Report : Video Inspection Equipment Market Forecast to 2027 - Covid-19 Impact and Global 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)
According to our latest market study on “Video Inspection EquipmentMarket to 2027-- COVID-19 Impact, Global Analysis& forecastby 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 Geography,” the market was valued at US$ 1.36billion in 2019 and is projected to reach US$ 2.05billion by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.
Geographically, the video inspection equipment market is broadly segmented into North America, Europe, APAC, MEA, and SAM. North America held the largest share of the global video inspection equipment market owing to the increase in use of transporters, inspection cameras in manufacturing and oil & gas industries. Moreover, the investment made by local authorities to improve drainage and sewer system is also propelling the growth of the market in North America. In 2019, the region contributed ~35% to the overall video inspection equipment market. Additionally, a few steps are undertaken by the market players for the penetration of video inspection equipment in the system. In terms of market share, Europe and APAC held the second and third position respectively in 2019. Europe is a crucial market for the growth of video inspection equipment market during the forecast period. The region is characterized with the presence of well-developed nations such as Germany, the UK, and France which drives the development of advanced technologies. The presence of various video inspection equipment manufacturers in Europe is contributing to the growth of the market. For instance, companies such as Bureau Veritas are taking steps to increase adoption of video inspection equipment. Bureau Veritas is a France-based testing, inspection, and certification company partnered with Infrastructure Preservation Corporation. Infrastructure Preservation Corporation offers HD video inspection capabilities to detect corrosion and physical damage to the cable sheathing. Bureau Veritas inspectors have leveraged these solutions developed by Infrastructure Preservation Corporation. The partnership enabled the company to offer advanced robotics and technology inspection solutions in the US and Canada.
In terms of growth, APAC is anticipated to be the fastest-growing region with an impressive CAGR of 7.0% during 2020–2027. APAC region includes various developing economies such as China, India, and several southeast countries as well as developed economies such as Japan and South Korea. In developing nations such China and India, the manufacturing & construction and oil & gas industry are rising at an impressive pace owing to the increasing urbanization, supportive government policies, and growing number of public private partnerships in infrastructure sector. All these factors are anticipated offer ample growth opportunities for video inspection equipment market players in the APAC region. Owing to on-shore and off-shore business, oil & gas business in Middle East Africa region will increase the penetration of video inspection tools in pipeline & piping. South America is also expected to grow at a steady pace during the forecast period.
Impact of COVID-19 on Video Inspection Equipment market
The US is the world’s worst affected countries due to COVID-19 outbreak with more than 1.43 million confirmed cases and more than 87,000 deaths by 18th May 2020. The US is one of the largest markets for video inspection equipment especially in oil & gas, manufacturing, chemicals, and pharmaceuticals owing to stringent government/industrialregulations regarding safety and quality standards.The unprecedented increase in the number of confirmed cases and rising reported deaths in the country is affecting both supply and demand of video inspection equipment due to supply chain disruptions across the region. The ongoing slump in industrial activities and new projects across the US, Canada, and Mexico is impacting the demand of video inspection equipment in respective countries. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the video inspection equipment market growth in North American region in a negative manner for the next few quarters.
The report segments the global video inspection equipmentmarket as follows:
By End User
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