Borescope Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Borescope Market Analysis
The Borescope Market is expected to register a CAGR of 5% over the forecast period. Borescopes are utilized where the accessibility is destructive, time-consuming, and expensive, such as the inspection of gas turbines, heat exchangers, aircraft operations, hydraulic components, welding joints, HVAC systems, etc., which has ultimately created a demand for the market studied.
- The borescope market is growing due to high operational productivity and the increasing need for power generation plants and maintenance. According to India's National Investment Promotion and Facility Agency, the Indian power sector is undergoing significant change, reshaping the industry outlook. As of May 2022, India had a total thermal installed capacity of 236.1 GW, with coal accounting for 58.6% of thermal power and the remaining sources being lignite, diesel, and gas, which will further drive the market growth.
- Moreover, the market is driven by significant innovation to inspect internal channels of damaged items. For instance, in August 2021, Healthmark Industries introduced the FIS-007 to its ProSys Optical Inspection product line. It is a borescope with enhanced light, vision, and magnification used to visually investigate the internal channels of potentially contaminated or damaged things. It also allows users to capture and video the lumens and crevices that are not visible to the naked eye.
- Borescope reduces repair time and cost due to easy inspection without dismantling machinery parts. The growing development of optical technologies promotes the growth of the borescope market. In addition, the use of video borescopes is increasing due to their real-time inspection of engines and parts of mufflers and cylinders, which contributes to the growth of the market.
- However, the lack of reasonable lighting conditions restrains the growth of the borescope market. Moreover, using borescopes in surface vision creates novel opportunities for developing the market studied.
- With the outbreak of COVID-19, the demand and growth of the borescope market were hindered due to factory shutdowns across end-user industries globally. However, with the resurgence, the need 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.
Borescope Market Trends
This section covers the major market trends shaping the Borescope Market according to our research experts:
Automotive Industry to Exhibit High Growth
- The growing demand for the automotive industry and increasing emphasis on electrically driven vehicles, owing to the government intervention toward the low level of vehicle emission, have created a major impact on the industry. These are the primary drivers of the global borescope market, as borescopes are extensively used for the inspection of transmission system, linings, frames, and mufflers in the automobile industry.
- Furthermore, according to the IEA, there were approximately 10.2 million electric vehicles in operation worldwide in 2020, with an estimated 16.4 million electric vehicles in operation by 2021, further driving the market growth. In addition, according to the China Association of Automobile Manufacturers, in 2021, China produced approximately 21.41 million passenger cars and 4.67 million commercial vehicles.
- With automobiles becoming more advanced, smart, and complicated, the importance of remote visual inspection of modules, finished components, and subassemblies have become critical. Borescope helps automobile manufacturers save money and time, and improve quality by identifying out-of-spec or faulty parts before being integrated into a larger system.
- The proliferation of boroscopes and video scopes 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 for increment in the borescope market is directly proportional to the rising demand for the automotive industry, which has been skyrocketing as a result of the growing population and urbanization, globally. Further, in December 2021, Hyundai announced plans to invest INR 4,000 crores (USD 530.25 million) in R&D in India, intending to launch six EVs by 2028.
- Furthermore, according to the IBEF, in September 2021, the Indian government notified a PLI scheme for automobile and auto components worth INR 25,938 crores (USD 3.49 billion).
- Moreover, the 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 another factor that is propelling the demand for borescopes in the automotive industry.
Asia-Pacific to Witness Highest Growth
- The Asia-Pacific region is expected to hold a premium share in the global borescope market. The increasing infrastructural development, growing automation in the manufacturing industry, and power generation in emerging countries, such as India and China, drive the growth of the borescope market in the Asia-Pacific region. Further, in April 2022, Tata Motors announced projects investing INR 24,000 crores (USD 3.08 billion) in its passenger vehicle business over the next five years in India.
- The increasing usage of advanced equipment in inspection activities and increasing investment in the repair and maintenance sector are major factors that stimulate the growth of the industrial borescope market in the region, as there is significant growth in end-use industries such as oil and gas, chemicals, automotive, and metallurgical, among others.
- Furthermore, according to IBEF, India could be a leader in shared mobility by 2030, opening up opportunities for electric and autonomous vehicles. Further, the Indian passenger car market was valued at USD 32.70 billion in 2021; is expected to grow to USD 54.84 billion by 2027.
- Countries in the region have shale gas activities and approved projects for commercial aircraft production, which is expected to manufacture sizeable in-house passenger planes. These projects are likely to propel market growth in the region.
- Moreover, according to the International Air Transport Association, India is anticipated to overtake China and the United States as the world's third-largest air passenger market by 2030. Furthermore, according to IBEF, the number of planes is expected to reach 1,100 by 2027, further driving the market growth.
Borescope Industry Overview
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 a stronghold in the market.
In June 2022, Teledyne FLIR, a subsidiary of Teledyne Technologies Incorporated, introduced the FLIR VS80 high-performance videoscope series, a professional inspection tool suitable for a broad range of commercial and industrial applications. The FLIR VS80 videoscope is intended to be the most versatile and powerful in its class. The VS80 features a 1024 600 high resolution (HD) seven-inch touchscreen display. It is available in seven different kits, with the option of purchasing waterproof, ultra-slim probes that can be swapped in and out in seconds.
