New York, USA, May 03, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research dive, the global 3D metrology market is anticipated to generate a revenue of $6,647.9 million and rise at a CAGR of 7.8% throughout the analysis timeframe from 2021 to 2028.
As per our analysts, the increasing need for advanced testing technologies and instruments to manufacture a huge number of complex mechanical parts that are used in aerospace equipment, numerical machine control tools, and many more are expected to fortify the growth of the 3D metrology market over the forecast period. Besides, the growing demand for 3d modeling across various industries such as medical, aerospace and defense, automotive, and energy & power is further expected to boost the growth of the market during the estimated period. Moreover, rapid urbanization and industrialization across the globe and the growing demand for 3D metrology and 3d testing from end-use industries, such as aviation and automotive industries are expected to create immense growth opportunities for the 3D metrology market over the analysis timeframe. However, the design complexity and high cost associated with the manufacturing of metrology products may hinder the growth of the market during the forecast period.
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Segments of the 3D Metrology Market
The report has divided the market into different segments based on offering, product, application, end-use, and region.
Offering: Hardware Sub-Segment to be Most Profitable
The hardware sub-segment is projected to generate a revenue of $2,582.0 million during the analysis timeframe. This is mainly due to the increasing use of hardware services across various industries such as aerospace, medical, automotive, and many more to improve manufacturing processes. In addition, the increasing use of hardware such as CMMs, laser trackers, and many others to aid the quality and measurement inspection process is expected to foster the growth of the market sub-segment over the forecast period.
Product: Coordinate Measuring Machine (CMM) Sub-Segment to be Most Lucrative
The coordinate measuring machine (CMM) sub-segment is predicted to garner a revenue of $2,495.7 million throughout the analysis timeframe. This is mainly because CMMs are the traditional metrology tools that are used for quality inspection in several industry verticals. In addition, the increasing demand for CMMs from end-use industries including the aerospace and automotive industry for strict quality inspections is expected to propel the growth of the market sub-segment over the forecast period.
Application: Quality Control & Inspection Sub-Segment to be Most Productive
The quality control & inspection sub-segment is predicted to register a revenue of $2,565.9 million throughout the estimated period. This is mainly because quality control is an essential step in the manufacturing process. Further, the increasing demand for 3D metrology from end-use industries such as aerospace for greater accuracy and precision is expected to fuel the growth of the 3D metrology market sub-segment over the forecast period.
End-Use: Automotive Sub-Segment to be Most Beneficial
The automotive sub-segment is predicted to generate a revenue of $2,146.3 million during the analysis timeframe. The increasing demand for dimensional 3D metrology equipment from automotive companies owing to the wider requirement of inspections is predicted to uplift the growth of the market sub-segment over the estimated period.
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North America Region to Hold the Maximum Share of the Market
The North America region of the 3D metrology market is predicted to garner a revenue of $2,356.7 million during the forecast period. This is mainly due to the increasing technological advances and automation in the manufacturing sector of the region. Furthermore, the strong presence of automotive, pharmaceutical, and aerospace equipment manufacturers in this region is expected to drive the regional growth of the market over the analysis timeframe.
Covid-19 Impact on the 3D Metrology Market
The outbreak of the Covid-19 pandemic has had a negative impact on the 3D metrology market, likewise, several other industries. This is mainly due to the travel and cargo movement restrictions imposed by many nations during the pandemic which has disrupted the supply chains and fluctuated raw material prices. In addition, the prolonged lockdowns have affected the manufacturing processes across major industries which further declined the market growth throughout the crisis.
Key Players of the Market
The major players of the 3D metrology market include
- ZEISS Group
- Mitutoyo Corp
- KLA Corp
- Jenoptik
- Nikon Corp
- Perceptron
- KEYENCE Corp
- Renishaw
- FARO Technologies
- 3D Systems Inc
- Hexagon
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in December 2022, VoxelSensors, the leading provider of Active Event Sensor (AES) technology for 3D perception, announced its partnership with OQmented, a deep tech startup developing and selling the most advanced MEMS mirror and laser scanning technologies. With this partnership, the companies aimed to focus on the system integration and commercialization of a high-performance 3D perception system for AR/VR/MR and XR devices.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about 3D Metrology Market:
- 3D Metrology: An Overview of a Smart and Intelligent Measurer
- Acquisitions Like that of Perceptron Inc. by Atlas Copco to Drive the Global 3D Metrology Market
