Borescope Market Segmentation, Industry Analysis By Production, Consumption, Revenue And Growth Rate By 2030
The global borescopes market size reached USD 712.5 Million in 2021 and is expected to register a revenue CAGR of 4.2% during the forecast period, according to latest analysis by Emergen Research. Growing adoption of automation in manufacturing industries is the key factor driving market revenue growth. Borescopes are utilized where accessibility is destructive, time-consuming, and expensive such as at the time of inspection of gas turbines, heat exchangers, aircraft operations, hydraulic components, inspection of welding joints, and HVAC system. In addition, growing adoption of borescopes in the automotive industry is driving revenue growth of the market. Borescopes can be utilized in a variety of automotive applications, including inside engine inspection, catalytic converter tube, brake system, transmission, evaporator, behind instrument panel, AC system, exhaust system, engine mount, camshaft, intake, valves, power windows, and others. Automotive borescopes are scaled-down versions of industrial endoscopes, which are used to inspect internal components of various vehicles. However, in the automotive sector, several repair shops now prefer to use borescopes during the repair or service of various automobiles.
With an industrial video borescope, such tear-down is frequently avoided by keeping the equipment linked and immediately accessible. In addition, one can prevent equipment downtime by using an industrial video borescope’s tiny camera, which can find anomalies in difficult-to-reach places on equipment such as debris inside a gas turbine. Moreover, equipment must typically be completely disassembled for this type of inspection, which might take a lot of time to evaluate and reassemble. Many manufacturing companies are now investing in automation, which creates high demand for borescope. In March 2022, China-based electronics manufacturing company ICCPP announced a USD 28.9 million investment to upgrade its factory automation.
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The report presents a holistic investigation of the Borescope business mechanism and growth-oriented approaches undertaken by the leading companies operating in this market. The report highlights the numerous strategic initiatives, such as new business deals and collaborations, mergers & acquisitions, joint ventures, product launches, and technological upgradation, implemented by the leading market contenders to set a firm foot in the market. Hence, this section is inclusive of the company profiles of the key players, total revenue accumulation, product sales, profit margins, product pricing, sales & distribution channels, and industry analysis.
Leading Players Profiled in the Report Include:
Baker Hughes Company, Gradient Lens Corporation, Olympus Corporation, Asian Contec Ltd. (Stanlay), JME Technologies, PCE Instruments, USA Borescopes, Fluke Corporation, Gradient Lens Corporation, and Ome-top Systems Co., Ltd
Some Key Highlights from the Report
- The flexible borescopes segment is expected to register a steady revenue growth rate over the forecast period due to rising demand for this borescope in manufacturing industries. Flexible borescopes are designed to navigate through tight, challenging spaces. It gives users ability to visually inspect small-diameter structures in great detail.
- The aviation segment is expected to register a steady revenue growth rate over the forecast period due to high demand for borescopes in the aviation sector. Borescope inspection is beneficial for a variety of equipment types, such as aviation engines and other rotating machinery. In addition, borescopes are widely used in the aviation industry to assure airplane safety and performance. Moreover, borescopes are used to inspect airplane engines, brakes, inside wings, and behind instrument panels to observe locations that are generally difficult to access without disassembling equipment.
- The Asia Pacific market is expected to register a significantly fast revenue growth rate during the forecast period due to rising adoption of borescope in aviation and automotive industries in countries across this region, especially in China, Japan, and India. China is one of the world’s top automotive producers. According to China Association of Automobile Manufacturers (CAAM), overall vehicle sales in China in 2022 is predicted to reach 27.5 million units.
- On 30 June 2022, Asian Contec Limited, an India-based engineering equipment distribution & manufacturing company signed an exclusive sales distribution agreement with Tribrer for sale of optical time domain reflectometers, optical power meters, optical laser sources, splicing machines, and fiber accessories in the Indian market. Tribrer is one of the world’s largest manufacturers of high-quality optical fiber test instruments, supplying major OEMs across the globe.
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Emergen Research has segmented the global borescope market based on type, angle, diameter, end-use, and region:
Type Outlook (Revenue, USD Million; 2019-2030)
- Video Borescopes
- Rigid Borescopes
- Flexible Borescopes
- Semi-Rigid Borescopes
Angle Outlook (Revenue, USD Million; 2019-2030)
- 0° to 90°
- 90° to 180°
- 180° to 360°
Diameter Outlook (Revenue, USD Million; 2019-2030)
- 0 mm to 3 mm
- 3 mm to 6 mm
- 6 mm to 10 mm
- Above 10 mm
The global Borescope market is classified into the following regions:
- North America (the U.S., Canada)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Europe (the U.K., Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, the U.A.E., South Africa, Rest of MEA)
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Key Points Covered in This Section:
- Regional contribution
- Estimated revenue generation
- Vital data and information about the consumption rate in all the leading regional segments
- An expected rise in market share
- Forecast growth in the overall consumption rate
- Besides offering a vivid depiction of the global Borescope business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.
- The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2022-2030).
- The report scrutinizes the salient factors influencing the growth of the market in the near future.
- The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.
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