In February 2021, AMETEK Land introduced the MWIR-B-640, an innovative new mid-wavelength borescope for furnace applications. The MWIR-B-640 captures, stores, and trends highly accurate and fully radiometric temperature measurement data over the furnace's lifetime, providing a continuous and clear view even through heavy smoke and hot atmospheres. It can be used in hydrocarbon processing reformers, heat treatment furnaces, reheat, cement kilns, annealing furnaces, biomass, waste and coal boilers, and incinerators.
Borescope Market Leaders
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Olympus Corporation
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AB SKF
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Baker Hughes Company
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FLIR Systems
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Fluke Corporation
*Disclaimer: Major Players sorted in no particular order
Borescope Market News
- February 2022: Waygate Technologies announced the upgrade of its high-end Everest Mentor Visual iQ (MViQ) VideoProbe for remote visual inspection. The software upgrade enables Waygate Technologies to provide the most advanced video borescopes with built-in artificial intelligence (AI) to aerospace, energy, and petrochemical industries.
- February 2021: Olympus Corporation introduced the SIF-H190 single balloon enteroscope in Japan and Europe, with functions to advance deeper into the small intestine with a smoother passage. It can diagnose and treat minor intestine diseases, such as obscure gastrointestinal bleeding. This solution allows access deep into the small intestine, which is typically difficult to reach, by adjusting the angle of the endoscope and the balloon at the tip of the splinting tube mounted to the scope.
Borescope Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Requirement for High Operational Productivity
4.3 Market Restraints
4.3.1 Lack of Good Lighting Conditions
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment of the Impact of COVID-19 on the Borescope Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Video
5.1.2 Flexible
5.1.3 Endoscopes
5.1.4 Semi-rigid
5.1.5 Rigid
5.2 By Diameter
5.2.1 0 mm to 3 mm
5.2.2 3 mm to 6 mm
5.2.3 6 mm to 10 mm
5.2.4 Above 10 mm
5.3 By Angle
5.3.1 0° to 90°
5.3.2 90° to 180°
5.3.3 180° to 360°
5.4 By End-user Industry
5.4.1 Automotive
5.4.2 Aviation
5.4.3 Power Generation
5.4.4 Oil and Gas
5.4.5 Manufacturing
5.4.6 Chemicals
5.4.7 Food and Beverages
5.4.8 Pharmaceuticals
5.4.9 Mining and Construction
5.4.10 Other End-user Industries
5.5 By Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Olympus Corporation
6.1.2 AB SKF
6.1.3 Baker Hughes Company
6.1.4 ACL Stanlay
6.1.5 FLIR Systems
6.1.6 Fluke Corporation
6.1.7 ViZaar Industrial Imaging AG
6.1.8 Advanced Inspection Technologies Inc.
6.1.9 Gradient Lens Corporation
6.1.10 JME Technologies Inc.
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Borescope Industry Segmentation
The borescope is an electrical, optical gear enabled with a display, its structural form comprises the flexible or non-flexible tube connecting a camera on the verge of a hollow tube and a visual display on the other. basically, It is a device used for monitoring the interiors of a structure. Borescope helps in the surveillance of aircraft engines and industrial gas turbines, especially gas turbines, fuel systems, and steam turbines, owing to their high safety measures.
The studied market is segmented by type, such as video, flexible, endoscopes, semi-rigid, and rigid with different diameters such as 0 mm to 3 mm, 3 mm to 6 mm, 6 mm to 10 mm, and above 10 mm in different angles such as 0° to 90°, 90° to 180°, and 180° to 360°, among various end-user industries such as automotive, aviation, power generation, oil and gas, manufacturing, chemical, food and beverages, pharmaceuticals, mining, and construction, in multiple geographies. The impact of Covid-19 on the market and affected segments are also covered under the scope of the study. Further, the disruption of the factors impacting the market's growth in the near future has been covered in the study regarding drivers and restraints.
The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
| By Type | |
| Video | |
| Flexible | |
| Endoscopes | |
| Semi-rigid | |
| Rigid |
| By Diameter | |
| 0 mm to 3 mm | |
| 3 mm to 6 mm | |
| 6 mm to 10 mm | |
| Above 10 mm |
| By Angle | |
| 0° to 90° | |
| 90° to 180° | |
| 180° to 360° |
| By End-user Industry | |
| Automotive | |
| Aviation | |
| Power Generation | |
| Oil and Gas | |
| Manufacturing | |
| Chemicals | |
| Food and Beverages | |
| Pharmaceuticals | |
| Mining and Construction | |
| Other End-user Industries |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Borescope Market Research FAQs
What is the current Borescope Market size?
The Borescope Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Borescope Market?
Olympus Corporation, AB SKF, Baker Hughes Company, FLIR Systems and Fluke Corporation are the major companies operating in the Borescope Market.
Which is the fastest growing region in Borescope Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Borescope Market?
In 2024, the North America accounts for the largest market share in Borescope Market.
What years does this Borescope Market cover?
The report covers the Borescope Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Borescope Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Borescope Industry Report
Statistics for the 2024 Borescope market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Borescope analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
