June 18, 2020
According to the research report titled ‘Video Inspection Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Application; End User, available with Market Study Report LLC, the global video inspection equipment market was worth USD 1.36 billion in 2019 and is expected to reach USD 2.05 billion by the year 2027, growing with a CAGR of 5.5% over the analysis timeframe.
Increasing investments towards upgradation of drainage systems and sewer lines, along with a greater number of constructional projects across the world are driving the global video inspection equipment market growth. On the other hand, lack of awareness regarding video inspection equipment and its application in underdeveloped and developing regions may act as a market growth restraint.
However, the growth of global video inspection equipment market is likely to be driven by factors such as urbanization, rising industrialization in developing countries, and rising standards of inspection for sewers in developed economies. Besides, the flourishing oil & gas industry will impel the equipment adoption for video inspection of pipelines. Also, the integration of advanced technologies in video inspection equipment for a cost-effective inspection will drive the market growth over the analysis period.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2689415/
The global video inspection equipment market is bifurcated based on geography, end user scope, application spectrum, and component type. In terms of component type, the market is divided into software, monitors & recorders, transporters, cameras, and others. The cameras segment held the largest share of video inspection equipment market in 2019.
With respect to application spectrum, the market is segmented into pipeline, electrical conduit & duct, drain & sewer, and others. The pipeline segment is likely to grow momentously over the analysis period. The pipelines and piping exist in every industry and need regular inspection to detect and remove clogs if any.
In terms of end user scope, the market is classified into chemicals & pharmaceuticals, food & beverage, manufacturing & construction, oil & gas, and others. In 2019, the oil & gas segment accorded a considerable share of global video inspection equipment market owing to growing oil business throughout the world.
The demand for video inspection solutions is high in industries like manufacturing & construction, energy & power, and oil & gas. The outbreak of COVID-19 pandemic and subsequent lockdown across various nations may have a negative impact on product demand in the approaching years due to reduced industrial projects and activities.
Considering the geographical landscape, the market is divided into South America, Middle East & Africa, Asia Pacific, Europe, and North America. North America dominated the global video inspection equipment market in 2019. Meanwhile, Asia Pacific market is reckoned to register strong CAGR through 2027.
The leading organizations in the global video inspection equipment market are TechCorr, MyTana LLC, IBAK Helmut Hunger GmbH & Co. KG, Hathorn Corporation, Envirosight LLC, Rausch Electronics USA, LLC, Vivax-Metrotech Corp., Subsite Electronics, CUES Incorporation, and Aries Industries Incorporation among others.