New York, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global borescope market size is predicted to expand at ~4% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 1 Billion by the end of 2035, up from a revenue of ~USD 700 Million in the year 2022. The global borescope market is expected to develop significantly due to inadequately operated and maintained equipment and infrastructure, which can result in enormous losses due to machine downtime and premature deterioration of infrastructure parts. The growing cost of pre-corrosion equipment is growing the demand for borescopes to inspect the equipment thoroughly. Borescopes are especially helpful for looking inside equipment or structures that have limited direct access. Around 3.3. million hours of work and about USD 1 trillion is lost every year by Fortune Global 500 industrial and manufacturing companies solely due to unplanned downtime of equipment and machines. It has an impact of USD 864 billion to the world’s economy.
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Borescope Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Automotive segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Rising Investment in Renewable Energy Power Plants is to Boost the Growth of the Borescope Market
According to the World Investment Report 2023 from UNCTAD, in 2022, USD 544 billion has been put by foreign direct investment (FDI) in the development of clean energy and help developing countries achieve Sustainable Development Goals by 2030. Moreover, the developing countries are looking forward to attracting an investment of USD 1.7 trillion. The growing investment will result in the growing development of solar plants and wind energy farms which in turn increases the demand for borescopes. The Borescope is capable of helping examine wind turbine gears, bearings, blades, and generators.
Borescope Market: Regional Overview
The global borescope market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Deployment of EVs and ADAS in Vehicles to Expand the Market’s Growth in the North America Region
The market in North America region is set to show the largest growth by the end of 2035. Major automotive companies are ramping up EV production, and electric vehicles already account for 8.5% of all new car sales in the United States. Moreover, the government of the nation is also putting special efforts to smoothen the transition from traditional vehicles to electric vehicles. The Infrastructure Investment and Jobs Act, which was passed into law in November 2021, set aside USD 7.5 billion for the development of a countrywide charging network. Initially, the funding was centered on establishing fast chargers alongside the interstate highway system, which could potentially alleviate concerns about battery range and permit long-distance travel.
Surging Adoption of Automated Machinery and Robots is to Elevate Market Growth in Asia-Pacific
The Asia Pacific market for borescope is anticipated to grow with a notable share. Industrial robot use has expanded significantly in Asia Pacific over the previous decade due to benefits like elevated productivity, steady high quality and speed, enhanced worker safety, and greater utilization of floor space. Because of the changes in the workplace caused by the epidemic, Southeast Asia's adoption of automation has expanded significantly. Australia and Singapore were the most prepared for an automated future. Korea has adopted 1000 robots per 10,000 manufacturing workers making it the world’s greatest adoption of industrial robots in 2021. The count is followed by Singapore which has 670, Japan has almost 400 and China with 322 industrial robots per 10,000 workers.
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Borescope, Segmentation by Technology
- Videoscope
- Semi-Rigid
- Fiberscope
- Rigid Borescope
Amongst all, the videoscope segment is expected to dominate the market share by the end of 2035. The growth of the segment is attributed to the rising use of videoscope in power generation plants. A high-quality video borescope is a must-have instrument for every sort of power plant. Video borescopes improve efficiency, reduce downtime, and boost manufacturing throughout all aspects of the power generation business, whether it is used in the fossil fuel, nuclear, or renewable energy industries. The rise in the number of new power plants is expected to drive the segment’s growth. According to the International Atomic Energy Agency, there were roughly 410 nuclear power reactors in service in 31 nations as of September 2023.
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Borescope, Segmentation by Diameter
- 0mm to 3mm
- 3mm to 6mm
- 6mm to 10mm
- Above 10mm
Borescope, Segmentation by End User
- Oil and Gas
- Energy and Power
- Automotive
- Aerospace
- Chemicals
- Metallurgical
Out of all, the automotive segment will be the holder of the largest market share over the projected time frame. The growth of the segment is majorly due to rising demand for electric vehicles. Global EV sales remain robust. During the first half of 2023, a total of 6 million new BEVs and PHEVs were delivered, representing a 40% increase over 2022. A borescope is used to inspect the batteries used in the electric vehicle and get a complete analysis of any corrosion, damage, and abnormalities. Moreover, it also monitors the performance of the battery, and checks for leakage of electrolytes, excessive heating, and any physical damage.
A few of the well-known market leaders in the global borescope market that are profiled by Research Nester are 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.
Recent Developments in the Market
- Canon Medical Systems USA Inc. has recently introduced the SV-2000, it is a video borescope camera with a chop-on-tip. The SV-2000 model is used to capture the images and videos of high quality and high resolution and it is especially used in the constricted spaces where there is limited access to entry.
- Healthmarket Industries Co., announced the launch of FIS-007, a new addition to the line of ProSys Optical Inspection. It is designed to be used in unclear environments since the borescope has better lighting, and higher magnification. It provides a better vision to inspect the internal channels of damaged goods.
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