Market Challenges And Opportunities

Global Video Borescopes Market- Drivers

Industrial Inspection and Maintenance: Video borescopes play a crucial role in industrial inspection and maintenance activities. Industries such as automotive, aviation, manufacturing, and energy require efficient tools to inspect and maintain equipment, machinery, and structures. Video borescopes provide real-time visual feedback, allowing professionals to identify issues, defects, or potential hazards in hard-to-reach areas. The need for quality control, safety compliance, and preventive maintenance boosts demand for video borescopes in these industries.
Increasing demand from end-use industries like automotive and aerospace: The demand from key end-use industries like automotive and aerospace is a major factor driving growth of the video borescopes market. These industries are increasingly relying on video borescopes for inspection and maintenance applications.

Global Video Borescopes Market- Opportunities

Emerging Industries and Applications: As new industries and applications emerge, there is an increasing need for advanced inspection tools like video borescopes. For example, sectors such as renewable energy, including wind turbines and solar panel installations, present opportunities for video borescope usage in maintenance and troubleshooting. Other emerging fields, such as 3D printing and robotics, may require specialized video borescopes for quality control and internal inspection. By tapping into these emerging industries, video borescope manufacturers can expand their market reach and revenue potential.
Growing demand from emerging economies: The emerging economies around the world represent a major growth opportunity for video borescopes market due to rising disposable incomes and increasing investments in industrial sectors. Countries like China, India, Brazil, Indonesia and others have seen tremendous economic development over the past few decades which has lifted hundreds of millions out of poverty. According to the World Bank data, around six countries including China and India are expected to contribute over 50% of global GDP growth between 2020-2023.

This high economic activity has fuelled the need for inspection and maintenance across various industries like automotive, aerospace, manufacturing, oil & gas and power generation. Emerging nations are significantly ramping up their infrastructure spending to meet the demands of a growing middle class population. For example, according to World Economic Forum, India's national infrastructure pipeline envisions an investment of US$ 1.5 trillion by 2025 in projects across various sectors.

Global Video Borescopes Market- Restraints

Problems associated with complex inspection processes: Inspecting intricate systems and machinery using video borescopes requires thorough training and expertise in operating the equipment as well as understanding the construction and working of the systems being inspected. This makes it challenging for companies to upskill their workforce to efficiently conduct inspections. Companies have to dedicate considerable time and resources to train inspectors which impacts their return on investment. The inspection quality can also vary depending on the skills and experience of the inspector. This leads to inconsistencies and adds an element of subjective analysis of defects.

Moreover, preparing the equipment or areas for internal inspection and setting up of video borescopes is a time intensive process. inserted through small openings or barriers without damaging the equipment. Special provisions have to be made to secure cameras and ensure desired positioning, lighting and focus for quality visuals. All these activities hamper workflow and extend downtime of critical systems undergoing inspection. According to UNIDO Industrial Statistics Database, the average downtime costs for major industrial equipment in developing countries was estimated between US$ 3,000 to US$ 8,000 per hour in 2021. Longer inspection durations significantly increase these costs.