According to our latest market study on “Video Inspection Equipment Market 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.
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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.
The Prominent/Emerging Players in the Video Inspection Equipment Market Research include:
- Aries Industries, Inc.
- CUES Inc.
- Subsite Electronics
- Vivax-Metrotech Corp
- Rausch Electronics USA, LLC
- Envirosight LLC
- Hathorn Corporation
- IBAK Helmut Hunger GmbH & Co. KG
- MyTana LLC
The Video Inspection Equipment Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.
Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.
Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title “Financial Performance” (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.
Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.
Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.
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The Video Inspection Equipment Market research study is designed keeping in focus all the major countries. Although, all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries which are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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