Borescope Market size was over USD 730.6 Million in 2023 and is poised to exceed USD 1.5 Billion by the end of 2036, growing at over 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of borescope is estimated at USD 755 Million. The growing demand for non-destructive inspection is a prime factor for market growth. Every day, more than 25,000 inspections are performed in factories and on-site in the UK to detect defects and damage in an assortment of products, plants, and structures. Moreover, it is estimated that more than 120,000 inspectors are deployed worldwide. In non-destructive testing, borescopes are particularly useful for the inspection of internal components or structures where direct access is limited.
Besides this, the rising cost of loss incurred by lack of maintenance is also anticipated to augment the borescope market expansion. According to the World Corrosion Organization, corrosion costs the globe USD 2.2 trillion every year, which is more than 3% of the global GDP. In order to save these additional losses, the industries have accelerated the use of borescopes to give required regular maintenance and prevent costly breakdowns.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.3% |
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Base Year Market Size (2023) |
USD 730.6 Million |
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Forecast Year Market Size (2036) |
USD 1.5 Billion |
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Regional Scope |
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Technology (Videoscope, Semi-Rigid, Fiberscope, Rigid Borescope)
The videoscope segment in the borescope market is estimated to gain the largest revenue share of about 60% in the year 2036. Moreover, the segment garnered a revenue share of around 43% in 2022. The feature of real-time monitoring, images, and videos in high resolution and result with accurate and clear information is the major factor expanding the segment growth. Apart from this, the video scope also offers the option of recording the entire inspection and it has built-in lighting which makes the entire inspection convenient. Furthermore, the rising demand for detailed but non-destructive inspection is driving the segment’s growth.
End User (Oil & Gas, Energy & Power, Automotive, Aerospace, Chemicals, Metallurgical)
The automotive segment is poised to hold 20% share of the global borescope market in 2022 and is further expected to garner a significant share of around 46% in the year 2036. Rising demand for electric vehicles and vehicles with ADAS systems is expected to drive the segment’s growth. In 2021, around 75 million cars on the road were incorporated with ADAS features in the world. Furthermore, over ten million electric vehicles were sold worldwide in 2022, with sales predicted to increase by 35% in 2023 to 14 million. Furthermore, by 2030, the worldwide electric car supply will have grown to about 350 million vehicles. Borescopes are used to inspect the battery compartments and cells in EVs. By inserting the flexible borescope probe into the battery pack, technicians can visually inspect for any signs of damage, corrosion, or abnormalities. This helps in identifying potential issues that could affect battery performance, such as overheating, leaking electrolytes, or physical damage.
Our in-depth analysis of the global borescope market includes the following segments:
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Technology |
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Diameter |
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End User |
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North American Market Forecast
The borescope market in North America is projected to be the largest with a share of about 35%, growing at a notable share during the projected time period. The region’s market growth is primarily driven by the demand for non-destructive inspection in the oil & gas, aerospace, and automobile industry. Furthermore, the rising investment in upgrading the industrial infrastructure is increasing the demand for borescopes in the United States. On July 20, 2021, the President and the bipartisan committee announced an agreement on a rare investment in infrastructure in the country of the United States. The plan includes around USD 550 billion in new federal investment in America's roads and bridges, water infrastructure, durability, internet, and other infrastructure. Moreover, the growth of borescope market in the United States is expected to grow at a CAGR of approximately 6% over the forecast period.
APAC Market Statistics
The Asia Pacific borescope market is estimated to be the second largest, registering a share of about around 28% by the end of 2036. The growing prevalence of wireless connections and higher adoption of autonomous heavy equipment is to boost infrastructural development, which is likely to augment the industry expansion in the region. More than 700 million Indians, accounting for 75% of both rural and urban adult populations, became users of mobile and fixed broadband services, over the last 10 years. Furthermore, at the moment, around 20% of China's 7,600 rice-processing factories have been partially automated.
Author Credits: Abhishek Verma
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