Dublin, July 06, 2021 (GLOBE NEWSWIRE) -- The "Industrial Metrology Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The industrial metrology market is expected to grow at a compound annual growth rate of 5.20% over the analyzed period to reach a market size of US$15.117 billion in 2026 from US$10.600 billion in 2019.
Industrial Metrology is the science of measurement that is included in the manufacturing process for greater production and ensuring quality as well as accuracy. The prime reason driving the growth in this market growing complexity of machinery and the requirement for accurate measuring tools for better operations. The booming industrial sector and the rise in the need for advanced machinery also contribute significantly to market growth. Technological advancement in the industry will provide new market prospects and open several growth opportunities. Growing industrial concerns over efficient use of energy will also drive the market growth during the study period. Wide applications across automotive and aerospace have provided considerable stability to the market. Furthermore, the launch of industry-specific innovative products widens the market scope. Research and innovation are expected to open new growth areas.
Automotive, aerospace and defense industries will have a significant share in the market while demand by the construction industry will grow at a considerable rate.
Based on industry vertical, the industrial metrology market is segmented into aerospace and defense, automotive, healthcare, energy and power, construction, consumer electronics, and others. The automotive and aerospace and defense industries are anticipated to hold a significant share during the forecasted period. Rising investment in the aerospace and defense industry, by both government institutions and private firms, will drive the growth in this market. The government of India, for instance, has planned to spend US$130 billion in military and defense modernization, in the next 5 years starting from 2019. The country is 3rd largest and fastest-growing aviation market, as per data by the government of Telangana, and is well connected with the rest of the world. Further, significant private investment also provides good scope. Private investment in defense and aerospace in the year 2018-19 stood at US$2.4 billion and is expected to grow at a noteworthy rate. Rising global average disposable income has increased the demand for automotive and consumer electronics resulting in innovation and increase in production, and hence surging application of industrial metrology equipment.
Rising growth in the construction industry also plays a crucial role in the growth of the industrial metrology market. Major infrastructure development projects in North America, Middle East, and the Asia Pacific region will increase the demand for the market during the forecasted period. In the Middle East region, the construction of several multi-million projects in Saudi Arabia, UAE, Egypt, and Turkey will support the market growth. In Saudi Arabia, the ongoing 5000 multi-million projects include the construction of King Abdullah Economic City which is a US$ 100 billion project and size of Washington DC. Riyadh Metro, Red Sea Tourist Development, Mall of Saudi, AL-Qiddiya Entertainment City, and other construction projects will provide greater scope in the country. In the UAE infrastructure development will play a vital role in market growth. October Oasis and Tahrir Petrochemical complex projects in Egypt will employ a significant share of the market. In the Asia Pacific region, development projects in India, China, Japan, Singapore, Malaysia, and others will support the market growth. Under the Smart City Program of the Government of India, the Ministry has identified 99 cities that will be converted into smart cities during the forecasted period, which will act as growth prospects for the market. In China, the government plan to redevelop Shanty Town will also provide market growth prospects for industrial metrology equipment to ensure safe and sound construction of the projects.
Technological innovation will open growth opportunities and provide new scope for the market.
Technological innovation is the key market driver for industrial metrology growth and is expected to open new opportunities. Innovation such as 3D products are new in the market and are gaining favourability across several industrial verticals. Based on product, the market is segmented into optical digitizer and scanner, coordinate measuring machine, video measuring machine, X-ray and computed tomography, automated optical inspection, 2D products, and others. Innovation across these products and increasing user-friendliness will help in their growth.
The recent launch of Absolute Scanner AS1 by Hexagon, in May 2021, is expected to increases the competitiveness of industry metrology scanners in the automotive industry. The new AS1 scanner has features of a high-speed 3D laser scanner and provides measurement to Absolute Tracker and Absolute Arm System. The scanner is claimed to have best-in-class accuracy and data quality, having a data collection speed of 1.2 million points per second. AS1 is ideal scanning equipment for a wide range of applications across an automotive production line and is the first in the industry that can operate with both, portable measuring arm systems and laser trackers. This product is expected to change the dynamics of the market and increase competition, with Hexagon gaining an edge over the industry.
North America will have a considerable share of the market. The Middle East and the Asia Pacific region is projected to grow at a noticeable rate
Based on geography, the industrial metrology market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. The North American industrial metrology market is projected to hold a significant industry share due to the region's state-of-art infrastructure and early applicability of advanced products. The Middle East and the Asia Pacific region, however, are expected to grow at the fastest rate. In the Middle East and Africa, burgeoning construction, oil and gas, and energy and power industries will support the market growth. On the other hand, in the Asia Pacific region, growth of automotive, construction, aerospace and defense, healthcare, and consumer electronics industry will drive the market growth owing to surging standard of living and increasing disposable income.
COVID-19 Pandemic Insights
The coronavirus pandemic negatively impacted the industrial metrology market. To break the cycle of the virus, the government and authorities adopted several containment measures which resulted in a halt of operations in some industry verticals, contracting the demand for industrial metrology equipment. However, an increase in investment in the healthcare sector supported market sustainability.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Industrial Metrology Market, by Offering
6. Industrial Metrology Market, by Product
6.2. Optical Digitalizer and Scanner
6.3. Coordinate Measuring Machine
6.4. Video Measuring Machine
6.5. X-Ray and Computed Tomography
6.6. Automated Optical Inspection
6.7. 2D products
7. Industrial Metrology Market, by Industry Vertical
7.3. Aerospace and Defense
7.6. Energy and Power
7.7. Consumer Electronics
8. Industrial Metrology Market, by Geography
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Hexagon AB
10.2. Nikon Corporation
10.3. Renishaw plc
10.5. Zeiss Global (acquired GOM)
10.6. Applied Materials Inc.
10.8. Jenoptik AG
For more information about this report visit https://www.researchandmarkets.com/r/oncce3
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