Jun 5, 2020 SOURCE: PR NewsWire

Video Inspection Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component ; Application ; End User

NEW YORK, June 5, 2020 /PRNewswire/ -- The global video inspection equipment market was valued at US$ 1.36 billion in 2019 and is projected to reach US$ 2.05 billion by 2027; it is expected to grow at a CAGR of 5.5% during the forecast period (2020-2027). An increase in investment in sewer lines & drainage systems; and rising constructional projects across the world are some of the key factors driving the growth of the video inspection equipment market. However, lack of awareness about video inspection equipment may restrain the adoption of these solutions in developing and underdeveloped regions of the world. Despite some limitations, the growing oil & gas industry will propel the adoption of video inspection equipment in pipelines across countries. The rising technology integration in video inspection equipment to have cost-effective inspection is one of the major factors fuelling the growth of this market during the forecast period. The rising levels of industrialization and urbanization in developing countries and increasing inspection standards for sewers in developed economies are some of the key factors that are expected to boost the growth of video inspection equipment market during the 2020-2027.

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The market for video inspection equipment is segmented into component, application, end user, and geography.Based on component, the market is segmented into inspection cameras, transporters, monitors & recorders, software, and other component.

In 2019, the cameras segment held the largest share of global video inspection equipment market.Based on application, the video inspection equipment market is divided into drain & sewer, electrical conduit & duct, pipeline, and other applications.

Pipeline segment is expected to be the fastest growing segment during the forecast period.Pipelines and piping is amongst the major applications of video inspection equipment as these are present in every industry and requires timely inspection to identify and remove any clogs.

Based on end user, the market is bifurcated into oil & gas, manufacturing & construction, food & beverages, chemicals & pharmaceuticals, and other end users. The oil & gas segment contributed a substantial share in 2019 because of increasing oil business across the globe. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share followed by Europe and APAC. APAC is projected to be the fastest growing region from 2020 to 2027.

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, and Techcorr are among the key players that were profiled during this market study. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global video inspection equipment market and its ecosystem.

Impact of COVID-19 Pandemic on Video Inspection Equipment Market
Despite being positive growth outlook, the on-going COVID-19 outbreak is anticipated to negatively affect the global economy and thus affecting the business activities and company revenues in the video inspection equipment industry worldwide.The business lockdowns, travel bans, event cancellations, and supply chain disruptions in various countries are anticipated to affect the future growth of global video inspection equipment market, especially in 2020 and 2021.

For instance, major countries in MEA that are facing the negative economic impact of COVID-19 outbreak include Saudi Arabia, UAE, Egypt, Morocco, and Kuwait.The region comprises growing economies which are prospective markets for video inspection equipment providers, owing to the huge presence of oil & gas, energy & power, manufacturing & construction industries.

The demand for video inspection solutions in these industries is quite high, and the outbreak of COVID-19 may hinder this demand in coming quarters due to decline in industrial projects and activities.

The video inspection equipment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for video inspection equipment market with respects to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions--North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in video inspection equipment market.

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