Who are the major players dominating in the borescope market?

The average cost of a borescope is around USD 1220. Read More

Borescope Market Size & Share - Growth Analysis 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Borescope Market size is estimated to cross USD 1 Billion by the end of 2035, growing at a CAGR of 4% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of borescope was around USD 700 Million. The growing demand for non-destructive inspection is a prime factor for market growth. Every day, more than 25,000 inspections are performed in factories and on-site in the UK to detect defects and damage in an assortment of products, plants, and structures. Moreover, it is estimated that more than 120,000 inspectors are deployed worldwide. In non-destructive testing, borescopes are particularly useful for the inspection of internal components or structures where direct access is limited.

Besides this, the rising cost of loss incurred by lack of maintenance is also anticipated to augment the borescope market expansion. According to the World Corrosion Organization, corrosion costs the globe USD 2.2 trillion every year, which is more than 3% of the global GDP. In order to save these additional losses, the industries have accelerated the use of borescopes to give required regular maintenance and prevent costly breakdowns.

Borescope Market: Growth Drivers and Challenges

Growth Drivers

Advancement in the Camera Resolution – Advancements in camera resolution have a significant impact on the borescope market, leading to several benefits, such as enhanced image quality, improved detection capabilities, better documentation, and reporting. It also enables remote inspections to be more effective.
Rise in the Number of Power Generation Plants– There are currently over 440 nuclear power reactors in operation in 32 nations plus Taiwan, with a total capacity of approximately 390 GWe. Moreover, nuclear power capacity is continuously rising around the world, with approximately 60 reactors under development. Power plants strive to maximize their efficiency and output. Borescopes play a crucial role in this endeavor by allowing detailed inspection of heat exchangers, boilers, condensers, and other equipment.
Higher Adoption of Automation in Industries– According to the World Robotics report, 517,385 new industrial robots were installed in workplaces around the world in 2021, an all-time high. Today, the worldwide inventory of operating robots has reached a new high of over 3.5 million units. Robots are often used in industrial settings to access hard-to-reach or hazardous areas. These robots equipped with borescopes can navigate confined spaces, pipes, or complex machinery for an inspection of internal combustion.

Challenges

The Cost of a Borescope is High- Borescopes can be expensive, especially those with advanced features and capabilities. The high cost can deter some potential customers from investing in borescope equipment, particularly small businesses or individuals with limited budgets. The affordability of borescopes remains a challenge, although prices have been decreasing over time.
High Competition in the Market
The Concerns Associated with Quality and Reliability

Borescope Segmentation

Technology (Videoscope, Semi-Rigid, Fiberscope, Rigid Borescope)

The videoscope segment in the borescope market is estimated to gain the largest revenue share of about 60% in the year 2035. Moreover, the segment garnered a revenue share of around 43% in 2022. The feature of real-time monitoring, images, and videos in high resolution and result with accurate and clear information is the major factor expanding the segment growth. Apart from this, the video scope also offers the option of recording the entire inspection and it has built-in lighting which makes the entire inspection convenient. Furthermore, the rising demand for detailed but non-destructive inspection is driving the segment’s growth.

End User (Oil & Gas, Energy & Power, Automotive, Aerospace, Chemicals, Metallurgical)

The automotive segment is poised to hold 20% share of the global borescope market in 2022 and is further expected to garner a significant share of around 46% in the year 2035. Rising demand for electric vehicles and vehicles with ADAS systems is expected to drive the segment’s growth. In 2021, around 75 million cars on the road were incorporated with ADAS features in the world. Furthermore, over ten million electric vehicles were sold worldwide in 2022, with sales predicted to increase by 35% in 2023 to 14 million. Furthermore, by 2030, the worldwide electric car supply will have grown to about 350 million vehicles. Borescopes are used to inspect the battery compartments and cells in EVs. By inserting the flexible borescope probe into the battery pack, technicians can visually inspect for any signs of damage, corrosion, or abnormalities. This helps in identifying potential issues that could affect battery performance, such as overheating, leaking electrolytes, or physical damage.

Our in-depth analysis of the global borescope market includes the following segments:

Technology	Videoscope Semi-Rigid Fiberscope Rigid Borescope
Diameter	0mm to 3mm 3mm to 6mm 6mm to 10mm Above 10mm
End User	Oil & Gas Energy & Power Automotive Aerospace Chemicals Metallurgical

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Borescope Industry- Regional Synopsis

North American Market Forecast

The borescope market in North America is projected to be the largest with a share of about 35%, growing at a notable share during the projected time period. The region’s market growth is primarily driven by the demand for non-destructive inspection in the oil & gas, aerospace, and automobile industry. Furthermore, the rising investment in upgrading the industrial infrastructure is increasing the demand for borescopes in the United States. On July 20, 2021, the President and the bipartisan committee announced an agreement on a rare investment in infrastructure in the country of the United States. The plan includes around USD 550 billion in new federal investment in America's roads and bridges, water infrastructure, durability, internet, and other infrastructure. Moreover, the growth of borescope market in the United States is expected to grow at a CAGR of approximately 6% over the forecast period.

APAC Market Statistics

The Asia Pacific borescope market is estimated to be the second largest, registering a share of about around 28% by the end of 2035. The growing prevalence of wireless connections and higher adoption of autonomous heavy equipment is to boost infrastructural development, which is likely to augment the industry expansion in the region. More than 700 million Indians, accounting for 75% of both rural and urban adult populations, became users of mobile and fixed broadband services, over the last 10 years. Furthermore, at the moment, around 20% of China's 7,600 rice-processing factories have been partially automated.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the borescope market?

Ans: Increasing need for non-destructive inspection, rising demand for automobiles, and rising developments in the old infrastructure are the major factors driving the market growth.

2) What would be the CAGR of the borescope market over the forecast period?

Ans: The market size of borescope is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the borescope market?

Ans: The major players in the market are OLYMPUS CORPORATION, PCE Instruments UK Limited, Temperature & Process Instruments, Inc., Inspection Experts, Inc., MORITEX Corporation, VIZAAR AG, Yateks, Lenox Instrument Company, and Cannon Medical Systems USA, Inc., and Healthmark Industries Co.

4) What is the primary use of borescope?

Ans: A borescope is a tool for inspecting the internal components of a structure via a small hole.

5) What is the cost of a traditional borescope machine?

Ans: The average cost of a borescope is around USD 1220.

6) Which segment captures the largest market size in the technology segment in the borescope market?

Ans: The videoscope segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

7) What are the different parts of borescope?

Ans: The borescope usually has four parts, including a tube, camera, light source, and lens. These parts can be replaced with other options as per the requirement.

8) Which region will provide more business opportunities for the growth of the borescope market in the future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Base Year	2022
Forecast Year	2023-2035
CAGR	~4%
Base Year Market Size (2022)	~ USD 700 Million
Forecast Year Market Size (2035)	~ USD 1 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)