The Borescope Market s expected to register a CAGR of 5% over the forecast period 2021 - 2026.Borescopes are utilized where the accessibility is destructive, time-consuming and expensive such as at the time of the inspection of gas turbines, heat exchangers, aircraft operations, hydraulic components, inspection of welding joints, HVAC system, etc. which has ultimately created demand for the borescope market.
- The market growth is fueled by the requirement for high operational productivity and growing need for power generation plant maintenance of borescope market.Moreover, the rising adoption of automation in manufacturing industries stimulates the growth of the borescope market. The rising need for different inspections facilities to get a comprehensive view of the inner part of machinery contributes to the growth of the borescope market.
- Borescope reduces repair time and cost due to easy inspection without dismantling parts of machineries. The growing development of optical technologies promotes the growth of the borescope market. In addition, the use of video borescope is increasing due to its real-time inspection of engines and parts of mufflers and cylinders that contributes to the growth of the borescope market.
- However, the lack of good lighting conditions restraints the growth of the borescope market. Moreover, the use of borescope in surface vision creates novel opportunities for the growth of the borescope market.
- With the outbreak of COVID-19, the demand and growth of borescope market is hindered due to the factory shutdowns across end user industries globally.However with the resurgence, the demand for the borescope is expected to rise as they provide accurate observation at the manufacturing and production line to get the overall view of the parts and components in machines and equipment.
Key Market Trends
Automotive Industry to Exhibit High Growth
- The growing demand for the automotive industry and more emphasis on the electrically driven vehicles, owing to the government intervention towards the low level of vehicle emission have created a major impact on the industry which are the primary drivers to boost up the global borescope market as the borescopes are extensively used for the inspection of the transmission system, linings, frames, and mufflers in automobile industry.
- With automobiles becoming more advanced, smart and complicated, the importance of remote visual inspection of modules, finished components and subassemblies has become critical. The use of borescope helps automobile manufacturers to save money, time and improve quality by identifying the out of spec or faulty parts before being integrated into a larger system.
- Proliferation of boroscopy and videoscopy is gaining transaction in the automotive industry for the inspection of automotive components including engine cylinders, hydraulic systems, fuel nozzles, valve seats and welded tubing.Hence the demand of increment in borescope market is directly proportional to the rising demand of automotive industry which seems skyrocketing because of growing population and urbanization arising globally.
- Moreover, need for precise supervision at manufacturing facilities to get a comprehensive view of minute parts and components in machines and equipment is identified to be other factor which is propelling the demand of borescope in automotive industry.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific region is expected to hold a premium share in the global borescope market. With the increasing infrastructural development, growing automation in the manufacturing industry and power generation in emerging countries like India, China drives the growth of the borescope market in the Asia-Pacific region.
- Increasing usage of advance equipment's in inspection activities and increasing investment in repair and maintenance sector are major factors that stimulate growth of industrial borescope market in the region as there is significant growth of end use industries such as oil & gas, chemicals, automotive and metallurgical, among others.
- Countries in the region have shale gas activities and approved projects for the production of commercial aircraft, which is expected to lead the manufacturing of in-house large passenger planes. These projects are likely to propel the market growth in the region.
The borescope market is competitive and consists of several global players. Players in the market are adopting strategies like expansions, partnerships, collaborations, mergers & acquisitions, new product launches, joint ventures, and others to gain stronghold in the market. Some of the key developments in the area are:
- December 2019 - Baker Hughes Company launched low-priced video borescope with a larger, brighter screen that can help to detect equipment defects.They are designed as utility devices, meeting a diversity of plant-wide needs, they feature powerful light output and large, bright screens. Optional features include Menu Directed Inspection 1.1 and wireless data transmission.
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