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Industrial Endoscope Market Trends

ID: MRFR//9542-CR | 110 Pages | Author: Ankit Gupta| November 2022

Industrial Endoscope Market Overview:

The Global Industrial Endoscope Market is Estimated to register a CAGR of 6.7% during the forecast period.

Endoscopes are instruments that allow viewing locations that are normally inaccessible. Simple optical devices, such as lenses, mirrors, and external light sources, can provide insights that would otherwise be impossible to get. A digital camera is integrated into a contemporary endoscope camera, allowing photos of the seen region to be saved and analyzed. There are devices with highly varying equipment because of the numerous conceivable uses for the endoscope camera. Weak points and flaws may be rapidly recognized during the current inspection cycle and in the event of damage, thanks to the easy positioning of the endoscope camera's probe at the locations to be checked and the instantaneous imaging of the targeted regions. Consequently, significantly more focused maintenance and preventative actions may be implemented. The endoscope camera allows for fast analysis of difficult-to-reach places without the need for time-consuming disassembly or component openings.

COVID-19 Impact vs Opportunities for Global Industrial Endoscope:

As a result of the COVID-19 pandemic, endoscopic procedures declined in 2020. A number of endoscopic facilities have cancelled or postponed elective and semi-urgent procedures due to cross-contamination concerns and the possibility of the transmission of SARS-CoV-2. This is slowing the growth of the market during this time. Furthermore, disruption of supply chains and changing regulations to curb infections also hindered the growth of the market in 2020. According to a study published in Clinics journal in 2021 on the endoscopy unit of the Cancer Institute of State of SĂŁo Paulo, endoscopic procedures are down 55% during the pandemic with colonoscopies the most affected.

A borescope (also known as an industrial endoscope, videoscope, video scope, or inspection camera) is a specialized optical tool used to monitor, capture, and inspect difficult-to-reach places and cavities. Because of its low-light sensitivity, picture clarity, and broad range focus distance qualities, borescopes are now commonly utilized by police, maritime police, SWAT, special forces, military, other security, forensics, and law enforcement organizations. Furthermore, borescopes’ excellent night vision and thermal properties enable them to monitor even in adverse weather and smoke, making them valuable for firefighters.

Market Dynamics:

Market Drivers:

Endoscopes provide unique views into the inside of equipment and installations. They are suitable for inspection and maintenance in the industrial sector, workshops, and private settings like research and university laboratories. Place the flexible wire at a location adjacent to the area to be examined, and one can view the functioning inside. One can clearly view issue locations and analyze the condition without removing the machine because of its flexible cable, lightweight, and high-quality optical components. The water-resistant tube and lenses make it possible to check submerged components easily.

Market Opportunities:

Inspections that assess the airworthiness of aircraft components without damaging them are non-destructive inspections. Visual inspections represent the majority of these checks. These examinations need the use of articulating video borescopes. They deliver pictures in areas where the technician’s eyes cannot see. In order to complete a thorough examination, technicians must be able to identify cracks, accumulation, corrosion, broken pistons, and other issues. Non-destructive maintenance inspections ensure that an aircraft’s components are still fully functioning while enabling the jet to operate with little interruptions within its hectic flying schedule.

Market Challanges:

The high-value manufacturing theme is now embracing a shift in service strategy, with manufacturers taking responsibility for the system, leading to next-generation solutions like industrial product service systems. Furthermore, the change in service duties has resulted in the creation of solution-based systems that track the product’s total cost of ownership across its entire life cycle. These solutions are based on crucial service choices that ensure the system’s continuous and fault-free functioning, hence prolonging the product’s life.

Value Chain Analysis

The industrial endoscope market is growing steadily and is expected to upsurge in the near future. Various key players operating in the industrial endoscope market invest huge capital to optimize the supply chain and reduce operational costs. The supply chain analysis for the industrial endoscope market comprises five major levels: the R&D, manufacturing, testing, distribution, and finally supply.

Industrial Endoscope Segment Overview

The global Industrial Endoscope Market has been segmented on the basis of Industry Vertical, and region.

