Video Borescopes Market Estimated to Witness Substantial Growth
The global video borescopes market is estimated to be valued at US$ 814.7 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength:
– Video borescopes provide high-resolution images that enable effective inspection of small, difficult to reach areas that are inaccessible to regular cameras. This allows for comprehensive evaluations without needing equipment disassembly.
– They provide visual feedback in real-time, allowing operators to make prompt decisions.
– Equipment teardown and downtime costs can be avoided as issues are identified without disruptions.
Weakness:
– Video borescopes require skilled operators to interpret images and identify flaws or issues accurately. Training new inspectors takes time.
– Certain complex problems may still require disassembly for physical access and validation of findings.
Opportunity:
– Growing demand from industries such as automotive, aviation, power generation where equipment uptime is critical and preventative maintenance is emphasized.
– Advancements in miniaturization of cameras and fiberscopes allowing inspection of even smaller complex internal components.
Threats:
– Introduction of newer non-destructive testing techniques such as ultrasound, thermography, and radiography that can substitute some visual inspection needs.
– Economic slowdowns potentially lowering maintenance budgets and inspection frequency.
Key Takeaways
The Global Video Borescopes Market Size is expected to witness high growth. Regional analysis related content comprises the Asia Pacific region currently dominates the market and is expected to grow at the highest CAGR during the forecast period. China, Japan, and India present largest opportunities for growth driven by increasing manufacturing activities and emphasis on safety and quality.
Key players operating in the video borescopes market are Olympus Corporation, GE Inspection Technologies, Karl Storz GmbH & Co. KG, SKF Group, FLIR Systems Inc., Yateks Corporation, PCE Instruments, Vizaar Industrial Imaging AG, VJ Technologies Inc., Gradient Lens Corporation, Medit Inc., RF System Lab, and Coantec Automation Technology Co. Ltd. IT Concepts GmbH, Chongqing Weichuang Flextube Technology Co. Ltd. They are focusing on new product launches and enhancing existing product portfolios to cement their positions in the market.
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