How Has the Video Inspection Equipment Market Size Evolved in Recent Years?
The video inspection equipment market has seen considerable growth due to a variety of factors.
• In recent times, there has been a substantial growth in the market size of video inspection equipment. The market value which was $1.46 billion in 2024 is anticipated to surge to $1.55 billion in 2025, expanding at a compound annual growth rate (CAGR) of 6.0%.
The phenomenal growth during the historic period can be associated with factors such as compliance with regulations, old infrastructure, cutbacks in cost, and heightened awareness levels.
What are the Market Size and Expected Growth Rates for the Video Inspection Equipment Market?
The video inspection equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for video inspection equipment is projected to grow steadily. It's anticipated to reach $1.86 billion by 2029, driven by a compound annual growth rate (CAGR) of 4.6%.
The predicted rise during this forecast period can be linked to factors such as AI and IoT integration, expansion in end-use industries, increasing requirement for non-destructive testing (NDT) solutions, emerging markets, and a concentrated emphasis on remote operations. Notable up-and-coming trends during this period include miniaturization and portability, advanced data analytics capabilities, a pivot towards cloud-based solutions, the emergence of augmented reality (AR) integration, and a focus on sustainability and environmental monitoring.
Which Key Drivers Are Propelling The Video Inspection Equipment Market's Growth?
The surge in construction undertakings is anticipated to boost the expansion of the video inspection equipment market in the future. These construction endeavors consist of designing, establishing, refurbishing, and preserving physical edifices and infrastructure. The escalation in construction projects is a result of rapid urbanization, the demand for infrastructure development, and economic growth. Video inspection equipment aids in meticulous scrutiny of constructions, guaranteeing quality assurance and spotting potential problems. For example, the Office for National Statistics, a government agency in the UK, reported in November 2023 that new construction activities in 2022 showed a growth of £18,161 million ($19.96 million), coupled with an increase of 16.8% in private sector projects and a rise of 13.1% in public sector projects. Consequently, the surge in construction activities is pushing the video inspection equipment market's expansion.
What Are The Key Segments Within The Global Video Inspection Equipment Market?
The video inspection equipment market covered in this report is segmented –
1) By Component: Cameras, Transporters, Other Components
2) By Application: Drain And Sewer, Electrical Conduit And Ducts, Pipeline, Other Applications
3) By End User: Oil And Gas, Manufacturing And Construction, Food And Beverages, Chemicals And Pharmaceuticals, Other End Users
Subsegments:
1) By Cameras: High-Definition (HD) Cameras, Pan-\And-Tilt Cameras, Color Cameras, Thermal Cameras, Wireless Cameras
2) By Transporters: Cable-Based Transporters, Track-based Transporters, Self-propelled Transporters
3) By Other Components: Monitors, Lighting Systems, Software (Inspection And Analysis Software), Controllers Or Joysticks, Recording Devices (Hard Drives, SD Cards)
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How Are Emerging Trends Reshaping The Dynamics Of The Video Inspection Equipment Market?
Leading businesses in the video inspection equipment market are driving innovation by creating novel products like drop camera systems, to set them apart from the competition. These underwater imaging tools usually come with a camera connected to a cord and are intended to be immersed in water for visual recording of aquatic surroundings, sea creatures, or undersea structures. For example, Ashtead Technology Inc., a UK-based marine technology firm, unveiled a standard drop camera system in February 2023. This system has been custom-built for top-quality seabed visual evaluation and designed to function in waters as deep as 4000 meters. The cutting-edge system has a depth rating of 1000 meters by default, which can be increased to 4000 meters using sonar coaxial cable technology. It offers uninterrupted live video streaming in HD 720P during explorations, while concurrently taking 16.6-megapixel photos and striking 4K video clips for post-assessment. The system's surface component, equipped with a digital video recorder, ensures fluid real-time HD video recording. This is further improved with Ashtead Technology's proprietary drop camera system control software. This groundbreaking software enables users to adjust the camera's position, angle, and light intensity to yield the best image quality. Capable of producing a remarkable 4 x 9000 lumens of light intensity, the surface software adds another level to the visual inspection procedure.
Who Are the Key Players In The Video Inspection Equipment Market?
Major companies operating in the video inspection equipment market are:
• Olympus Corporation
• Fluke Corporation
• Teledyne Technologies Incorporated
• CUES Inc.
• DEWALT
• TechCorr
• Aries Industries Inc.
• Silverline Tools
• Vivax-Metrotech Corp.
• General Tools & Instruments
• Subsite Electronics
• IBAK Helmut Hunger GmbH & Co. KG
• Envirosight LLC
• Hathorn Corporation
• RIDGID Tools
• Teamforce Tools
• Teslong Technology Limited
• MyTana LLC
• REED Instruments
• REFCO Manufacturing Ltd.
• Tool Master
• ROTEK
• Extech Instruments
What Are The Regional Insights Into The Video Inspection Equipment Market?
North America was the largest region in the video inspection equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video inspection equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
