Automotive & Transportation / Borescopes Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions And By Key Players: Olympus, GE, Karl Storz, SKF
Borescopes Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Olympus, GE, Karl Storz, SKF
Borescopes Market Size will register a 4.3% CAGR in terms of revenue is expected to reach US$ 788.1 million by 2027.
Borescopes Market Overview
A borescope is an optical tool which is used for visual inspection. This optical device comprises a flexible or rigid tube. There is an objective camera or lens on one end and a display on the other end where both ends are linked together by an electrical or optical system. Borescopes are used for visual inspection in several industries like automotive, power generation, aviation, manufacturing and oil & gas. The driving factor behind growth of the market is growing need for power generation plant maintenance and requirement for high operational productivity.
An obvious benefit of borescopes is that it reduces repair time and cost owing to an easy inspection without dismantling parts of machineries. The growth of the borescope market is due to growing development of optical technologies. Furthermore, the usage of video borescopes is rising owing to its real-time inspection of engines and parts of cylinders and mufflers which contribute to the growth of the market.
However, the lack of good lighting hinder the progress of the market.
Industry News and Updates:
December 2019 - Baker Hughes Company launched a low-priced video borescope with a larger, brighter screen that can help to detect equipment defects.They are designed as utility devices, meeting a diversity of plant-wide needs, they feature powerful light output and large, bright screens. Optional features include Menu Directed Inspection 1.1 and wireless data transmission.
What are the major Applications, Types and Regions for Borescopes Market?
Borescopes Market is segmented based on the type, applications, companies and regions.
By Type, Borescopes Market has been segmented into
Video
Flexible
Endoscopes
Semi-rigid
Rigid
By Application, Borescopes Market has been segmented into
Automotive Industry
Power Industry
Aerospace Industry
Construction Industry
Others
Borescopes Market Segments Analysis
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.
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.
Borescopes Market Regional Analysis
The report offers in-depth assessment of the growth and other aspects of the Borescopes Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
The US market is estimated to be worth $200.9 million, while China is expected to grow at a rate of 4.8% per year. In 2020, the US Borescope market is expected to be worth $202.5 million. China, the world's second largest economy, is expected to reach a projected market size of US$161.4 million by 2027, representing a CAGR of 4.5% between 2020 and 2027. Japan and Canada are two additional important geographic markets, with 4.2% and 3.8% growth forecasts for 2021-2027. Germany is expected to expand at a CAGR of around 4.9% within Europe.
During the projection period, Asia Pacific will be the fastest-growing market for borescopes. Borescope demand in APAC is expected to rise due to infrastructural improvements and automation in industrial industries in countries like China and India. Countries in the region have shale gas activity and approved commercial aircraft manufacturing projects, and they are likely to lead the way in the production of in-house big passenger planes.
Yes, the report can be customized as per your needs
Key Takeaways from this Borescopes Report
Evaluate Borescopes market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
Analyze the sales and distribution channels across key geographies to improve top-line revenues.
Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
Get a quick outlook on the Borescopes market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
Frequently Asked Questions
What is the growth rate of Borescopes Market?
The Borescopes Market is growing at a CAGR of 4.3% over the next 5 years.
What are the significant types of Borescopes Market?
Video, Flexible, Endoscopes, Semi-rigid, Rigid
What are the major end-use applications of Borescopes Market?
Automotive Industry, Power Industry, Aerospace Industry, Construction Industry, Others
On the basis of type, Which segment is likely to hold the major share in the Borescopes Market?
Video segment to hold the largest share in Borescopes market.
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
