contributes massively to the global economy. The ever-increasing international energy demand and the necessity for energy security lead to the growth of the sector. Industrial borescopes play a key role within the oil and gas industry by facilitating pipeline, machinery, and equipment inspections in otherwise inaccessible areas without the need for disassembly. Early problem detection enabled by these instruments helps minimize downtime, maintenance costs and enhance safety by preventing critical failures. For example, the Energy Information Administration, an agency operating under the US government, stated in May 2023 that the US in 2022, yielded a daily output of 0.6 million barrels of crude oil, indicating a year-on-year increase of 5.6% compared to the previous year. As a result, the increase in the oil and gas industry is catalyzing the expansion of the industrial borescope market.
Who Are the Top Competitors in Key Industrial Borescope Market Segments?
Major companies operating in the industrial borescope market are Emerson Electric Co., Olympus Corporation, Karl Storz GmbH & Co. KG, FLIR Systems Inc., Evident Scientific Inc., Shenzhen Yateks Co. Ltd., PCE Instruments UK Ltd., Wöhler Technik GmbH, ViZaar Industrial Imaging AG, Gradient Lens Corporation, JME Technologies Inspection Systems Ltd., Zibra Corporation, Lenox Instrument Company, Advanced Inspection Technologies Inc., Medical Intubation Technology Corporation, USA Borescopes, Fiberscope, Oasis Scientific, Dart Systems, VSNDT.
What Industrial Borescope Market Trends Are Gaining Traction Across Different Segments?
Leading companies in the industrial borescope market are concentrating on technological advancements, like superior analytics, to augment inspection abilities, boost precision in detecting defects, and fine-tune maintenance procedures. Superior analytics involve the application of advanced tactics like machine learning, artificial intelligence (AI), and extensive data analysis to draw out deep insights, forecast results, and refine decision-making. For example, in February 2024, US-based industrial inspection solution provider, Waygate Technologies, introduced the Everest Mentor Visual iQ+, a cutting-edge video borescope that utilizes AI and machine learning to enhance data correctness and slash inspection duration for vital tasks in aviation and energy production. With its advanced central processing unit (CPU) to increase productivity, it also has the Blade Counter 2.0, an AI-driven automation device for effective gas turbine inspections. Increased user experience and operational efficiency is also assured with the addition of voice control, as well as improved steering and articulation.
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Which Regions Are Becoming Hubs for Industrial Borescope Market Innovation?
North America was the largest region in the industrial borescope market in 2024. The regions covered in the industrial borescope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Borescope Market?
2. What is the CAGR expected in the Industrial Borescope Market?
3. What Are the Key Innovations Transforming the Industrial Borescope Industry?
4. Which Region Is Leading the Industrial Borescope Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
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