Metrology Market Scope:
Market Research Future (MRFR) reveals that the global metrology market could touch the valuation of USD 1255.5 million by 2027, increasing from the value of USD 607.9 million it had reached in 2016. It is also estimated to achieve a CAGR of 6.82% during the forecast period (2016-2027).
Soaring demand from industrial and power generation applications could invigorate market growth in the coming years. Surging demand for finished goods combined with technological innovations is also set to benefit the metrology market. Renowned industrial vendors are incorporating and integrating their own modern metrology equipment that caters to the needs and are also hiring industry experts to run the system. This factor is expected to work in favor of the global market during the review period.
Advancement in software-led process automation along with portable metrology equipment pertaining to industry-specific customized services add to the market strength. Requirement for high accuracy coupled with lesser tolerance limit for aerospace, automotive, electronics, medical, and various other industries could boost demand for Computer-Aided Designed (CAD) and Computer-Aided Manufacturing (CAM) based processes. Industries like electronics, power generation and automotive need components with low tolerance limits and high precision, which augments demand for Metrology Market.
The stipulated expansion of fuel-efficient vehicles and luxury automotive considering all the possible safety measurements, mostly in developing countries has hiked the demand for the metrology market. Use of cloud-enabled metrology software packages including on-machine, geometric dimensioning and tolerance, robotic metrology, point cloud, automated, multisensory metrology software and laser scanning technology is expected to aid in market growth within industrial manufacturing industries.
Top players shaping the worldwide metrology market include Pantac Metrology (Liechtenstein), Nikon Corporation (Japan), Renishaw PLC (UK), Hexagon AB (Switzerland), Perceptron, Inc. (US), Faro Technologies (US), Exact metrology Inc. (US), Mitutoyo Corporation (Japan), Jenoptik AG (Germany), Carl Zeiss AG (Germany), to mention a few.
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The worldwide metrology market has been segmented with respect to type, product, and end-user.
The types of metrology are industrial metrology and scientific metrology. MRFR asserts that the industrial metrology segment could expand at the fastest rate in the global metrology market during the evaluation period.
The products segment in the metrology market includes coordinated measuring machine (CMM) and optical digitizers & scanners and others. The coordinate measuring machine (CMM) segment covers the maximum share of the metrology market.
The regional distribution of the metrology market includes North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW).
In 2016, Europe had been identified as the leading market for metrology, accounting for a share of 32%. There are a large number of automotive manufacturers present in Europe. Metrology services in the region are mostly used in the automotive industry. Additionally, 3D laser scanner technology is being used to virtually assemble the automotive components for physical evaluation prototypes along with reducing the need for costly specialized verification tooling. Therefore, metrology services possess great potential within the automotive industry in the region.
North America is slated to be the second-most profitable market for metrology. High usage of technically sophisticated devices for measurement is one of the chief factors backing the metrology market. Studies reveal that with the emergence of high-tech robots serviceable in energy harvesting, semiconductor wafer inspection and automation could elevate the position of the metrology market in the region during the appraisal period.
The Asia Pacific market could develop at the fastest rate over the estimated period, given the substantial expansion of the aerospace and defense industry. Increasing number of automotive component manufacturing facilities is working in favor of the region to a great extent. China is touted to be the most lucrative market for metrology, due to substantial production of steel, iron, consumer product, chemical, transportation equipment manufacturing, and food processing among others.
Nikon Metrology recently developed and launched CMM-Manager version 3.9, which is a form of CAD that allows the import of up to 20 times faster and enhanced 3D scene as well as CAD display.
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