The video inspection equipment market size is projected to reach US$ 2.06 billion by 2031 from US$ 1.32 billion in 2023. The market is expected to register a CAGR of 5.8% during 2023–2031. Rising awareness for efficient sewage infrastructure and an increase in manufacturing and construction projects are likely to remain key trends and drivers in the market.
The count of sewer operations across the world is fueling the market growth at an exponential rate. To ensure the uninterrupted performance of drainage systems and sewer lines in the industrial, commercial, and residential sectors, timely maintenance and cleaning services are needed. The local government authorities of developed nations, such as the US, are investing considerably in sewage works. The United States Department of Agriculture (USDA) administers various water and waste disposal programs and also grants & loans for sanitary sewer, drinking water, and storm drainage facilities in rural communities.
A video inspection is a valuable diagnostic tool for underground services. Additionally, to be utilized to find leaks, holes, and obstructions, a video pipe inspection could efficiently identify tree roots that worked their way into joints in the piping. These can lead to leaks as the roots continue to grow into the pipes. It can also identify cracked areas of piping that indicate future problems and possible current leaks and errors in installation. Misalignment of jointing pipes, defects in the materials, or other flaws may be causing the issues in the pipes.
An increasing number of manufacturing and construction projects is driving the video inspection equipment market. The increasing number of construction projects in the residential, commercial, and industrial sectors is contributing to the growth of the market. Considerable growth in construction projects across the residential, commercial, and industrial sectors is contributing remarkably toward the adoption of drainage services. Video inspection equipment tools are widely utilized to locate exact places of clogs before purchasing any industrial land or property. In a constantly changing world, the job of a municipal engineer has become more complex, with the intensifying complexity of rules and regulations covering the underground environment. Hence, contractors and municipal technicians have to ensure that a complete survey of underground infrastructure is conducted before initiating any other activity.
The oil and gas industry characterizes a global scale complex of infrastructure implying such stages as extraction, processing, and transportation. Strict measures of risk prevention and quality control are necessary to ensure safety in the oil and gas industry. Visual inspection tools such as video scopes and pipe cameras of various types are capable of defective welds, detecting corrosion, grease buildup, holes, loose parts, excessive tear and wear, and other imperfections. Moreover, various companies offer video inspection equipment. For example, SPI’s EPIC pipe inspection system and RECON video scope are the ideal tools for inspecting pipelines, tanks, valves, pumps, and other critical components in oil and gas facilities.
Key segments that contributed to the derivation of the video inspection equipment market analysis are component, applications, and end users.
The geographic scope of the video inspection equipment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the video inspection equipment market. High technology adoption trends in various industries in the North American region have fuelled the growth of the engineering software market. Factors such as increased adoption of digital tools, high technological spending by government agencies, and an increasing number of construction projects are expected to drive the North American video inspection equipment market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of video inspection equipment market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the video inspection equipment market.
The regional trends and factors influencing the Video Inspection Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Video Inspection Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.32 Billion |
| Market Size by 2031 | US$ 2.06 Billion |
| Global CAGR (2023 - 2031) | 5.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Video Inspection Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Video Inspection Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The video inspection equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the video inspection equipment market are listed below:
The “Video Inspection Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the video inspection equipment market in 2023.
Rising awareness for efficient sewage infrastructure and an increase in manufacturing and construction projects are some of the factors driving the video inspection equipment market.
Technological advancement in the integration of video inspection equipment is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global video inspection equipment market are Aries Industries, Inc., CUES Inc, Subsite Electronics, Vivax-Metrotech Corp, Rausch Electronics USA; LLC, Envirosight LLC, Hathorn Corporation, IBAK Helmut Hunger GmbH & Cc KG, CDS Corporation, Extech.
The global video inspection equipment market is expected to reach US$ 1.32 billion by 2031.
The expected CAGR of the video inspection equipment market is 5.8%.