The expansion of the video inspection equipment market is being fueled by an increase in construction projects throughout the world, as well as increased investment in drainage systems and sewage lines.
Covid-19 Impact & Market Status
Despite the favorable prognosis for growth, the ongoing COVID-19 epidemic is expected to have a detrimental impact on the global economy, hurting business operations and firm revenues in the video inspection equipment market globally. For instance, Saudi Arabia, Egypt, Morocco, the United Arab Emirates, and Kuwait are major MEA countries suffering from the COVID-19 pandemic's economic repercussions. Owing to the large presence of manufacturing & construction, energy & power, oil & gas businesses, the area needs to grow economies that are potential markets for video inspection equipment suppliers. These industries have a strong need for video inspection solutions, and the breakout of COVID-19 may stifle that demand in the future quarters due to a drop in industrial projects and activities.
The value of the Video Inspection Equipment market is projected to grow to USD 25.92 billion with an estimated CAGR of 7.7% by 2030
The Camera Segment is will Hold Majority of the Share in the Estimated Timeframe
The need for cameras in the industrial and construction industries is expanding as the demand for remote-operated inspection systems grows. Inspection cameras are being used by a number of cities and municipalities to enhance the monitoring of clogs and obstructions, which is increasing the use of video inspection equipment in the industrial industry throughout the world.
The Drain & Sewer Segment will Hold Majority of the Market Revenue in the Coming Future
Increasing investments in sewer lines and drainage systems, as well as an increase in development projects throughout the world, are some of the primary drivers propelling the market forward. Furthermore, municipalities throughout the world are adopting proactive initiatives to improve the performance of their systems, such as assessing and cleaning sewage and pipeline networks, which will boost market expansion.
North America Market is projected to be a Maximum Growth Rate in the Future
North America is the largest revenue-generated region owing to the expanding need for video inspection equipment. The United States, Mexico, and Canada are all investing extensively in innovative technology in a variety of businesses. Manufacturing and construction, oil and gas, and homeland security are some of the businesses that use video inspection technology significantly in this region. For instance, municipalities in the region are actively working to enhance sewage system inspections in the construction and industrial industries. Due to continuous government investment and a growing focus on applying sophisticated technology, the oil and gas sector in North America is seeing significant expansion, resulting in an increase in well drilling.
An increasing technological integration in video inspection equipment to achieve cost-effective inspection is the key reason driving the growth of this market during the projected period.
The expanding need for cameras in the construction and manufacturing industries, as well as the growing demand for remote-operated inspection systems, are driving the worldwide video inspection equipment market forward. The cost of inspection at various drainage sites is thought to have been decreased due to fast improving technological integration in video inspection equipment. Due to the expanding industrialization in South America's emerging countries, strict government-enforced sanitation rules and regulations, as well as improved sewer inspection standards, are likely to drive the market's expansion over the forecast period.
The use of drainage services is accelerating due to a significant increase in development projects in the residential, commercial, and industrial sectors. Before buying any industrial land or property, video inspection equipment is commonly used to determine specific locations of blockages. The role of a municipal engineer has gotten increasingly complicated in a continually changing world, with the increasing complexity of laws and regulations governing the subsurface environment. As a result, contractors and municipal technicians must guarantee that a thorough examination of subsurface infrastructure is carried out before proceeding with any additional work.
In municipal verticals, video inspection instruments such as transporters, cameras, and recorders are employed for inspection reasons. Video inspection equipment instruments are widely needed across the industrial and construction industries because of their resilience, mobility, dependability, and lightweight nature. One element driving demand for cameras in the industrial and construction industries is the growing desire for remote-operated inspection systems. Inspection cameras are being used by a number of cities and municipalities to enhance the monitoring of clogs and blockages, accelerating the adoption of video inspection equipment in the industrial industry throughout the world.
In the market research section dedicated entirely to significant players in the global Video Inspection Equipment market, our analysts provide insight into the financial statements of the top rivals, as well as notable advancements, product benchmarking, and SWOT analysis. Some of the prominent companies in the market are Envirosight LLC, CUES, Inc., Hathorn Corporation, Aries Industries, Inc., Subsite Electronics, Rausch Electronics USA, LLC, Vivax-Metrotech Corp., IBAK Helmut Hunger GmbH & Co. KG, CDS Manufacturing, and Extech Instruments. Market actors have been defined using financial overviews, company plans, corporate profiles, and current occurrences.
Latest Innovations in the Global Video Inspection Equipment Market: a Snapshot
- In March 2020, Rausch and minCam merged to capitalize on their synergies and boost their market position in the booming global CCTV business. To build on the company's prior success, the merger aims to establish itself as an international leader in the CCTV market and leak testing equipment for sewage inspections.
- In June 2021, IBAK Helmut Hunger GmbH & Co. KG alleged that it is functioning with the software to assist inspectors to collect data at the time of inspections. According to the firm, the AI in the program seeks to provide standard features and flaw detection automatically.
The purpose of this market research study is to give comprehensive data on the global market for Video Inspection Equipment. The research decodes complicated data to disclose the current and historical positions of the industry, as well as potential market trends and growth. The research looks at market leaders, investors, customers, and new entrants in a range of industries.
Video Inspection Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 25.92 billion|
|Growth Rate||CAGR of 7.7 % during 2020-2030|
|Segment Covered||Offering, Product, Application, End-use Industry, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies, Inc., Microscan Systems, Inc., National Instruments Corporation, OMRON Corporation, Sick AG, Tordivel AS|
Key Segments of the Global Video Inspection Equipment Market
Component Overview, (USD Billion)
- Monitors & Recorders
Application Overview,(USD Billion)
- Drain & Sewer
- Electrical Conduit & Ducts
End-User Overview, (USD Billion)
- Oil & Gas
- Chemicals & Pharmaceuticals
- Food & Beverages
- Manufacturing & Construction
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa