The report “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,” indicates that the global industrial metrology market size is projected to expand at a 6.2% CAGR (Compound annual growth rate) until 2023, when the total revenue will account for USD 12.9 billion.
This is a considerable growth because the market yielded USD 9.6 billion in 2018. A significant contribution to this exceptional growth corresponds to the increase in the big data analytics market and the continually scaling demand for inspection services. Besides, the attention is given to quality control also adds to the prominence of the industrial metrology market.
Hardware segment and quality control & inspection application estimated to lead the market between 2018 and 2023
The growth of the hardware segment of the industrial metrology market is at its peak courtesy of its wide-scale employment. Most of the industrial sectors, including aerospace, defense, and automotive, rely on the adoption of industrial metrology hardware for quality control. Besides, the extensive use of 2D metrology products midst of the dimensioning and inspection services further paves the way for the continual growth of this market.
On the other hand, quality control and inspection applications have witnessed a considerable rise. This is partly due to the increased focus of aerospace, defense, and automotive industries on quality control. These industries do not want their brand reputation to spoil, and therefore, they conform to minimal risk strategies, which align them with adopting industrial metrology for quality control and inspection.
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Industrial metrology market for coordinate measuring machine and automotive industry is expected to register the highest CAGR between 2018 and 2023
Manufacturing sectors, including aerospace, military, and automotive industries, heavily rely on precision dimensional analysis for keeping up with the quality of the product. Moreover, these industries regularly engage in the validation of the geometric accuracy of the product, thus, accounting for the largest share of coordinate measuring machines (CMMs). Not only this, but the transition from off-line quality inspection to near- and in-line measurement methods fuel the growth of the industrial metrology market. This shift accounts for shorter inspection periods, thus, aligning with the requirements of the automotive industry, especially in countries like India and China.
Asia Pacific had dominated the global industrial metrology market in 2017
Asia Pacific complies well with the steady and continual growth of industrial metrology industry courtesy of the rapid scaling of the economy of countries like China and Japan. The charts are majorly dominated by China, which renders an excellent space for the market to prosper. Japan, in this sense, is not far away in industrial metrology offerings.
Besides, a significant contributor to the growth of the industrial metrology industry in the Asia Pacific is India. The reformations carried out by the Government of India pertaining to the setting up of industries in India have globally boosted the expansion of industrial metrology market and will continue to do so in the near future.
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