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Industrial Metrology Market Worth $12.97 Billion by 2023
May 4, 2018 | PRNewswireEstimated reading time: 2 minutes
According to the new market research report on "Industrial Metrology Market by Offering, Product, Application (Reverse Engineering, Quality & Inspection, Mapping & Modelling), Industry (Aerospace & Defense, Automotive, Precision Manufacturing, Consumer), and Geography - Global Forecast to 2023", published by MarketsandMarkets, the market is expected to grow from $9.62 Billion in 2018 to $12.97 Billion by 2023, at a CAGR of 6.2% during the forecast period. The growing big data analytics market and increasing demand for inspection services from 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.
Hardware to hold largest size of industrial metrology market between 2018 and 2023
The major driver for the growth of the industrial metrology market for hardware is the increasing adoption of industrial metrology products in the industries such as aerospace and defense, and automotive to maintain product quality. Moreover, the use of 2D metrology products for dimensioning and inspection applications also contributes to the growth of the market for hardware.
Industrial metrology market for coordinate measuring machine to grow at a high CAGR between 2018 and 2023
The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, aerospace, and military industries contribute to the largest share of coordinate measuring machines (CMMs) in the market based on equipment.
Quality control and inspection application to hold largest size of industrial metrology market between 2018 and 2023
Industries such as automotive and aerospace face increasing demand for intense quality control and inspection; not meeting quality standards can hamper their reputation and, ultimately, their brand and business. Thus, these industries are prominently adopting industrial metrology for the quality control and inspection application.
Industrial metrology market for automotive industry to grow at significant CAGR between 2018 and 2023
The shift in preference from off-line quality inspection to near-line or in-line measurement techniques, enabling higher sampling rates and shorter inspection times in automotive sector, drives the growth of the industrial metrology market for the automotive industry. Moreover, the growing demand for automobiles in developing countries, such as India and China, is expected to fuel the growth of industrial metrology market in the near future.
APAC held largest share of industrial metrology market in 2017
Highest CAGR of the market in APAC is attributed to the high economic growth of the major countries, such as China and Japan, in this region. China has a huge potential in terms of the applications of industrial metrology offerings. Moreover, with the initiatives taken by the Government of India to encourage local and foreign players to have a manufacturing set-up in India is likely to boost the industrialization, thereby making it an attractive market for industrial metrology.
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).
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