The global video inspection equipment market is expected to grow from US$ 1,311.63 million in 2021 to US$ 1,834.35 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021-2028.

The off-shore and on-shore businesses within the oil & gas industry are growing considerably. The inspection of pipelines using camera systems is economical and fast for various industries, such as oil & gas. Several companies, such as Visioprobe, provide waterproof industrial inspection cameras for inspecting caissons, pipelines, tanks, and pressure vessels for corrosion. The gas pipe involves challenges in both, metal and plastic piping, where video inspection plays a crucial role. Compliance with standards in the oil & gas industry for pipe inspection is stimulating the market growth of video inspection equipment because of operations, such as production services, drilling, reservoir engineering, well servicing, refining, and transportation of petroleum products. All the above-mentioned operations require timely pipeline inspection. Therefore, the entire oil & gas inspection industry runs according to stringent standards and endeavors to have efficient running equipment. Some of the oil & gas industry applications that require video inspection include burners and tips, compressors, pumps, gas lines, furnace stacks, gas and steam turbines, waste heat boiler stacks, and steam lines.

Maverick Inspection Ltd. provides CSA-rated explosion-proof video inspection equipment for various applications, such as turbine blades, exchanger tubes, and process troubleshooting. The company also offers industrial drone inspections with collision tolerant drones, especially designed for internal inspections.

The video inspection equipment market is segmented on the basis of component, application, end user, and geography. Based on component, the market is segmented into cameras, transporters, monitors & recorders, software, and others. The cameras segment represented the largest share of the overall market in 2020. In terms of application, the video inspection equipment market is segmented into drain & sewer, electrical conduit & ducts, pipeline, and others. In 2020, the drain & sewer segment accounted for the substantial share of the market. Based on end user, the market is segmented into oil & gas, manufacturing & construction, food & beverages, chemicals & pharmaceuticals, and others. The oil & gas segment represented the largest market share in 2020. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

Spain, Italy, Germany, the UK, and France are among the worst affected member states in Europe due to COVID-19 outbreak. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The region is a major manufacturing and industrial hub for sectors such as automotive, construction, energy & power, pharmaceuticals, and food & beverages. Various member states in Europe, such as Italy, Spain, France, the UK, and Germany, have implemented drastic measures and travel restrictions to limit the spread of the novel coronavirus among its citizens. Hence, due to business lockdowns, travel restrictions, and supply chain disruptions, Europe witnessed an economic slump in 2020 and it continued in 2021, also.

The video inspection equipment market in Europe witnesses increased demand and growth owing to the stringent quality and safety industry/government regulations in various countries. The lockdown has adversely affected new industrial projects and investments in various European countries, thus hindering the growth of the video inspection equipment market in this region. In addition, the video inspection equipment manufacturers in this region faced the supply problems due to the disrupted supply of raw materials and electronic component from China. The video inspection equipment markets in Italy, Spain, Germany, the UK, and France are anticipated witnessed worst impact in 2020 and 2021.

The overall 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 an overview and forecast for the video inspection equipment market with respect 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, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts 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 the video inspection equipment market.

A few major players operating in the global video inspection equipment market are Envirosight LLC, Hathorn Corporation, CUES, Inc., Aries Industries, Inc., Rausch Electronics USA, LLC, Subsite Electronics, IBAK Helmut Hunger GmbH & Co. KG, Vivax-Metrotech Corp., Extech Instruments, and CDS Manufacturing.