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Growth In The Oil And Gas Industry Fueling The Growth Of The Market Due To Rising Global Energy Demand And Innovation In Extraction Techniques: Strategic Insights Driving Industrial Borescope Market Momentum in 2025
Industrial Borescope
How Large Will the Industrial Borescope Market Size By 2025?
Over the past few years, the market size of the industrial borescope has been growing consistently. The market, which is projected to increase from $1.72 billion in 2024 to $1.8 billion in 2025, is expected to experience a compound annual growth rate (CAGR) of 5.0%. This progression throughout the historic period can be ascribed to growth in the defense and aerospace sectors, extension of the power generation industry, a surge in demand for remote visual inspection (RVI), the emergence of predictive maintenance strategies, and an upswing in oil and gas exploration and refining.
How Big Is the Industrial Borescope Market Size Expected to Grow by 2029?
Expectations are high for the industrial borescope market size to experience significant growth in the coming years. An expansion to $2.27 billion by 2029 is projected, with a 5.9% compound annual growth rate (CAGR). Several aspects account for the anticipated growth in the predicted period such as the heightened demand for minimally invasive procedures, an increasing inclination towards intelligent manufacturing, a surge in industrial automation, a spike in the need for scrutiny tools, and a rise in the requirement for renewable energy. The forecasted period is expected to see trends like the incorporation of artificial intelligence, the amalgamation of machine learning in automation, progress in 3D imaging and virtual reality, developments in cloud-based data storage, advanced video documentation, and real-time streaming.
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Which Key Market Drivers Powering Industrial Borescope Market Expansion and Growth?
The expansion of the oil and gas industry is projected to stimulate the development of the industrial borescope market. The business of discovering, refining, and selling fuel for energy and other necessities is what comprises the oil and gas industry. It contributes significantly to the global economy by supplying power to industries, households, and transport systems. The rise in this industry is motivated by the escalating global energy demands and the need for energy security. Industrial borescopes in this industry are utilized for the examination of pipelines, equipment, and machinery in inaccessible areas without the need for disassembly. This aids in minimizing downtime, decreasing maintenance costs, and maintaining safety by early detection of any issues before they escalate. As an example, reports from the Energy Information Administration, a US government agency, indicate that there was a production of 0.6 million barrels of crude oil on a daily basis in the United States in 2022. This was a 5.6% increase on a year-over-year basis from the previous year as of May 2023. Consequently, the expansion in the oil and gas industry is fueling the development of the industrial borescope market.
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What Are the Key Trends Driving Industrial Borescope Market Growth?
Leading companies in the industrial borescope market are concentrating on technological enhancements, including advanced analytics, to increase inspection abilities, elevate precision in detecting defects, and fine-tune maintenance procedures. The term advanced analytics describes the employment of complex methods such as artificial intelligence, big data analysis, and machine learning to uncover profound insights, forecast results, and streamline decision-making. As an example, in February 2024, the U.S. based inspection solution provider, Waygate Technologies, unveiled the Everest Mentor Visual iQ+, a highly advanced video borescope that integrates AI and machine learning to enhance data precision and shorten inspection durations for crucial applications in the aviation and power generation industries. Equipped with an upgraded CPU to bolster productivity, it proudly presents Blade Counter 2.0, an AI-facilitated automation tool particularly designed for efficient gas turbine inspections. Further, voice control coupled with augmented steering and articulation elevates the user experience and operational effectiveness.
What Are the Emerging Segments in the Industrial Borescope Market?
The industrial borescopemarket 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
Sub Segment:
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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Who Are the Global Leaders in the Industrial Borescope Market?
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.
Which are the Top Profitable Regional Markets for the Industrial Borescope Industry?
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.
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