In terms of market size, the hardware segment is expected to dominate the industrial metrology market during the forecast period and is likely to witness significant growth in the said market from 2021 to 2026.
New York, March 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Metrology Market with COVID-19 Impact Analysis by Offering, Equipment, Application, End-User Industry, Geography - Global Forecast to 2026" - https://www.reportlinker.com/p05391640/?utm_source=GNW
The scope of the hardware segment of the industrial metrology market includes coordinate measuring machine (CMM), optical digitizers and scanners (ODS), measuring instruments, X-ray & computed tomography, automated optical inspection systems, form measurement equipment, and 2D equipment.
Companies offering hardware in the industrial metrology market are continuously working on updating their product portfolio. For instance, in recent years, FARO Technologies (US) have done various developments in its industrial metrology products, including portable measuring arms.
Industrial metrology market for CMM to register highest CAGR from 2021 to 2026
The CMM segment accounted for the largest share of the industrial metrology market and is expected to follow the trend during the forecast period.The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, and aerospace & defense industries is the factor responsible for the largest share of the CMM segment.
The precision and accuracy of the CMM measurements are very high. Flexibility, reduced setup time, higher accuracy, and increased productivity are the major advantages of CMMs over conventional gaging.
High adoption of industrial metrology products in quality control & inspection application drives market growth
The industrial metrology market is expected to grow from USD 9.8 billion in 2021 to USD 13.2 billion by 2026; it is expected to grow at a CAGR of 6.2% during the forecast period. Quality control is an integral part of the production processes as it helps in the smooth functioning of the production department without incurring any extra cost. The increasing competition and need for improving safety have resulted in the high adoption of quality control and inspection systems in various industries, including automotive, aerospace & defense, and semiconductor. In these industries, maintaining and enhancing the quality of a product is of high importance. As industrial metrology equipment are the best available options in the market for quality control and inspection application, their adoption has increased at a significant rate.
Automotive end-user industry to dominate industrial metrology market, in terms of size as well as growth, during the forecast period
The industrial metrology market for automotive end-user industry is expected to hold a dominant position during the forecast period.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 the automotive industry, is expected to drive the growth of the industrial metrology market for the automotive industry.
Moreover, the growing demand for electric vehicles is also expected to fuel the growth of the industrial metrology market in the near future.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to witness the highest growth in the industrial metrology market during the forecast period.The industrial metrology market in APAC is expected to grow during the forecast period.
Industrial metrology companies are expanding their presence in APAC.China, Japan, and India will be the major countries driving the growth of the industrial metrology market in APAC.
Automobile and electronics manufacturers use industrial metrology systems during the production process for quality inspections; as the number of automobile manufacturing plants is more in APAC than other regions, the demand for industrial metrology offerings is expected to grow rapidly in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the industrial metrology market. Following is the breakup of the profiles of primary participants for the report.
• By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-Level Executives – 35%, Managers – 25%, and Others – 40%
• By Region: Americas – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The report profiles key players in the industrial metrology market and analyzes their market shares. Players profiled in this report are Hexagon (Sweden), Carl Zeiss (Germany), Nikon (Japan), KEYENCE (Japan), FARO Technologies (US), Jenoptik (Germany), Creaform (Canada), KLA Corporation (US), Renishaw (UK), Mitutoyo Corporation (Japan), Precision Products (US), CARMAR ACCURACY (Taiwan), Baker Hughes Company (US), CyberOptics (US), Cairnhill Metrology (Singapore), ATT Metrology Services (US), SGS Group (Switzerland), TriMet Group (US), Automated Precision (US), Applied Materials (US), Perceptron (US), JLM Advanced Technical Services (US), Intertek Group (UK), Bruker (US), and Metrologic Group (France).
This report segments the industrial metrology market by offering, equipment, application, end-user industry, and geography. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards and frameworks, and case studies/use cases.
Reasons to Buy This Report
The report will help leaders/new entrants in the industrial metrology market in the following ways:
1. The report segments the industrial metrology market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities about the industrial metrology market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the industrial metrology market. The competitive landscape section describes the competitor ecosystem.
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