The borescope market is forecasted to experience major growth in the coming years, and according to recent projections, it will be worth a staggering $837 million by the year 2024. The findings, albeit indirect, will likely help Puerto Rico’s economic growth due to the petrochemical industry’s borescope needs. Borescope manufacturers in the United States will benefit from this growth as well, according to a PR News Wire report, despite the fact that some companies only sell their products in the U.S. mainland, Puerto Rico and Canada. The Puerto Rican market alone already holds a lot of promise for the industry, based on expert opinion, especially now that the U.S. territory is on its way to economic recovery.
Borescopes And The Puerto Rican Petrochemical Industry
While borescope sales in Puerto Rico won’t be as high as in other places, the visual inspection tool plays an important role in its oil and gas industry, one of the territory’s leading industries and among its biggest job providers. Despite the economic stagnation, the Puerto Rican petrochemical industry is likely to remain profitable, based on a report published by The National Academies of Sciences Engineering Medicine.
A device that is used for visual inspection, a borescope is needed for operational productivity, a kind of productivity that the territory needs at the moment in order to bounce back. Puerto Rico’s economic revival will also pave the way for a higher power generation requirement, hence the need for better tools. Experts reiterate that in the case of Puerto Rican oil and gas production, borescopes are needed to support economic growth, as they offer a more cost-effective way to inspect equipment without dismantling it. SPI borescopes are highly recommended in the industry, since they offer high resolution moving images, are fitted with their own flashlights, and have high storage capacities. These borescopes have built-in speakers and microphones, along with the capability to playback videos and flip the screen if needed.
As the borescopes market grows, borescopes will become cheaper in general, and this is a good thing not only for the industry, but for the industries that need them too. The market’s projected value in the millions of dollars only means one thing – that other industries are expected to grow, too, including those that are currently struggling to keep themselves afloat. For Puerto Rico, which has been dealing with economic hardship in the past few years, this analysis from various experts provides hope, despite it being an indirect study of what is to come.
The borescope industry is seeing a bright future ahead. And as a result, so will Puerto Rico.