Who are the major players dominating in the borescope market?

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

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

Borescope Market: Key Insights

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)

Frequently Asked Questions (FAQ)

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.

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

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.

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

The average cost of a borescope is around USD 1220.

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

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.

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.

Borescope Market Trends