The global Industrial Endoscope Market, based on Industry Vertical, Industrial Endoscope Market is segmented into Energy & Power, Automotive & Transportation, Manufacturing, Aerospace & Defense, Construction & Infrastructure, and Others.

The global Industrial Endoscope Market, based on region is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Regional Analysis

North America led the Global Industrial Endoscope Market in 2021. The demand for inspection in manufacturing activities is driving the growth of the industrial endoscope market in the US. The mining industry in the US includes the search for, extraction, beneficiation, and processing of naturally existing solid minerals from the earth. Furthermore, the US' increasing focus on R&D, manufacturing, and investments to upgrade technology has greatly boosted the participants' efforts to extend their foundry projects. This increasing demand for the mining industry in the US has been the major factor propelling the growth of the industrial endoscope market. The growing development and expansion of the aerospace industry in Canada have increased the demand for the industry endoscope market. In 2020, the aircraft industry in Canada retained its R&D position among all Canadian manufacturing industries.

The Industrial Endoscope Market in Asia-Pacifc is expected to grow at a the fastest rate during the forecast period. China is currently the world's second-largest domestic aviation market and has the fastest expanding year-over-year passenger traffic growth rate of 9.5 percent. The growing investments from the public and private sectors to strengthen the aerospace industry in Japan are expected to drive the demand for the industrial endoscope market. Imported aircraft, aircraft parts, and engines continue to find a lucrative market in Japan.

Competitive Landscape

The global Industrial Endoscope Market is distinguished by the presence of numerous global, regional, and local players catering to the growing demand for automation and rising demand for high-quality products. However, serviceability of components and visual details of inspection areas will be a challange for the growth of the global Industrial Endoscope Market. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their products and signing contracts and agreements to broaden their reach and reduce operational costs. These include Olympus Corporation, SKF Group, PCE Instruments, Shenzhen Yateks Co., Ltd, Teledyne Technologies Inc., Baker Hughes Company, STS Corporation, Innoview GMBH, IT Concepts GMBH, and KARL STORZ NDTEC GMBH.

Recent Developments

Olympus Corporation and Hitachi Ltd signed a five-year contract to jointly develop Endoscopic Ultrasound Systems (EUS). Hitachi will also supply diagnostic ultrasound systems and related parts used in EUS to Olympus under this contract.

Teledyne FLIR launched two additions to its VS290 Thermal Videoscope Kit family of devices— the VS290-33 Thermal MSX Videoscope Kit and the VS29-21 Thermal Videoscope Kit. The VS290-21 provides thermal-only building, mechanical, and electrical inspection capabilities for hard-to-reach areas from crawlspaces to inside motors for construction and maintenance professionals.

Report Overview

As per MRFR, the global Industrial Endoscope Market has been growing significantly over the past few years. The global Industrial Endoscope Market has been segmented on the basis of Industry Vertical, and region. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Objective of the Study

  • To provide a detailed analysis of the market structure along with the forecast for the next eight years of various segments and sub-segments of the global Industrial Endoscope Market

  • To provide insights about factors affecting the market growth

  • To analyze the global Industrial Endoscope Market based on various tools such as supply chain analysis and Porter's five force analysis.

  • To estimate the market size of the global Industrial Endoscope Market, where 2021 shall be the base year, 2018 to 2020 shall be the historical years, and 2022 to 2030 will be the forecast period for the study.

  • To provide historically and forecast revenue of the market segments and sub-segments concerning regions and their respective key countries

  • To provide a country-level analysis of the market concerning the current market size and prospects

  • To provide a country-level analysis of the market for segments by Industry Vertical

  • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the global Industrial Endoscope Market

  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, product developments, and research & developments in the global Industrial Endoscope Market

Scope of the Report

The scope of the global Industrial Endoscope Market study includes the market size analysis and a detailed analysis of the vendor's products and strategies. The market has been segmented based on Industry Vertical, and region.

Intended Audience

  • Semi-Conductor Industry

  • Robotics Industry

  • Surveillance Industry

  • Industry Automation

  • Technology Investors

  • Regulatory Industries

  • Government Bodies

  • Aerospace industry

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