United States Borescope Market - Growth, Trends, and Forecasts (2022 - 2027)

The United States Borescope Market is expected to grow by registering a CAGR of about 4.8% during the forecast period. The market's growth is driven primarily by the growing requirement for high operational productivity and the increasing need for detailed maintenance of equipment and industrial/power generation plants, especially across sectors such as manufacturing, aviation, power generation, etc.

Key Highlights

• A borescope is an optical device comprised of a flexible or rigid tube, having a display or an eyepiece at the viewing end and a camera/objective lens connected by an electrical or optical system. These devices are used primarily to inspect areas that are inaccessible by other means, e.g., in the industrial sector, borescopes are commonly used in the visual inspection of turbines, engines, turbines, and manufactured industrial and automotive parts that require special attention due to their safety, quality, and maintenance requirements.
• Based on their operational requirements, different borescopes offer multiple advantages during inspections, including high-resolution pictures and detailed and accurate coverage of difficult-to-reach locations. They can even aid in retrieving foreign objects and maintenance work.
• The increasing investment in the power generation sector is expected to create a favorable market scenario that will drive the demand for borescopes in the region. According to the United States Energy Information Administration (EIA), in 2021, around 61% of utility-scale electricity generation in the US was produced from fossil fuels; around 20% was from renewable energy sources, while 19% was from nuclear energy.
• The United States is considered among the key countries in the aviation sector. The government is also among the leading manufacturer and consumers of civil and defense aircraft. Considering the high stakes involved, these aircraft undergo regular maintenance procedures and thorough inspection during manufacturing, which drives the demand for borescopes.
• However, limited motion and viewing capability, especially of rigid borescopes, limits their ability to inspect places for sharp curves or deep dents effectively. Wherein the flexible borescope is usually complex in structure, making its handling difficult. Also, the high cost of advanced borescope instruments is some of the key factors challenging the growth of the studied market.
• The global outbreak of the COVID-19 pandemic has had a notable impact on the borescope market. In the United States, several restrictions imposed by the government significantly impacted the supply chain and how industries used to operate pre-pandemic. Due to travel restrictions, the aviation industry also witnessed a sharp decline in the number of passengers, reducing maintenance and production activities. However, with the country being among the first to lift restrictions, the studied market is expected to gain traction during the forecast period.

Key Market Trends

Aviation Sector to Hold a Significant Market Share

• The aviation industry in the U.S. is highly developed and is among the largest globally, both in the civil and defense sector. Over the years, the region has witnessed a significant increase in the number of passages; according to the Bureau of Transportation, about 632.4 million passengers were carried by U.S. airlines in 2021, compared to 347.9 million in 2020.
• Aviation specialists depend on aircraft borescopes for the visual inspection tool for aircraft engines, fixed-wing aircraft, and helicopters to ensure that internal components are within optimal performance standards; as these activities are carried out frequently and often within strict timelines, the demand for solutions that can help the maintenance team perform their work efficiently and quickly remains high.
• According to USA Borescopes, while a 6 mm borescope inspection camera with about one meter of working cable is used for most smaller piston engines to obtain a clear vision of the piston walls, piston head, head, as well as lifters, a more minor or micro borescope camera with probe measuring 4mm, 3mm or below in diameter is required for smaller turbine engines, to fit through many of the borescope guide tubes.
• The United States is also among the leading aircraft manufacturers in the civil and defense domain; the manufacturing industry is also expected to drive the demand for borescopes, especially for inspection purposes of products such as aircraft turbines, wings, engines, etc. Boeing, Lockheed Martin, Textron Aviation, etc., are among the leading companies operating in the country's aviation industry.

Increasing Investment in Power Generation Industry to Drive the Demand

• The United States is among the leading producer, suppliers, and consumers of energy. World-class innovation, and growing consumer demand, combined with a competitive workforce and supply chain in specific industry segments, make the United States' energy market competitive.
• According to the Energy Information Administration (EIA), the United States had about 0.03 billion kW of small-scale solar photovoltaic electricity generating capacity and about 1.14 billion kW of total utility-scale electricity generating capacity at the end of 2021.
• In terms of electricity sales, at the end of 2021, retail sales of electricity to end-use customers in the United States increased to about 3,795 billion kWh or about 3.8 trillion kWh, rising by about 77 billion kWh from 2020. The growing consumption of electricity is expected to drive investments in new energy generation plants and technology, which is anticipated to have a positive impact on the demand for borescopes.
• Lately, the United States government has also started taking several initiatives to increase the country's renewable energy generation capacity, which is driving both private and public investment in the renewable energy sector. For instance, in September 2021, the United States government announced that they are considering a USD 550 billion clean energy bill to modernize everything from power generation to bus networks. Such trends are expected to create future growth opportunities for the studied market.

Competitive Landscape

The United State Borescope Market is competitive and consists of several players offering borescopes for various end-user industries. The players in the market focus on developing innovative solutions to gain a competitive edge over other players. Global expansion, partnerships, and acquisitions are among vendors' effective strategies to consolidate their market presence. Further, some major players operating in the market include USA Borescopes, Olympus America Inc, and PCE Americas Inc., among others.

• June 2022 - USA Borescopes introduced the new USA750 J Series Portable Videoscope. It is an intuitive and modular designed video scope with a dual camera. This HD image borescope features a 3.9mm diameter and responsive joystick, making it perfect for aviation professionals.
• May 2022 - Olympus was awarded a group purchasing agreement for its single-use bronchoscope portfolio with Premier, Inc, a U.S.-based healthcare company. The Olympus single-use bronchoscope portfolio consists of the five premium H-SteriScope single-use bronchoscopes that can be used to complement the company's leading re-usable bronchoscope portfolio, already available with the client.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support