Industrial Endoscope Market Will Expand at 6.7% CAGR from 2022 to 2030
Industrial Endoscope Market Insights
The global Industrial Endoscope Market is likely to witness a constant rise in revenues. The industry 4.0 regulations spurred the demand for endoscopes for remote visual inspection (RVI). Besides, the increased pressure among various industries to boost productivity efficiency and minimize manufacturing costs to reduce the overall maximum retail price (MRP) of products drives the industrial endoscope market growth.
Endoscopes have evolved significantly over the past few years due to key technology advances that are empowering industries to boost productivity by streamlining processes and reducing mistakes. Today, industrial endoscopes have become more affordable, accessible, adaptable, autonomous, and connected. According to Market Research Future (MRFR), the global industrial endoscope market is poised to expand at a 6.7% CAGR during the review period (2022-2030).
Government-imposed stringent regulations for work safety and improved manufacturing capabilities increase the need for endoscopes among end-user industries. Additionally, growing automation in manufacturing sectors drives the market demand. Endoscopes have become necessary to increase productivity, improve quality, and leave no scope for errors. Growing automation has increased endoscope adoption in various industries.
Many features of endoscopes, such as waterproof and quickly changeable scopes with a wide viewing angle that can transmit images and allow real-time distortion correction, increase their adoption in hazardous areas to visually inspect pipelines in OG and nuclear power plants. In heavy industries where unsafe and harmful environments are inevitable, wireless features of endoscopes allow users to control devices from a distance and get remote alerts and share images which increases their adoption.
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Major Players:
Players active in the industrial endoscope market are
- SKF Group,
- PCE Instruments,
- Olympus Corporation,
- Teledyne Technologies Inc.,
- Baker Hughes Company,
- Shenzhen Yateks Co., Ltd.,
- Innoview GMBH,
- KARL Storz Ndtec GMBH,
- STS Corporation, and
- IT Concepts GMBH, among others.
Global Industrial Endoscope Market – Segments
The report is segmented into industry verticals and regions. Of these, the industry vertical segment is bifurcated into construction infrastructure, energy power, manufacturing, aerospace defense, automotive transportation, and others. By region, the industrial endoscope market is segmented into the Americas, Europe, Asia-Pacific, Middle East Africa, and the rest of the world.
Global Industrial Endoscope Market – Regional Analysis
Globally, North America accounts for the largest industrial endoscope market share. The continually growing demand for inspection solutions in manufacturing and rapid industrialization across the region drive market growth. Besides, growing RD activities and investments to upgrade production technologies boost the industrial endoscope market size.
Increasing government focus on accelerating the energy industry's resiliency by building reliable, trusted, and cyber-secure supply chains substantiates the region's industrial endoscope market shares. The US is the largest market witnessing the largest demand from OG and mining industries that need endoscopes to search, extract, beneficiate, and process naturally existing oil gas and solid minerals from the earth.
Also, the growing mining industry in the US has made it the leader in the regional market. This increasing demand for industrial endoscopes across the region is a major growth propeller. Furthermore, the spurring rise in the aerospace industry in North America boosts the industrial endoscope market revenues.
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Global Industrial Endoscope Market - Competitive Analysis
Highly competitive, the industrial endoscope market appears fragmented with the presence of several well-established players. Industry players initiate strategies such as mergers acquisitions, expansion, collaboration, and product launches to gain a larger competitive share.
Players also invest substantially to drive RD, innovations, and strategic initiatives. They acquire small yet promising companies from emerging markets to increase their global footprints. Quality, reliability, and cost are key parameters industry players compete against each other based on.
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