Report : Asia Pacific Video Inspection Equipment Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Cameras, Transporters, Monitors & Recorders, Software, and Others), Application (Drain & Sewer, Electrical Conduit & Ducts, Pipeline, and Others), End User (Oil & Gas, Manufacturing & Construction, Food & Beverages, Chemicals & Pharmaceuticals, and Others), and Country
CamerasSegment to DominateAsiaPacific Video Inspection Equipment Marketduring 2020–2027
According to The Insight Partners market research study on “AsiaPacific Video Inspection Equipment Marketto 2027 – Regional Analysis and Forecast by Component, Application, End User,”the market is expected to reach US$ 584.0millionby 2027 from US$ 344.4Mn in 2019. The market is estimated to grow at a CAGR of 7.0% from 2020 to 2027.Factors such as the swift growth of various technological advancements and increasing investment in inspection equipment such as cameras and recorders owing to rapid growth inmanufacturing&construction, and food &beverage sector are some of the significant factors driving the growth of the market in the AsiaPacific region.However, less awareness related to benefits of using video inspection tools might hinder the growth of AsiaPacific video inspection equipment market.
The market for video inspection equipment is segmented into component, application, end user, and country. Based on component, the market is segmented into inspection cameras, transporters, monitors & recorders, software, and others component. In 2019, the cameras segment held the largest share of AsiaPacific video inspection equipment market. Based on application, the video inspection equipment market is segmented into drain & sewer, electrical conduit & duct, pipeline, and others application. Pipeline segment is expected to be the fastest growing segment during the forecast period.Based on end user, the market is bifurcated into oil & gas, manufacturing & construction, food & beverages, chemicals & pharmaceuticals, and others end user. The manufacturing & construction segment contributed a substantial market share in 2019, due to increasing oil business across AsiaPacific region.
Envirosight LLC, CUES, Inc., IBAK Helmut Hunger GmbH & Co. KG, Vivax-Metrotech Corporation, and TechCorr are among the leading companies in the video inspection equipment market.The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2017, Envirosight LLC completed the acquisition of MyTana Manufacturing in an all-cash deal. MyTana Manufacturing is a major manufacturer of cleaning inspection and maintenance tools in the drain cleaning and plumbing market.
The Report Segments the AsiaPacificVideo Inspection Equipment Marketas Follows:
Video Inspection Equipment Market– ByComponent
Video Inspection Equipment Market– By Application
Video Inspection Equipment Market– By End User
Video Inspection Equipment Market– By Country