Video Inspection Equipment Market Size and CAGR by 2031
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.
Video Inspection Equipment Market Analysis
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.
Video Inspection Equipment Market Overview
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.
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Video Inspection Equipment Market: Strategic Insights
Market Size Value in US$ 1,311.63 Million in 2021 Market Size Value by US$ 1,834.35 Million by 2028 Growth rate CAGR of 4.9% from 2020-2027 Forecast Period 2021-2028 Base Year 2021
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Video Inspection Equipment Market: Strategic Insights
| Market Size Value in | US$ 1,311.63 Million in 2021 |
| Market Size Value by | US$ 1,834.35 Million by 2028 |
| Growth rate | CAGR of 4.9% from 2020-2027 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Video Inspection Equipment Market Drivers and Opportunities
Increasing Manufacturing and Construction Projects to Favor Market
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.
Growing use in the oil and gas industry.
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.
Video Inspection Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the video inspection equipment market analysis are component, applications, and end users.
- Based on components, the video inspection equipment market is divided into cameras, transporters, monitors & recorders, software, and others. The cameras segment is anticipated to hold a significant market share in the forecast period.
- By applications, the market is segmented into drain & sewer, electrical conduit & ducts, pipeline, and others. The drain & sewer segment is anticipated to hold a significant market share in the forecast period.
- Based on end user, the video inspection equipment market is divided into oil & gas, manufacturing & construction, food & beverages, chemicals & pharmaceuticals, and others. The oil & gas segment is anticipated to hold a significant market share in the forecast period.
Video Inspection Equipment Market Share Analysis by Geography
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.
Video Inspection Equipment Market Report Scope
Video Inspection Equipment Market News and Recent Developments
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:
- RICOH Industrial Solutions Inc. announced the launch of the RICOH SC-20, a work inspection camera utilizing image recognition technology to enable real-time confirmation of proper manual work process performance. (Source: Ricoh Company Website, June 2023)
- Nidec Tosok Corporation announced that it launched space-saving visual inspection equipment for beverage production lines.
- (Source: Nidec Tosok Corporation Company Website, March 2023)
Video Inspection Equipment Market Report Coverage and Deliverables
The “Video Inspection Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Video inspection equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Video inspection equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Video inspection equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the video inspection equipment market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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