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Metrology Market Research Report- Forecast till 2027
The global Metrology market is projected to be valued at USD 16,533.3 Million by the end of 2027, registering a CAGR of 6.4% during the forecast period.
The COVID-19 outbreak has affected the worldwide economy by forcing the global population into lockdown and giving rise to challenges in the form of health crisis. Businesses everywhere are adopting mitigation tactics to bring down the COVID-19 impact on the revenue and the slowdown of the industrial production. The pandemic has led curbed movement of non-essential items as well as resources, which has brought the manufacturing of equipment to a standstill across the globe. This is no doubt expected to have a domino effect on the equipment manufacturers across the metrology market, with a continuously growing gap between demand and supply
SARS-CoV-2 has compelled companies to elevate their remote working abilities to remain resilient. However, the onset of the novel coronavirus has accelerated the consumption of connected equipment, IoT and advanced technologies such as predictive maintenance, and more, which can significantly benefit the metrology market. Machine vision is being increasingly integrated into metrology machines for enhanced capabilities, with top players continuously adopting product launches as the top strategies to draw in more number of consumers. For instance, in July 2020, NM3D Ibérica, a renowned metrology solutions vendor in Spain and Portugal, launched its latest metrology technology that works with the integrated deployment of a machine vision system, superior computer software and high precision CM. Machine vision has quickly become a significant aspect of the 4.0-powered smart infrastructure.
The metrology market has been positively shaped by the rising consumer preference for efficient industrial products and the surge in technological innovations in measurement techniques. To manufacture highly efficient products with higher quality and greater durability, various industries like aerospace, automotive, consumer electronics, manufacturing and energy & power are taking up metrology solutions. Also, the stipulated rise in the sales of luxury fuel efficient automotive vehicles while considering every possible safety measurement, particularly in the emerging countries has also been favorable for the metrology industry.
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By offering, the metrology market has been segmented hardware, software, and services.
The global metrology market, based on product, has been segmented into coordinate measuring machine (CMM), optical digitizers and scanners (ODS), video measuring machine (VMM), industrial computed tomography, and others. The coordinate measuring machine (CMM) segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 41.4% during the review period
The global metrology market, based on end user, has been segmented into scientific & research, industrial, and others. The industrial segment accounted for the largest market share of 65.0% in 2020, with a market value of USD 7,042.8 million; it is expected to register the highest CAGR of 6.6% during the forecast period. The scientific research segment was the second-largest market in 2020, valued at USD 2,762.3 million; it is projected to exhibit a CAGR of 6.5%.
The metrology industry has been regionally considered for North America, Europe, Asia-Pacific, and the rest of the world.
Europe continues to dominate the metrology market since 2016, with the biggest share of 32%. Since the region has a well-developed network-based infrastructure, the rapidly evolving demand of the end-consumer is promptly taken care of by the manufacturers. The rising frequency of technological innovations along with the increasing back up by the government in the form of funds has been quite favorable for the metrology market in this region.
MRFR projects the APAC market to achieve the fastest expansion rate in the near future, given the striking growth of the aerospace and defense sector ion the region. The power generation and industrial applications seem to be driving the growth of metrology services market, with the highest demand arising for 3D scanner based metrology services. The boom in industrialization and the accelerated use of metrological services for scientific applications has elevated the market position in India and China.
Leading Market Firms
The top market firms covered in the market study include 3D Digital Corporation (U.S.), Mitutoyo Corp. (U.S.), Nikon metrology (Belgium), Faro Technologies (U.S.), Metrology software product Ltd. (U.K.), Reinshaw (U.K.), Hexagon AB (Sweden), Perceptiopn Inc. (U.S.), Carl Ziess (Germany), to list a few.
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Metrology Market: Information by Offering (Hardware, Software, And Services), Product (Coordinate Measuring Machine (CMM), Optical Digitizers And Scanners (ODS), Video Measuring Machine (VMM), Industrial Computed Tomography, And Others), End User (Scientific & Research, Industrial, And Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2027
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