According to our latest market study on “Video Inspection Equipment Market 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.
The increasing investment 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 rapidly advancing technology integration in video inspection equipment 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 during 2021–2028. The count of sewer operations across the world is increasing at an exponential rate. To ensure the uninterrupted performance of drainage systems and sewer lines in the industrial, commercial, and residential sectors, timely maintenance and cleaning services are needed. The local government authorities of developed nations, such as the US, are investing considerably in sewage works. The United States Department of Agriculture (USDA) administers various water and waste disposal programs, which offer grants and loans for sanitary sewer, drinking water, and storm drainage facilities in rural communities. The eligibility of such programs is limited to rural communities with a population of 10,000 people or fewer for direct loans and grants and 50,000 or lesser for guaranteed loans.
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In 2018, Irish Water invested approx. € 263.072 million in their wastewater infrastructure program to enhance Ireland’s wastewater infrastructure. However, according to the Environmental Protection Agency (EPA), due to underinvestment, treatment plants and public sewers lack development. These factors are increasing the use of advanced drainage services, primarily video inspection equipment. The increasing requirement for remote-operated inspection systems is propelling 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, which is boosting the penetration rate of video inspection equipment in the manufacturing industry across the world.
North America is a largest region across the world due to the growing demand for video inspection equipment. The US, Canada, and Mexico are investing heavily to incorporate advanced technologies in various industries. In this region, manufacturing & construction, homeland security, and oil & gas are some of the industries that extensively deploy various types of video inspection equipment. For instance, in the manufacturing & construction industry, municipalities in the region are taking active measures to improve the inspection of the sewer systems. The oil & gas industry in North America is reporting substantial growth due to continued investment by the government and the increasing focus on implementing advanced technologies, leading to a surge in well drilling. In this industry, workers’ safety is a crucial factor due to the high-risk conditions they work in. There is high chance of vehicle accidents while inspecting pipelines or traveling to gas and oil sites. With the immense technological growth in the region, new products are being launched continuously based on changing demand of consumers. Such products are aimed at specific issues. Several companies can save time and money by offering optimized video inspection equipment to for efficient use in the field.
Impact of COVID-19 Pandemic on Video Inspection Equipment Market
The Asia Pacific region is characterized by the presence of a large number of developing countries, a positive economic outlook, a high industrial presence, and a huge population. The high growth rate of urbanization and industrialization in developing countries of the Asia Pacific region is anticipated to offer ample growth opportunities to the global video inspection equipment market Size vendors, as the investments in industrial development is quite high in the region. These factors make APAC a major growth and Share driving region in the global video inspection equipment market. In addition to this, APAC is a global manufacturing hub with countries such as China, Japan, South Korea, and India leading the global electronics and semiconductor industry growth.
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Increase in Manufacturing and Constructional Projects
Considerable growth in construction projects across the residential, commercial, and industrial sectors is contributing remarkably toward the adoption of drainage services. The video inspection 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 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.
Video Inspection Equipment Market: Application Overview
Based on application, the video inspection equipment market is segmented into drain & sewer, electrical conduit & ducts, pipeline, and others. Increasing investments in sewer lines & drainage systems and rising construction projects across the world are a few of the key factors driving the growth of the market. Moreover, municipalities across the world are taking proactive measures, such as inspecting and cleaning sewer and pipeline networks, to improve the performance of their systems which will drive the market growth.
Video Inspection Equipment Market: Competitive Landscape and Key Developments
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.) are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global video inspection equipment market and its ecosystem.
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The players operating in the video inspection equipment market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In June 2021, IBAK Helmut Hunger GmbH & Co. KG announced that it is working on software for easing the inspector’s workload during inspection data capture. The company stated that AI of the software aims to enable standard features and automatic identification of defects.
In March 2020, Rausch and minCam joined forces to leverage their synergies to strengthen their market place in the growing global CCTV industry. The merger aims to become an international leader with a broad portfolio of products in CCTV industry and leak testing systems for sewer inspections to continue the strong past growth.
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