DUBLIN--(BUSINESS WIRE)--Oct 9, 2019--

The borescope market was valued at USD 647.6 million in 2018 and is projected to reach USD 837.3 million by 2024; it is expected to grow at a CAGR of 4.4% from 2019 to 2024.

The growth of this market is attributed to the growing demand for high operational productivity and increased need for power plant maintenance. However, the development of substitute technology such as small robots is restraining the market growth. Moreover, increasing training cost due to lack of skilled workforce acts as a challenge to borescope manufacturers.

The key players in the market include Olympus (Japan), SKF (Sweden), Baker Hughes (US), FLIR (US), Stanlay (India), FLUKE (US), Vizaar (Germany), AIT (US), Gradient Lens Corporation (US), and JME Technologies (US).

Video borescope market to witness high growth potential during the forecast period

Video borescope uses a miniature video camera at the end of the flexible tube. The end of the insertion tube includes a light source, which makes it possible to capture videos or still images deep within equipment and engines. Video borescopes use CCD or CMOS camera sensors, which provide high-quality images compared with other types of borescopes. High demand for video borescopes is attributed to their use for the inspection of pumps, motors, generators, gearboxes, and maritime surveying.

3 mm to 6mm borescope market to grow at the highest CAGR during the forecast period

The growth of borescopes with diameters ranging from 3 mm to 6 mm can be attributed mainly to their increased use in industries such as automotive, power generation, aviation, and manufacturing for weld inspections and industrial inspections.

Borescope market for automotive to grow at the highest CAGR during the forecast period

The automotive industry is expected to continue to dominate the market due to the increasing number of vehicles across the world. Major countries are focusing on electric mobility with the help of government initiatives for zero- and low-emission vehicles. Thus, borescopes are increasingly being used for the inspection of mufflers, linings, transmission systems, and frames, among others.

Asia Pacific to be the fastest-growing market for borescope during the forecast period

The infrastructure advancements and adoption of automation in manufacturing industries in countries such as China and India are likely to boost the demand for borescopes in APAC. Countries in the region have shale gas activities and approved projects for the production of commercial aircraft, which is expected to lead the manufacturing of in-house large passenger planes. The projects for aircraft and nuclear power plants are likely to boost the demand for borescopes used for inspection of turbines, generators, and landing gears.

Reasons to Buy the Report

  • Illustrative segmentation, analysis, and forecast for markets based on type, diameter, angle, industry, and region have been conducted to give an overall view of the borescope market.
  • The value chain analysis has been performed to provide an in-depth insight into the borescope industry.
  • Major drivers, restraints, opportunities, and challenges for the borescope market have been detailed in this report.
  • The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.

Market Dynamics

Drivers

  • High Operational Productivity
  • Power Generation Plant Maintenance

Restraints

  • Development of Substitute Technology

Opportunities

  • Large Scale Development of Infrastructure
  • Emergence of Electric Vehicles

Challenges

  • Increasing Training Cost Due to Lack of Skilled Workforce

Companies Profiled

  • Advance Inspection Technologies
  • Baker Hughes
  • Flir
  • Fluke
  • Gradient Lens Corporation
  • Jme Technologies
  • Lenox
  • Moritex
  • Nexxis
  • Olympus
  • PCE Instruments
  • RF Systems
  • SKF
  • SPI Engineering
  • Stanlay
  • Storz
  • Teslong
  • USA Borescope
  • Vizaar
  • Yateks

For more information about this report visit https://www.researchandmarkets.com/r/n31x4

Laura Wood, Senior Press Manager

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SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 10/09/2019 07:01 AM/DISC: 10/09/2019 07:01 AM

Copyright Business Wire 2019.