The global borescope market had a size of USD 746.8 million in 2022. It is expected to register a compound annual growth rate (CAGR) of 4.1% during the forecast period. Several key factors contribute to the revenue growth of the market.
One of the primary drivers is the rising demand for power plant maintenance. Borescopes are utilized in power plants where visible access is limited, enabling operators to inspect and maintain critical components efficiently. As the demand for power generation increases globally, the need for effective maintenance tools like borescopes is also growing.
The growing adoption of automation in manufacturing industries is another factor driving the market revenue growth. Borescopes play a crucial role in quality control and inspection processes in manufacturing, allowing for thorough examination of engines, turbines, pipes, and other components. With the increasing emphasis on precision and efficiency in manufacturing, the demand for borescopes is on the rise.
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In February 2022, German company Waygate Technologies announced that it can upgrade its highly regarded Everest Mentor Visual iQ (MViQ) VideoProbe for use in remote visual assessment. Waygate Technologies provides automated robotic inspection solutions. The most advanced video borescopes with Artificial Intelligence (AI) can be useful in a variety of industries, including aerospace, energy, and petrochemical. The business is using a brand-new operating system called MViQ OS 3.6, which has several brand-new, significant features and applications, to help inspectors with Assisted Defect Recognition (ADR) for visual inspection.
Rising demand for borescopes in power plant maintenance is driving the borescope market revenue growth. Video borescopes are highly valuable for handling complex maintenance and inspection tasks, and power plant operators have found that these devices provide a high return on investment. Portable, handheld articulating video borescopes are ideal for inspecting hard-to-reach areas such as turbine blades, generators, gearboxes, and fuel lines, allowing technicians to identify any signs of damage. This inspection process captures high-quality real-time images and video, enabling informed maintenance planning decisions. The devices play a critical role in preventative maintenance, helping technicians to analyze, detect, and predict maintenance needs, reducing the costs and consequences associated with unplanned outages and equipment failures.
Competitive Landscape:
- BASF SE
- Songwon Industrial Group
- Clariant AG
- Addivant
- Adeka Corporation
The global market is further segmented into type and application:
By Type Outlook
- Monomeric
- Oligomeric
- Polymeric
By Application Outloo
- Automotive
- Packaging
- Construction
- Agriculture
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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