Industrial Metrology Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Services); By Equipment; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030
- Published Date:Nov-2022
- Pages: 101
- Format: PDF
- Report ID: PM2834
- Base Year: 2021
- Historical Data: 2018-2020
Report Summary
The global industrial metrology market was valued at USD 10.38 billion in 2021 and is expected to grow at a CAGR of 6.0% during the forecast period. The growing demand for industrial metrology is expected to be driven by the increasing demand for automobiles, big data analytics, and high-precision equipment in manufacturing units.
Know more about this report: Request for sample pages
Industrial metrology is replacing the traditional method of production and manufacturing as they produce a product more accurately and quickly and maintain high standards, which is not achieved with the conventional method. Additionally, the advanced metrology equipment has a preset tolerance level for various component; the machine self-diagnoses the component and decide the tolerance level accordingly, and if not, alert the operator, which ensures quality control; such factors are driving the market growth.
The COVID-19 pandemic had a negative impact on the growth of the market. Limited raw material stock and delays in their transportation owing to the global shutdown severely impacted the market growth. Moreover, negligible operations across various verticals and a temporary halt of manufacturing units led to delays in the production line of equipment required for industrial metrology, hampering the market growth.
The advancement in metrology technologies has increased the demand for cloud technology and software packages, including laser scanning, robotic metrology, and point cloud, which are necessary for evaluating the composition of various industries; such factors are expected to propel the market over the forecast period.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The global industrial metrology is likely to be driven by the aerospace & defense sector owing to the rising geopolitical concerns across different countries has resulted in increasing demand for accurate defense applications, both mechanical and electronic, which is expected to drive the market growth. Furthermore, the growing combats with critical missions require rigorous traceability and calibration with precision in military vehicles and aircraft, which is complementing the market growth.
Moreover, the advancement in technologies with high-tech technologies, big data, and virtual defense and aerospace vehicles & drones are also supporting the market growth.
The growing adoption of electric vehicles, such as hybrid and plug-in hybrid electric vehicles, and the growing manufacturing process in the automotive industry is also a considerable factor driving the market growth. In addition, electric cars and buses consist of batteries, fuel cell systems, and electric motors, which require a high level of precision and accuracy to develop these components, which are offered by metrological equipment with less human intervention that, is increasing the sales of electric vehicles and ultimately growing the demand for industrial metrology.
Report Segmentation
The market is primarily segmented based offering, equipment, application, end-use, and region.
|
By Offering |
By Equipment |
By Application |
By End-Use |
By Region |
|
|
|
|
|
Know more about this report: Request for sample pages
Hardware segment accounted for the largest share in 2021
The hardware segment accounted for the highest revenue share in 2021, owing to it providing higher precision and accuracy for measuring distance and surface separations ranging from millimeters to kilometers. In addition, the growing demand for 3D metrology instruments for quality control and inspection and in various end-use industries such as automobile, aerospace, and defense sector is also supporting the market growth.
Furthermore, the rapid utilization of hardware equipment like laser trackers, vision systems, and coordinate measuring machines (CMM) for quality and quantity assurance is expected to drive market growth.
Optical digitizer and scanner are expected to spearhead the market growth
The demand for optical digitizers and scanners is driven by the rising demand across various end-use industries as it uses a scanning technique and software which is useful for obtaining coordinate points of any object and printing them into an image. In addition, the level of accuracy and reliability provided by this equipment to measure and inspect complex object features are clear and précised, which is expected to propel the market growth.
Furthermore, advancements in technology, precision integration techniques and the development of high-tech optical digitizers and scanners are also supporting revenue growth.
Quality control & inspection is expected to witness faster growth
The demand for quality control & inspection is expected to see a significant surge over the forecast period owing to the increasing need for productivity and accuracy across various verticals. This technique has control over the production and operation process, which considerably reduces the operational cost, which is expected to drive market growth.
Most of the end-use industries, such as aerospace, automotive, and semiconductors, are adopting this application owing to its effective utilization of resources, reduction in inspection costs, and enhanced quality of the product, which is an important factor complementing the market growth. Moreover, the manufacturer is focusing on AI-based inspection processes with the help of smart cameras and sensors; there has been end-to-end visibility of the production line such new-age solutions are also supporting the market growth.
Automotive segment is expected to account for the largest share in 2030
The automotive industry is expected to dominate the market over the forecast period owing to the growing demand for inspection and the increasing need for 3D meteorology equipment for quality assurance. The growing concerns with complex part have resulted in the rising demand for 3D measurement technologies as the complex part of the automobile could be scanned, and the cause of default can be inspected; such factors dealing with quality issues has greatly influenced the industrial meteorology market.
Moreover, the demand for appropriate precision and accuracy to promote passengers’ safety and comfort in electric vehicles is also an important reason to propel the market growth.
Asia Pacific is expected to dominate and witness fastest growth over the forecast period
Asia Pacific is the largest region for industrial metrology and is expected to witness faster growth over the forecast period owing to the growing automotive and aerospace automation facilities and rising demand for industrial metrology products. Additionally, increasing government funding and R&D investments for improving industrial bases contribute to segment growth.
Furthermore, the rising geopolitical tension and high demand for automation in the commercial sector has resulted in adoption of industrial metrology technologies across developing nations such as China, Japan, South Korea, and India, which is projected to boost market growth.
Competitive Insight
Some of the major players operating in the global market include Applied Materials, Inc., Automated Precision Inc., Carl Zeiss AG, Creaform, FARO Technologies, GOM Technologies, Hexagon AB, Jenoptik, Keyence, KLA Corporation, LK Metrology, Mitutoyo Corporation, Nikon Corporation, Nikon Metrology, Perceptron, and Renishaw.
Recent Developments
In April 2022, LK Metrology partnered with Wenzel Technologies to sell LK’s new and innovative, high-performance coordinate measuring machines (CMMs) and other metrological products.
In March 2022, Hexagon’s manufacturing intelligence released the HxGN NC server, which allows it to perform measurement tasks from machine tools and measurement software PC-DMIS which is helpful in data collection and analysis.
Industrial Metrology Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2022 |
USD 10.8 billion |
|
Revenue forecast in 2030 |
USD 17.3 billion |
|
CAGR |
6.0% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments Covered |
By Offering, By Equipment, By Application, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
Applied Materials, Inc., Automated Precision Inc., Carl Zeiss AG, Creaform, FARO Technologies, GOM Technologies, Hexagon AB, Jenoptik, Keyence, KLA Corporation, Mitutoyo Corporation, Nikon Corporation, Nikon Metrology, Perceptron, and Renishaw. |
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- Network Monitoring Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Active Insulation Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Real World Evidence Solutions Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Location-based Entertainment Market Share, Size, Trends, Industry Analysis Report, 2021 - 2028
- Aerosol Cans Market Share, Size, Trends, Industry Analysis Report, 2021 - 2028
© 2022 Polaris Market Research and Consulting. All rights reserved
