Global Video Inspection Equipment Market to 2028 – COVID-19 Impact and Analysis – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Video Inspection Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis” report has been added to ResearchAndMarkets.com’s offering.
The global video inspection equipment market is expected to grow from US$ 1,311.63 million in 2021 to US$ 1,834.35 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021-2028.
The off-shore and on-shore businesses within the oil & gas industry are growing considerably. The inspection of pipelines using camera systems is economical and fast for various industries, such as oil & gas. Several companies, such as Visioprobe, provide waterproof industrial inspection cameras for inspecting caissons, pipelines, tanks, and pressure vessels for corrosion. The gas pipe involves challenges in both, metal and plastic piping, where video inspection plays a crucial role. Compliance with standards in the oil & gas industry for pipe inspection is stimulating the market growth of video inspection equipment because of operations, such as production services, drilling, reservoir engineering, well servicing, refining, and transportation of petroleum products. All the above-mentioned operations require timely pipeline inspection.
Therefore, the entire oil & gas inspection industry runs according to stringent standards and endeavors to have efficient running equipment. Some of the oil & gas industry applications that require video inspection include burners and tips, compressors, pumps, gas lines, furnace stacks, gas and steam turbines, waste heat boiler stacks, and steam lines.
Maverick Inspection Ltd. provides CSA-rated explosion-proof video inspection equipment for various applications, such as turbine blades, exchanger tubes, and process troubleshooting. The company also offers industrial drone inspections with collision tolerant drones, especially designed for internal inspections.
The video inspection equipment market is segmented on the basis of component, application, end user, and geography. Based on component, the market is segmented into cameras, transporters, monitors & recorders, software, and others. The cameras segment represented the largest share of the overall market in 2020. In terms of application, the video inspection equipment market is segmented into drain & sewer, electrical conduit & ducts, pipeline, and others. In 2020, the drain & sewer segment accounted for the substantial share of the market. Based on end user, the market is segmented into oil & gas, manufacturing & construction, food & beverages, chemicals & pharmaceuticals, and others. The oil & gas segment represented the largest market share in 2020. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.
Spain, Italy, Germany, the UK, and France are among the worst affected member states in Europe due to COVID-19 outbreak. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The region is a major manufacturing and industrial hub for sectors such as automotive, construction, energy & power, pharmaceuticals, and food & beverages. Various member states in Europe, such as Italy, Spain, France, the UK, and Germany, have implemented drastic measures and travel restrictions to limit the spread of the novel coronavirus among its citizens.
The video inspection equipment market in Europe witnesses increased demand and growth owing to the stringent quality and safety industry/government regulations in various countries. The lockdown has adversely affected new industrial projects and investments in various European countries, thus hindering the growth of the video inspection equipment market in this region. In addition, the video inspection equipment manufacturers in this region faced the supply problems due to the disrupted supply of raw materials and electronic component from China.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global video inspection equipment market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global video inspection equipment market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Market Dynamics
Drivers
- Rising Awareness for Efficient Sewage Infrastructure
- Increase in Manufacturing and Constructional Projects
Restraints
- Lack of Awareness for Video Inspection Equipment
Opportunities
- Growing Activities in Oil & Gas Industry
Future Trends
- Advanced Technology Integration in Video Inspection Equipment for Enhanced Capabilities
Companies Mentioned
- Aries Industries, Inc.
- CUES Inc. (SPX Corporation)
- Subsite Electronics
- Vivax-Metrotech Corp
- Rausch Electronics USA, LLC
- Envirosight LLC
- Hathorn Corporation
- IBAK Helmut Hunger GmbH & Co. KG
- CDS Corporation
- Extech (Flir Systems Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/fv2y35.
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