Research Nester assesses the growth and market size of the global borescope market which is anticipated to be on account of the rising need for inspection in a non-destructive way and the high cost of losses caused by poorly maintained infrastructure.
New York – June 17, 2023- Research Nester’s recent market research analysis on “Borescope Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global borescope market in terms of market segmentation by technology, diameter, end user, and by region.
Need for Frequent Maintenance and Inspection to Promote the Global Market Share of Borescope
The global borescope market is estimated to grow majorly on account of the poorly managed and maintained machines and infrastructure can lead to huge losses caused by machines, downtime, and wear and tear of infrastructural parts. Borescopes are very useful for inspecting inside components or structures to which direct access is restricted. Corrosion costs the world USD 2.2 trillion each year, or more than 3% of global GDP, as per the estimates of the World Corrosion Organization. Owing to these losses, the need for deep inspection has become utterly important. On any given day, over 25,000 inspections are carried out in factories and on-site in the United Kingdom to look for errors and damage in a wide range of products, facilities, and structures. Furthermore, it is projected that approximately 120,000 inspectors are deployed globally.
Besides this, the introduction of high-resolution cameras in boroscopes is expected to drive the market growth. Advances in camera resolution have a substantial impact on the borescope market, resulting in various benefits such as higher image quality, greater detecting capabilities, better documentation and reporting, and the ability to conduct more effective remote inspections.
Some of the major growth factors and challenges that are associated with the growth of the global borescope market are:
Growth Drivers:
• Surging Need for Non-Destructive Inspection
• Rising Development of Power Plants
Challenges:
Many times, the borescopes are not completely reliable and the borescope market also faces fierce competition from other inspecting equipment, these are some of the major factors anticipated to hamper the global market size of borescopes. The borescope market is highly competitive, with manufacturers constantly introducing new technologies and features. While this is positive in terms of innovation, it can also present challenges for market growth. Rapid technological advancements can make older borescope models quickly outdated, leading to shorter product lifecycles and potentially limiting market penetration. On the other hand, the price of a borescope is exorbitant, which makes it inaccessible to small industries.
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Based on end users, the global borescope market is segmented into oil & gas, energy & power, automotive, aerospace, chemicals, and metallurgical. The automotive segment will be responsible for the greatest share of the market by the end of 2035 by growing at a significant CAGR over the forecast period. The segment’s growth is primarily driven by the rising popularity of electric vehicles and the growing demand for ADAS in vehicles. Furthermore, on this basis, the market is further fragmented into videoscope, semi-rigid, fiberscope, and rigid borescope. Out of all the videoscope is expected to dominate the market growth in the projected time frame. On the other hand, fiberscope is also gaining popularity in the automotive, and energy sectors.
On analyzing the region, the North America will hold the largest market share by the end of 2023, and Asia Pacific will grow at the highest CAGR over the forecast period. Furthermore, over the period, Europe is also expected to display significant growth. Europe has rigorous quality and safety standards across various industries. borescopes play a crucial role in meeting the standards by enabling thorough inspections of critical components and systems. Industries such as aerospace and healthcare have particularly high standards, and borescopes are essential tools for compliance. The emphasis on quality and safety fuels the demand for borescopes in Europe.
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This report also provides the existing competitive scenario of some of the key players of the global borescope market which includes company profiling of OLYMPUS CORPORATION, PCE Instruments UK Limited, Temperature & Process Instruments, Inc., Inspection Experts, Inc., MORITEX Corporation, VIZAAR AG, Yateks, Lenox Instrument Company, and Cannon Medical Systems USA, Inc., and Healthmark Industries Co.
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