The Business Research Company’s report on the Industrial Borescope Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the industrial borescope market’s growth in recent years?
The growth in the oil and gas industry is expected to propel the growth of the industrial borescope market going forward. The oil and gas industry are a business that finds, produces, and sells fuel for energy and other products. It is a major part of the global economy, supplying power for industries, homes, and transportation. The growth in the oil and gas industry is driven by increasing global energy demand and the need for energy security. An industrial borescope is used in the oil and gas industry for inspecting pipelines, equipment, and machinery in hard-to-reach areas without dismantling them. This helps reduce downtime, lower maintenance costs, and ensure safety by identifying issues early before they become critical. For instance, in May 2023, according to the Energy Information Administration, a US-based government agency, in 2022, the United States produced 0.6 million barrels of crude oil per day (b/d), marking a 5.6% year-over-year increase compared to the previous year. Therefore, the growth in the oil and gas industry is driving the growth of the industrial borescope market.
Access Your Free Sample of the Global Industrial Borescope Market Report – Get Insights Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=22015&type=smp
How does the future projection of the industrial borescope market size compare to its historical growth?
The industrial borescope market size has grown strongly in recent years. It will grow from $1.72 billion in 2024 to $1.83 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in the aerospace and defense sector, expansion of the power generation industry, increased demand for remote visual inspection (RVI), a rise of predictive maintenance strategies, and growth in oil and gas exploration and refining.
The industrial borescope market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising demand for minimally invasive procedures, a growing shift towards smart manufacturing, a rise in industrial automation, increased demand for inspection tools, and increased demand for renewable energy. Major trends in the forecast period include the integration of artificial intelligence, the integration of machine learning in automation, advancements in 3D imaging and augmented reality, cloud-based data storage, advanced video recording, and live streaming.
Gain Exclusive Market Insights—Customize Your Research Report Today For Fast Delivery!
https://www.thebusinessresearchcompany.com/customise?id=22015&type=smp
Which key players are shaping the future of the industrial borescope market?
Major companies operating in the industrial borescope market are Emerson Electric Co., Olympus Corporation, Karl Storz GmbH & Co. KG, FLIR Systems Inc., Evident Scientific Inc., Shenzhen Yateks Co. Ltd., PCE Instruments UK Ltd., Wöhler Technik GmbH, ViZaar Industrial Imaging AG, Gradient Lens Corporation, JME Technologies Inspection Systems Ltd., Zibra Corporation, Lenox Instrument Company, Advanced Inspection Technologies Inc., Medical Intubation Technology Corporation, USA Borescopes, Fiberscope, Oasis Scientific, Dart Systems, VSNDT.
What trends will propel the growth and evolution of the industrial borescope market?
Major companies operating in the industrial borescope market are focusing on technical innovations, such as advanced analytics, to enhance inspection capabilities, improve defect detection accuracy, and optimize maintenance processes. Advanced analytics refers to the use of sophisticated techniques such as machine learning, artificial intelligence, and big data analysis to uncover deeper insights, predict outcomes, and optimize decision-making. For instance, in February 2024, Waygate Technologies, a US-based provider of industrial inspection solutions, launched the Everest Mentor Visual iQ+, an advanced video borescope incorporating artificial intelligence (AI) and machine learning to improve data accuracy and reduce inspection time for critical applications in aviation and power generation. Featuring an upgraded central processing unit (CPU) for enhanced productivity, it includes Blade Counter 2.0, an AI-powered automation tool for efficient gas turbine inspections. Additionally, voice control, along with improved steering and articulation, enhances user experience and operational efficiency.
Which regions are expected to become dominant players in the industrial borescope market?
North America was the largest region in the industrial borescope market in 2024. The regions covered in the industrial borescope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Order Your Report Now For Swift Delivery
https://www.thebusinessresearchcompany.com/report/industrial-borescope-global-market-report
What are the emerging key segments in the industrial borescope market, and how are they evolving?
The industrial borescope market covered in this report is segmented –
1) By Type: Flexible Borescopes, Rigid Borescopes, Video Borescopes, Other Types
2) By Application: Automotive, Aerospace, Power Generation, Oil And Gas, Manufacturing, Other Applications
3) By End-User: Industrial, Commercial, Other End Users
Subsegments:
1) By Flexible Borescopes: Fiber Optic Borescopes, Articulating Borescopes
2) By Rigid Borescopes: Non-Articulating Rigid Borescopes, Semi-Rigid Borescopes
3) By Video Borescopes: Portable Video Borescopes, HD Video Borescopes, Wireless Video Borescopes
4) By Other Types: Semi-Flexible Borescopes, Digital Borescopes, Infrared Borescopes
Purchase The Exclusive Report Now To Unlock Valuable Market Insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=22015
How is the industrial borescope market defined, and what are its core characteristics?
An industrial borescope is a flexible or rigid optical inspection device used to visually examine hard-to-reach areas inside machinery, pipes, engines, and other industrial components without disassembly. Its purpose is to detect defects, corrosion, blockages, or wear in critical systems, ensuring maintenance efficiency and preventing costly failures.
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
https://thebusinessresearchcompany.com/
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
