The borescope market revenue was US$ 690.1 Million by the end of 2022. The borescope market is expected to reach US$ 1,349.1 Million by 2033, growing at a CAGR of 6.4% for 2023 to 2033.
Estimated Year (2023) Market Value
US$ 723.2 Million
Projected Year (2033) Market Value
US$ 1,349.1 Million
CAGR% (2023 to 2033)
6.4%
Top 5 Vendor Market Share
Around 30%
A borescope is an optical inspection tool that is used to visually inspect areas that are not easily accessible. It typically consists of a long, flexible tube with a small camera and light at the end. The camera sends images back to a display, allowing the user to see inside the inspected area. They can be used in a variety of industries such as automotive, aerospace, chemical and industrial manufacturing.
The high cost of advanced borescope models and the Limited availability of skilled operators to use the instruments is the restraint to the borescope market.
The Borescope market held a 1.5% market share of the optical instrument market.
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2018 to 2022 Borescope Market Demand Outlook Compared to 2023 to 2033 Forecast
The borescope market is estimated to grow at a CAGR of 6.4% for the forecast period of 2023 to 2033, in comparison to the 4.3% growth of borescope market for the historic period 2018 to 2022.
The borescope market will grow in the future, as it can be affected by a variety of factors such as technological advancements, economic conditions and changes in industry regulations. However, it is expected that the market will continue to grow due to the increasing demand for non-destructive testing and inspection in various industries such as automotive, aerospace, power generation and oil & gas.
Additionally, the growing use of borescopes in the maintenance and repair of equipment and machinery is also expected to drive market growth.
The Rising Adoption of Borescopes in the Inspection, Maintenance and Repair is Boosting Demand for Borescopes
Increasing demand for non-destructive testing and inspection in various industries such as automotive, aerospace, power generation, and oil & gas. Technological advancements in borescope technology, such as the development of high-resolution cameras and remote control capabilities are the reasons for the demand of the borescope market
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Regional Analysis
North America is the region that had the largest market share in 2022, with a market share of 19.7%.
The borescope market in North America is a growing industry due to increasing demand for non-destructive testing and inspection in various industries such as oil & gas, aerospace and automotive. The use of borescopes in these industries allows for efficient and cost-effective inspection of hard-to-reach areas, reducing the need for disassembly and downtime.
Advances in technology, such as the development of digital borescopes, have also driven growth in the market. North America is expected to continue to be a significant market for borescopes due to the presence of a large number of key players and the high adoption rate of advanced technologies in the region.
The Pacific region and South Asia are estimated to witness the highest growth of CAGR at 5.7%.
Country wise insights
Increasing Investment in Industrial Infrastructure and the Need for Efficient and Cost-Effective Maintenance of Equipment Boosting the Demand for Growth in the US Market
The US government is investing in upgrading and modernizing its industrial infrastructure, which is boosting demand for borescopes as they are used for non-destructive testing and inspection of industrial equipment and machinery. Borescopes enable maintenance professionals to perform inspections & repairs quickly, accurately, and with minimal downtime, which can save companies significant amounts of money.
The market is expected to grow in the coming years due to increasing investment in industrial infrastructure and the need for efficient and cost-effective maintenance of equipment.
The US estimated market share was 57.5% in 2022, with a 5.7% CAGR over the forecast period.
The Increase in industrialization and Infrastructural Development Along with The Adoption of Advanced Technologies in India
India's economy is growing rapidly and the government is investing in upgrading & modernizing its industrial infrastructure, which is boosting demand for borescopes as they are used for non-destructive testing & inspection of industrial equipment and machinery.
The Indian market is becoming more open to adopting advanced technologies, which is boosting the adoption of borescopes with advanced features such as digital recording and wireless connectivity.
This is the reason why India held the market to grow at a CAGR of 9.4%.
Chinese Government's Focus on Improving Industrial Safety and Manufacturers Produce Borescopes at a Lower Cost
The borescope market in China is a rapidly growing segment of the non-destructive testing equipment industry. The market is driven by a number of factors, including an increasing demand for non-destructive testing equipment in various industries, such as aerospace, automotive, power generation, and petrochemical. Additionally, the Chinese government's focus on improving industrial safety and environmental regulations has also contributed to the growth of the borescope market in China.
Chinese manufacturers have been able to produce borescopes at a lower cost than many of their foreign competitors, which has helped them to gain a significant market share. Chinese-made borescopes are becoming increasingly popular in both domestic & international markets due to their high quality and competitive pricing.
Due to these reasons, China was estimated to have held a market share of 15.4% in 2022.
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Category wise Insights
Why Does the Videoscope technology of the Borescope Market Have a High Market Share?
The use of videoscope technology in the borescope market is growing because it allows for high-resolution, real-time imaging, which can provide more detailed and accurate information about the condition of the equipment being inspected. Additionally, videoscopes often have features such as built-in lighting and recording capabilities, which can make inspections more efficient & convenient. Another reason for the growth is the increasing demand for non-destructive testing and inspection in industries such as aerospace, manufacturing, and power generation, where borescopes are commonly used to inspect hard-to-reach or hazardous areas.
Due to the above reason, videoscope type held the higher market share in 2022 at 43.4%
Why does the Automotive Vertical Segment Hold the Largest Market Share for the Borescope Market?
The automotive vertical in the borescope market is growing because of an increasing demand for non-destructive testing & inspection in the manufacturing and maintenance of vehicles. Borescopes are commonly used to inspect hard-to-reach areas in engines, transmissions and other mechanical systems, as well as for inspecting the condition of vehicle body components and other components that may be hidden from view.
The use of borescopes in the automotive industry allows for more efficient & accurate inspections, reducing downtime & costs associated with traditional inspection methods.
Additionally, the increasing use of advanced technologies such as electric vehicles (EVs) and autonomous vehicles (AVs) is also boosting the growth of the borescope market in the automotive vertical, as these vehicles require more advanced & specialized inspection tools.
The automotive vertical is estimated to have the highest market share in 2022 at 19.7%.
Competitive Landscape
Market participants are concentrating on expansion strategies in order to increase their market penetration in major markets. This included attempting to broaden regional & global distribution channels, releasing new products, leading to the formation of acquisition, partnerships, and coordinating with key players.
In January 2023, PENTAX Medical received CE marks for its most recent innovations the new premium video processor PENTAX Medical INSPIRATM and the i20c video endoscope series. The new video processor, designed with healthcare providers in mind, maintains compatibility with recent PENTAX Medical endoscope models and sets new standards when paired with the latest i20c video endoscope generation.
In October 2020, Olympus Corporation, introduced the OER-Elite, an automated endoscope reprocess. Reprocessing and cleaning endoscopes between cases are critical for patient care & post-market analysis on reprocessing endoscopes shows that automation improves the process's effectiveness. OER-Elite can disinfect and clean a maximum of two endoscopes simultaneously in 28 minutes.
Scope of report
Attribute
Details
Market value in 2022
US$ 690.1 Million
Market CAGR 2023 to 2033
6.4%
Share of top 5 players
Around 30%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa
Key Countries Covered
USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa
