PUBLISHER: The Business Research Company | PRODUCT CODE: 1465931
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465931
Video inspection equipment refers to specialized tools employed for visually examining and inspecting hard-to-reach areas, including pipes, ducts, and machinery. These tools capture real-time video footage, aiding in inspections, maintenance, and planning for repairs. Video inspection equipment serves as a valuable resource for visual analysis, documentation, and inspection in various applications and industries.
The primary types of video inspection equipment include cameras, transporters, and others. Cameras are optical devices designed to capture visual images or videos. They find applications in diverse areas such as drain and sewer inspection, examination of electrical conduits and ducts, pipeline inspections, and more. These tools are utilized across various industries, including oil and gas, manufacturing and construction, food and beverages, chemicals and pharmaceuticals, among others.
The video inspection equipment market research report is one of a series of new reports from The Business Research Company that provides video inspection equipment market statistics, including video inspection equipment industry global market size, regional shares, competitors with a video inspection equipment market share, detailed video inspection equipment market segments, market trends and opportunities, and any further data you may need to thrive in the video inspection equipment industry. This video inspection equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The video inspection equipment market size has grown strongly in recent years. It will grow from $1.38 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The expansion observed in the historical period can be attributed to factors such as regulatory compliance, addressing aging infrastructure challenges, pursuing cost reduction measures, and an increased awareness of the importance of inspection and maintenance.
The video inspection equipment market size is expected to see strong growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to the integration of AI and IoT technologies, the expansion of end-use industries, the increasing demand for non-destructive testing (NDT) solutions, emerging markets, and a heightened focus on remote operations. Key trends expected in the forecast period include the trends of miniaturization and portability, enhanced data analytics capabilities, a shift towards cloud-based solutions, the rise of augmented reality (AR) integration, and a growing emphasis on sustainability and environmental monitoring.
The anticipated growth in construction projects is set to propel the expansion of the video inspection equipment market in the future. Construction projects encompass the planning, creation, renovation, and maintenance of physical structures and infrastructure. The upswing in construction projects can be attributed to the increasing demands of urbanization, infrastructure development, and economic expansion. Video inspection equipment plays a crucial role in construction projects, enabling precise examination of structures to ensure quality control and identify potential issues. For example, a report from the Office for National Statistics in the UK revealed a record increase of 12.7% in the construction sector in 2021 compared to 2020. Additionally, the construction output volume saw a 2.0% increase in December 2021, driven primarily by a 3.5% growth in new work. Hence, the rise in construction projects is a key driver for the video inspection equipment market.
Leading companies in the video inspection equipment market are actively pursuing innovation, particularly in the development of products such as drop camera systems, to gain a competitive advantage. A drop camera system is an underwater imaging device that typically consists of a camera attached to a cable or rope. It is designed to be lowered into bodies of water for capturing visual data of aquatic environments, marine life, or submerged structures. In February 2023, Ashtead Technology Inc., a UK-based subsea technology company, launched a standard drop camera system specifically tailored for high-resolution seabed visual inspection, capable of operating in water depths of up to 4000 meters. This advanced system offers a depth rating of 1000 meters as standard, extendable to 4000 meters using sonar coaxial cable technology. It provides uninterrupted real-time HD 720P video streaming during surveys, capturing 16.6-megapixel digital stills and impressive 4K video footage for post-survey analysis. The topside system, featuring a digital video recorder, ensures smooth high-definition video recording in real time, complemented by Ashtead Technology's exclusive drop camera system control software. This innovative software allows users to fine-tune camera position, orientation, and light intensity within the frame, ensuring optimal imagery quality. With a capability to deliver 4 x 9000 lumens of light intensity, the topside software further enhances the visual inspection process.
In May 2021, Teledyne Technologies Incorporated, a US-based electronics and communication products company, completed the acquisition of FLIR Systems Inc. for $8.2 billion. This strategic acquisition has strengthened Teledyne's position as a leading provider of imaging technologies, expanding its portfolio to cover a full spectrum from X-ray through infrared. It enhances Teledyne's capabilities in unmanned systems, offering a comprehensive range of imaging solutions across various domains. FLIR Systems Inc. is a US-based imaging systems company specializing in the design and manufacturing of video inspection equipment.
Major companies operating in the video inspection equipment market are Olympus Corporation, Fluke Corporation, Teledyne Technologies Incorporated, CUES Inc., DEWALT, TechCorr, Aries Industries Inc., Silverline Tools, Vivax-Metrotech Corp., General Tools & Instruments, Subsite Electronics, IBAK Helmut Hunger GmbH & Co. KG, Envirosight LLC, Hathorn Corporation, RIDGID Tools, Teamforce Tools, Teslong Technology Limited, MyTana LLC, REED Instruments, REFCO Manufacturing Ltd., Tool Master, ROTEK, Extech Instruments
North America was the largest region in the video inspection equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video inspection equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the video inspection equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The video inspection equipment market consists of sales of borescopes, endoscopes, robotic inspection systems, thermal imaging cameras, and closed-circuit television (CCTV) cameras. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Video Inspection Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on video inspection equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for video inspection equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The video inspection equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.