Video Inspection Equipment Market Poised for Growth, Expected to Reach $1.78 Billion by 2028
Video Inspection Equipment Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Video Inspection Equipment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 19, 2024 /EINPresswire.com/ -- The global video inspection equipment market is witnessing robust growth, projected to increase from $1.38 billion in 2023 to $1.46 billion in 2024, at a compound annual growth rate (CAGR) of 6.2%. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.This growth trajectory is driven by factors such as regulatory compliance requirements, aging infrastructure across various industries, and the increasing need for cost-effective inspection solutions.
Rising Demand for Construction Projects Drives Market Growth
The surge in construction projects worldwide is a key driver for the video inspection equipment market. With urbanization and infrastructure development on the rise, the construction sector is experiencing significant expansion. In 2021, the UK construction sector saw a notable 12.7% increase compared to the previous year, indicating a robust demand for inspection equipment to ensure quality control and identify potential issues early in the construction phase.
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Major Players and Market Trends
Leading companies in the video inspection equipment market, including Olympus Corporation, Fluke Corporation, and Teledyne Technologies Incorporated, are focusing on innovation to maintain their competitive edge. For instance, Ashtead Technology Inc. recently launched a state-of-the-art drop camera system tailored for high-resolution seabed visual inspection, demonstrating advancements in underwater inspection technology.
Segments
• By Component: Cameras, Transporters, Other Components
• By Application: Drain and Sewer, Electrical Conduit and Ducts, Pipeline, Other Applications
• By End User: Oil and Gas, Manufacturing and Construction, Food and Beverages, Chemicals and Pharmaceuticals, Other End Users
Geographical Insights: Asia-Pacific Leading the Market
North America dominated the video inspection equipment market in 2023, while Asia-Pacific is expected to emerge as the fastest-growing region during the forecast period. This regional shift underscores the increasing adoption of video inspection solutions in emerging markets across Asia-Pacific.
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Video Inspection Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Video Inspection Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on video inspection equipment market size, video inspection equipment market drivers and trends, video inspection equipment market major players, competitors' revenues, market positioning, and market growth across geographies. The video inspection equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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