“The growing demand for inspection services from precision manufacturing drives the growth of the industrial metrology market”
The industrial metrology market is expected to grow from USD 9.62 billion in 2018 to USD 12.97 billion by 2023, at a CAGR of 6.2% between 2018 and 2023. The growing big data analytics market and increasing demand for inspection services from the precision manufacturing drive the growth of industrial metrology market. Moreover, increasing focus on quality control in various industries also contributes to the growth of this market. However, the high cost of setting up metrology facility and lack of expertise needed for efficient handling of metrological systems limit the growth of this market.
“The quality control and inspection application holds the largest share of the industrial metrology market”
Quality control is an integral part of production process as it helps in the smooth functioning of the production, without incurring any extra cost. Under this application, metrological systems are used for alignment, CAD-based inspection, dimensional analysis, and machine calibration, among others. Manufacturers adopt a robust inspection process to control quality. Manufacturers use metrology for accurate scanning and inspection analysis to derive corrective action without slowing down the production.
“The automotive industry holds the largest share of the industrial metrology market”
In the automotive industry, metrological methods are required for inspection, measurement, and quality check of various components. The automotive industry has been increasingly using optical measurement systems and coordinates measuring machines (CMM), instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of vehicles. Scanning accurately captures freeform surfaces by acquiring thousands of measuring points per second without touching the prototype.
“APAC to hold the largest share of the industrial metrology market”
The growth of the market in APAC is attributed to the growing automotive and manufacturing plants in this region. Moreover, large funding from governments of various APAC countries in research and development, and extensive industrial base are the major contributors to the industrial metrology market in APAC, with China, South Korea, and Japan being the major countries contributing to the growth. Also, continuous technological advancements propel the growth of this market.
The breakup of the profile of primary participants has been given below:
• By Company Type: Tier 1 = 33 %, Tier 2 = 45%, and Tier 3 = 22%
• By Designation: C-level Executives = 33%, Directors = 25%, and Others = 42%
• By Region: North America = 35%, Europe = 29%, APAC = 24%, and RoW = 12%
The major players in the industrial metrology market include Hexagon (Sweden), FARO Technologies (US), Nikon Metrology (Belgium), Carl Zeiss Optotechnik (Germany), Jenoptik (Germany), GOM (Germany), and Creaform (Canada). Other prominent players are Renishaw (UK), KLA–Tencor (US), Applied Materials (US), Perceptron (US), GoM (Germany), Automated Precision (US), JLM Advanced Technical Services (US), Precision Products (US), CARMAR ACCURACY (Taiwan), Pollen Metrology (France), and Cairnhill Metrology (Singapore).
The industrial metrology market has been segmented on the basis of offering, equipment, application, end-user industry, and geography. The market based on offering has been further segmented into hardware, software, services, and solutions. On the basis of equipment, the industrial metrology market has been segmented into coordinate measuring machine (CMM), optical digitizer and scanner (ODS), measuring instrument, X-ray and computed tomography, automated optical inspection (AOI), and 2D equipment. On the basis of application, the market has been segmented into reverse engineering, quality control and inspection, mapping and modeling, and other application. The industrial metrology market based on end-user industry has been segmented into aerospace and defense, automotive, manufacturing, semiconductor, and others. On the basis of geography, the market has been segmented into the Americas, Europe, APAC, and RoW.
Reasons to Buy the Report:
The report would help the market leaders/new entrants in this market in the following ways:
• This report comprehensively segments the industrial metrology market and provides the closest approximations of the sizes of the overall market and subsegments for different applications and across various regions.
• The report helps stakeholders understand the pulse of the market and provides them information on key growth drivers, restraints, challenges, and opportunities for the market.