Borescope Market Trends

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