Olympus (Japan) and SKF (Sweden) are leading Players in the Borescope Market
A borescope is an optical tool used for visual inspection. The optical device consists of a rigid or flexible tube with a display on one end and an objective lens or camera on the other end, where both the ends are linked together by an optical or electrical system. Borescopes are used for visual inspection in various industries such as aviation, automotive, power generation, oil & gas, and manufacturing.
The market growth is mainly attributed to high operational productivity, large scale infrastructure development, and the growing need for power generation plant maintenance. The borescope market size is expected to reach USD 837 million by 2024 from USD 674 million in 2019 at a CAGR of 4.4%.
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Olympus (Japan), SKF (Sweden), and Baker Hughes (US) are the leading players in the borescope market.
Olympus (Japan) is involved in industrial, medical, and consumer markets; specializing in optics, electronics, and precision engineering. The company operates in four business segments, namely, medical, scientific solutions, imaging, and others. It offers products which include ultrasonic flaw detectors and thickness gages, videoscopes, borescope, microscopes, in-line and advanced nondestructive testing systems, XRF and XRD analyzers, interferometers, industrial scanners, probes, software programs, and instrument accessories. The company plans to supply reliable, economical systems, globally, improving the safety, security, quality, and productivity for the clients. Moreover, the company continuously focuses on the development of new technologies, products, and services. It generates approximately 80% of the revenue from the overseas market and plans for stronger oversight operations. The company adopted organic strategies for continuous growth in the borescope market. For instance, it launched IPEX GX/GT industrial videoscopes and IPEX G lite videoscope in 2018.
SKF (Sweden) is engaged in providing a wide range of products and related technologies. The company operates in the business division, namely, industrial distribution, industrial drivers, heavy industries, and aerospace. It offers products such as test and measuring equipment, power transmission products and solutions, coupling systems, condition monitoring, motion technologies, and lubrication technologies. It offers endoscopes under the condition monitoring for the internal inspection of machinery. The company provides TKES 10 series endoscope for the internal inspection of machinery. In 2018, the company witnessed organic growths, improved margins, improved automotive business, increased investments, and improved balance sheet offering for further investments and acquisitions. Moreover, it has seen strong development in regions such as North America and Asia.
Baker Hughes (US) experience in measurement instrumentation, inspection technology, industrial software, and services. It operates in four business segments, namely, oilfield services, turbomachinery & process solutions, oilfield equipment, and digital solutions. The company offers products such as flowmeters, moisture and gas analyzers, radiation measurement, turbomachinery, automation & distributed control system and migrations, inspection technologies, and many more. It also provides services such as condition monitoring and asset protection services, inspection services and inspection equipment support, flowmeter service, pressure measurement, test and calibration services, and many more. The company serves industries such as oil & gas, power generation, aerospace, automotive, and electronics with its products and services.
Baker Hughes (US), has experience in measurement instrumentation, inspection technology, industrial software, and services. It operates in 4 business segments, namely, oilfield services, turbomachinery & process solutions, oilfield equipment, and digital solutions. The company offers borescope under its digital solutions segment. It serves industries such as oil & gas, power generation, aerospace, automotive, and electronics with its products and services. In 2018, the company introduced a comprehensive growth strategy to increase competitiveness by reducing the business cost, drive efficiencies with integrated solutions, and deliver industrial yield through partnerships and innovative commercial models. The company offers borescopes used across industries such as aerospace, power generation, and automotive, which requires powerful and reliable inspection. Furthermore, the company has increased its R&D investment by 10% to USD 700 million, introducing more than 100 new products and received approximately 2,700 patents, globally.
Related Reports:
Borescope Market by Type (Video, Flexible, Endoscope, Semi-rigid, Rigid), Diameter (0 mm to 3 mm, 3 mm to 6 mm, 6 mm to 10 mm, Above 10 mm), Angle (0° to 90°, 90° to 180°, 180° to 360°), Industry, and Region - Global Forecast to 2024
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