Increase in Manufacturing and Constructional Projects to Create Growth Opportunities for Video Inspection Equipment Market during 2021–2028
According to our latest market study on “Video Inspection Equipment Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and End User,” the market was valued at US$ 1,311.63 million in 2021 and is projected to reach US$ 1,834.35 million by 2028; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.
A considerable growth in construction projects across the residential, commercial, and industrial sectors is contributing remarkably toward the adoption of drainage services. The 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 intensifying complexity of rules and regulations, covering the underground environment. Hence, contractors and municipal technicians have to ensure that the complete survey in underground infrastructure is conducted before initiating any other activity. The video inspection Equipment tools, including transporters, cameras, and recorders, are used in municipal verticals for inspection purposes. Considering the portability, robustness, reliability, and lightweight of video inspection equipment tools, these are broadly needed across the manufacturing & construction industry. The increasing requirement for remote-operated inspection systems is one factor that stimulates the demand for cameras in the manufacturing & construction industry. Various localities and municipalities are using inspection cameras to improve the monitoring of clogs or blockages, propelling the penetration rate of video inspection equipment within the manufacturing industry worldwide.
The video inspection equipment market ecosystem is diverse and evolving. Its stakeholders are payload providers, video inspection equipment manufacturers, and end users. CUES Inc.; Subsite Electronics; Aries Industries, Inc.; Vivax-Metrotech Corp; and Rausch Electronics USA, LLC are among the key companies in the market. The companies offer a wide range of video inspection equipment for drain & sewer, electrical conduit & ducts, pipeline, and other applications. Nowadays, there is a substantial rise in urbanization and industrialization globally. It is leading to the increased construction of complexes, housing, institutes, and industries. Before initiating the construction of any structure, the inspection of pipelines and sewage is essential. Operators conduct this activity with the use of video inspection equipment Industry. These video inspection Equipment Market tools are also used in several other industries, such as oil & gas, food & beverages, chemicals, and paper & pulp.
The rapidly advancing technology integration in video inspection equipment Industry Size is believed to have reduced the cost incurred in inspection at various drainage sites. Considering the rising industrialization in the developing countries of South America, stringent norms and regulations enforced by respective government authorities regarding cleanliness and the improvement in inspection standards for sewers are the key factors that are expected to boost the growth of this market over the forecast period of 2021–2028. Moreover, the increasing investments in drainage systems and sewer lines and the rising number of construction projects in several developing countries are driving the video inspection equipment market growth.
The video inspection equipment market Share is segmented on the basis of component, application, end-user, and geography. Based on component, the market size is segmented into cameras, transporters, monitors & recorders, software, and others. In 2021, the cameras segment led the market and accounted for the largest market share. Based on application, the video inspection equipment market is segmented into drain & sewer, electrical conduit & ducts, pipeline, and others. In 2021, the drain & sewer segment led the market and accounted for the largest market share. Based on end-user, the market size is segmented into oil & gas, manufacturing & construction, food & beverages, chemicals & pharmaceuticals, and others. In 2021, the oil & gas segment led the market and accounted for the largest market share. Geographically, the video inspection equipment market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the global market.
Impact of COVID-19 Pandemic on Video Inspection Equipment Market
According to the latest report of the World Health Organization (WHO), the US, Italy, France, Germany, the UK, Russia, Brazil, Iran, India, and China are among the worst-affected countries due to the COVID-19 pandemic. The pandemic has had a rapid and severe impact on the video inspection equipment manufacturers. The sharp decline in industrial activities with multiple projects on hold and unavailability of labor due to movement restrictions are hindering the growth of the global video inspection equipment market as they are the major supply and demand sources for video inspection equipment. However, the impact of the pandemic is short-term, and the market has resumed its production and shifting toward normalcy from the beginning of 2021.
Video Inspection Equipment Market Key Players
A few key players operating in the global video inspection equipment market are 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; and Extech (Flir Systems Inc.). Also, several other market players have been analyzed to understand the market.
Video Inspection Equipment Market - by Geography, 2021 and 2028 (%)
Video Inspection Equipment Market Size & Industry Growth 2028
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Video Inspection Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Cameras, Transporters, Monitors & Recorders, Software, and Others), Application (Drain & Sewer, Electrical Conduit & Ducts, Pipeline, and Others), and End User (Oil & Gas, Manufacturing & Construction, Food & Beverages, Chemicals & Pharmaceuticals, and Others)
Video Inspection Equipment Market Size & Industry Growth 2028
Download Free SampleVideo Inspection Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Cameras, Transporters, Monitors & Recorders, Software, and Others), Application (Drain & Sewer, Electrical Conduit & Ducts, Pipeline, and Others), and End User (Oil & Gas, Manufacturing & Construction, Food & Beverages, Chemicals & Pharmaceuticals, and Others)
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