"Overview of Metrology Market"
The Metrology Market is anticipated to reach US$ XX Mn by 2027, Likely to Grow with a CAGR of 5.34 % During the Forecast Period.
Need of less tolerance limits and high accuracy for aerospace, automotive, medical, consumer electronics, and other manufacturing sectors is expected to fuel demand for Computer-Aided Designed (CAD) and Computer-Aided Manufacturing (CAM) based processes. Industries, like automotive, electronics, and power generation, require components with high precision and low tolerance limits. Furthermore, growth in the international quality standards for accurate management through the whole industry domain is encouraging the demand for metrology.
Enlargement of the software led portable metrology and process automation equipment for industry-specific personalized services have also added momentum to the development of the market. Moreover, sustainable rise in personal income, specifically within the emerging economies in has significantly induced the demand for luxury goods and finished products. Furthermore, the stipulated growth within the luxury automotive and fuel-efficient vehicles taking under consideration all the possible safety measurements, especially for the developing countries has increased the general demand for metrology solution within the market
By Product, the CMM Segment is Expected to Register Highest CAGR during the Forecast Period
The CMM product segment is anticipated to expand at a CAGR of 4.9% over the forecast period. The power of CMM to supply positional, dimensional, and surface measurement during a single system is predicted to be the key driving factor for this segment. Additionally, CMM provides a particular measurement of objects for testing, assembling, design, profiling, and reverse engineering of parts. Extreme demand for machine installation, calibration, and retrofitting offered by CMM is expected to further drive market development over the forecast period.
By Application, the Automotive Segment is Expected to Register Highest CAGR during the Forecast Period.
The development of 3D measurement solutions, portable CMM, robot-mounted optical CMM scanner, cloud-based software application platform, and dimensional metrology services led to the all-pervasive growth of the metrology services. Automotive application segment is expected to witness moderate growth over the forecast period due to technological developments in automobiles leading to enlarged level of accuracy of machineries. Every door, panel, seat, and component in an automobile must be accuracy aligned to endorse passenger comfort, safety, and fulfillment. The need of tolerance measurement to examine and assess equipment alignment on machinery is additionally driving the demand for metrology services.
The market in North America held a Significant Market Share in 2018.
By geography, the Metrology market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is predicted to emerge because of the fastest-growing region over the forecast period due to extravagant growth within the regional aerospace and defense industry. The economic and power generation applications are expected to drive the metrology services market in the Asia Pacific. 3D scanner based metrology services is utilized in the power generation industry for various applications. Dimensional metrology applications are used for power generation manufacturing that uses modern laser machinery and portable coordinate measurement arms and huge volume scanner. Metrology services are used in different power generation include horizontal machine bearing, casting, turbines, main shaft, tops-off alignment, scroll case geometry and assembly, and other applications.
Key providers of Metrology are focusing on expanding by forming strategic alliances with peers in order to establish themselves as distinguished players in the global Metrology market. Key industry players such as Carl Zeiss AG, Hexagon AB, Nikon Corporation, Perceptron, Inc., Pantac Metrology, Renishaw PLC, Faro Technologies, Mitutoyo Corporation, Jenoptik AG, Exact Metrology Inc., among others.
- Gantry Machines
- Bridge Machines
- Articulated Arm Machines
- Horizontal Arm Machines
- 3D Laser Scanners
- White Light Scanners
- Laser Trackers
- Power Generation
- North America
- Latin America
- Asia- Pacific (APAC)
- Middle East and Africa (MEA)