Industrial Metrology Market Scope
Industrial metrology is used to ensure that instruments used in a wide variety of industries are functioning properly. It also ensures the appropriateness of measurement instruments, including the maintenance, quality control, and proper calibration of these instruments. It assists in effectively controlling and optimizing development processes and production. Industrial metrology has a wide range of applications in the end-use industry such as aerospace and defense, automotive, manufacturing, and electronics & semiconductor. Moreover, the growing concerns regarding the efficient use of energy is leading to the firms in the automotive, aerospace and defense industry to utilize lightweight material in the production of vehicle and aircraft respectively that are required to be comprehensively tested, thus fueling the growth of the market. The rising big data analytics market and growing demand for inspection services in manufacturing units have also fuelled the growth of the United States industrial metrology market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | North America |
Largest Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Perceptron, Inc. (United States), Faro Technologies (United States), Exact metrology Inc. (United States), Automated Precision Inc. (API) (United States), Hexagon AB (Sweden), Carl Zeiss AG (Germany), Mitutoyo Corporation (Japan), Nikon Corporation (Japan), Renishaw PLC (UK) and Pantac Metrology (Liechtenstein) |
CAGR | 5.9% |
The market is highly fragmented due to the presence of several prominent vendors. Some of the leading players are adopting organic and inorganic strategies such as a merger, acquisition, product launches, among others in order to gain competitive advantage. Moreover, some of the prominent vendors are continuously focusing on technological advancements in order to offer the products as per the market necessities. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Industrial Metrology market throughout the predicted period.
Perceptron, Inc. (United States), Faro Technologies (United States), Exact metrology Inc. (United States), Automated Precision Inc. (API) (United States), Hexagon AB (Sweden), Carl Zeiss AG (Germany), Mitutoyo Corporation (Japan), Nikon Corporation (Japan), Renishaw PLC (UK) and Pantac Metrology (Liechtenstein) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Jenoptik AG (Germany), KLA-Tencor (United States), Applied Materials, Inc. (United States), Creaform (Canada) and Gesellschaft für Optische Messtechnik (GOM) (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Industrial Metrology market by Type , by Application (Quality Control and Inspection, Mapping and Modelling, Reverse Engineering and Others) and Region with country level break-up.
On the basis of geography, the market of Industrial Metrology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In June 2020, The Hexagon (Sweden) manufacturing division has announced an agreement to acquire complementary solutions for tool and mold making with MECADAT AG, a distributor of computer-aided design (CAD) and computer-aided manufacturing (CAM) software. MECAD is known for its experience in tooling and dies. It is also associated with Hexagon, which sells VISI software in Germany., In November 2019, Hexagon AB has broadened its smart factory solutions portfolio with the acquisition of Volume Graphics, a market leader in the industrial computed tomography (CT) software industry. and In August 2017, Jenoptik acquired Five Lakes Automation, a company that specializes in process automation for the automotive industry. With this acquisition, Jenoptik targeted the growth potential in the market in the United States.
In September 2020, Nikon (Japan) has launched a new video measurement system "NEXIV VMZ S3020". This new NEXIV series helps to measure a variety of mechanical, electrical and electronic components within a 300*200*200 working volume. The system has improved throughput, image quality and accurate measurement data.
Influencing Trend:
Development of 3D Measurement Solution, Portable CMM, Robot-Mounted Optical CMM Scanner and Growing Big Data Analytics Technology
Market Growth Drivers:
Usage Of Cloud-Enabled Metrology to Integrate the Metrological Data Such As On-Machine, Point Cloud, Robotic Metrology, Laser Scanning Technology, Growing Demand for Inspection Services from the Precision Manufacturing Industry and Increasing Focus on Quality Control in Various Industries
Challenges:
Integrating In-Line Inspection with Current Manufacturing Processes and Lack of Expertise Needed for Efficient Handling of Metrological System
Restraints:
High Cost of Setting up Metrology Facility
Opportunities:
Technological Advancements in Automobiles Owing To Increased Level of Precision of Components and The Shift from Off-Line Quality Inspection to Near-Line or In-Line Measurement Techniques in Automotive Sector
Key Target Audience
Industrial Metrology Service Providers, Software Developers, Equipment’s/Parts Suppliers, Traders/Exporters/Importers, Industrial Bodies & Associations, End-Use Industries and Others