Yahoo Finance Industrial Endoscope Market is Projected to Grow at a CAGR of 6.7% by 2030 - Report by Market Research Future (MRFR)
Growing Remote Visual Inspection Needs
New York, US, Nov. 30, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Industrial Endoscope Market: Information By Industry Vertical, and Region—Forecast till 2030, the market reached a valuation of USD 352.1 MN in 2020. The reports further predict the market to flourish at a robust CAGR of over 6.7% during the assessment timeframe.
Industrial Endoscope Market Overview:
The industrial endoscope market is expected to perceive notable growth in the coming years. The rapid adoption of these endoscopes and technological advances are key growth drivers. An industrial endoscope, also known as a borescope, is visual inspection equipment. These devices consist of a rigid/flexible tube with a dual camera. The tube is inserted into engine bays, pipes, cavities, and other hard-to-reach places to capture and send out images to an ocular or screen, displaying the current status of these.
This equipment has become important for plumbers and electricians to inspect drains, pipes, and wiring without disturbing/breaking the surface of walls and ceilings. These devices are also useful for mechanics to look inside vehicle engines or suspension parts without dismantling the whole setup.
Oil and gas is among the first few industries to deploy endoscopes on a large scale to inspect cavities in pipelines and other hard-to-reach places. Soon, endoscopes moved to other industries like energy & power, construction & infrastructure, and automotive & aerospace manufacturing, where it is crucial to monitor difficult-to-access areas.
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Active players in the industrial endoscope market are-
SKF Group
Olympus Corporation
PCE Instruments
Teledyne Technologies Inc.
Shenzhen Yateks Co., Ltd.
Baker Hughes Company
Innoview GMBH
STS Corporation
KARL STORZ NDTEC GMBH
IT Concepts GMBH.
Industrial Endoscope Market Report Scope:
Report Metric | Details |
Industrial Endoscope Market Revenue | USD 352.1 Million |
Growth Rate | CAGR of 6.7% from 2022 to 2030 |
Base Year | 2021 |
Study Period | 2022-2030 |
Key Market Opportunities | Developments in Aerospace Technology Demanding Inspection Equipment's |
Key Market Drivers | Increasing Need for Inspection in Manufacturing Operations |
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Industry Trends
The rapid industrialization in the Americas, APAC, and Europe increased the pressure to boost productivity & efficiency and lower manufacturing costs to reduce the maximum retail price (MRP) of products. Moreover, the industrial revolution, Industry 4.0, spurred the demand for endoscopes for remote visual inspection (RVI), adding to the pressure mentioned above.
Over the past few years, endoscopes have evolved significantly due to key technology advancements, empowering industries to streamline processes, boost productivity, and reduce mistakes. Also, industrial endoscopes have become more affordable, accessible adaptable, autonomous, and connected.
Stringent work safety regulations imposed by governments and growing manufacturing capabilities made endoscopes a must-have device among end-user industries. Besides, growing automation in manufacturing sectors created vast market demand, making it necessary to increase productivity, improve quality, and leave no scope for errors. Rising automation has increased the adoption of endoscopes in various industries.
Convenient features of endoscopes, such as waterproof, quickly changeable scopes with a comfortable viewing angle that can transmit images allowing real-time distortion correction, make them irreplaceable in visually inspecting hazardous areas, such as pipelines in O&G and nuclear power plants.
Also, other features that allow users to control endoscopes from a distance, remote alerts, and wireless image sharing increase their adoption in heavy industries where unsafe & harmful environments are inevitable.
Industrial Endoscope Market Segments
The industrial Endoscope market is segmented into industry verticals and regions. The industry vertical segment is sub-segmented into energy & power, construction & infrastructure, manufacturing, automotive & transportation, aerospace & defense, and others. The region segment is sub-segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and the Rest-of-the-World.
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Industrial Endoscope Market Regional Analysis
North America dominates the global industrial endoscope market. The demand for inspection of manufacturing activities is growing continually with rapid industrialization across the region. Besides, the increasing focus on R&D, production, and investments to upgrade technologies boost the industrial endoscope market size.
Also, the growing governmental focus on accelerating the resiliency of the energy industry and reliable, trusted, and cyber-secure supply chains substantiate the region's industrial endoscope market shares. The US houses the largest O&G and mining industries that need endoscopes for activities like search, extraction, beneficiation, and processing of naturally existing oil, gas, and solid minerals from the earth.
With the growing mining industry, the US accounts for the leading share in the regional market. This increasing demand for industrial endoscopes in the US has been a major growth propeller. Simultaneously, the continual development and expansion of the aerospace industry in the US and Canada boost the demand for industrial endoscopes in North America.
The industrial endoscope market in the Asia Pacific region is growing rapidly. The low manufacturing cost of industrial endoscopes and market players investing in expanding their footprints across the region substantiate market revenues. Moreover, growing innovations and researches in the manufacturing inspection field foster market growth. The growing focus of governments on the development of industries creates a vast market demand for industrial endoscopes.
Industrial Endoscope Market Competitive Analysis
The industrial endoscope market appears widely expanded and highly competitive due to numerous major players operating at the international and regional levels worldwide. The industrial endoscope market is likely to witness fierce competition, with the expected extensions in products, services, and innovations. Industrial endoscope manufacturers strive to develop their devices with adept technologies and unrivaled designs & features.
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For instance, on Nov.24, 2022, SKF Group, a Sweden-based industrial equipment company, announced its plans to increase capabilities and competitiveness across China, India, and Southeast Asia by investing SEK 1.25 MN (USD 116230.74). SKF also makes endoscopes that are used across heavy industries as first-line inspection tools for the internal inspection of machinery.
The company plans to continue to increase its capabilities across Asia, investing in selected manufacturing and engineering capabilities in the region. It will invest in China, India, and Southeast Asia markets to improve its local manufacturing capabilities and boost the supply chain network, as well as accelerate regionalization. This move will strengthen SKF's ability to support major markets in the world.
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