New York, United States , June 08, 2023 (GLOBE NEWSWIRE) -- The Global Coordinate Measuring Machine (CMM) Market Size is to grow from USD 3.14 billion in 2022 to USD 6.57 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.6% during the projected period. The rising adoption of coordinate measuring machines for rapid and precise measurement in various applications such as quality control & inspection, reverse engineering, virtual simulation, and others in several industries including automotive & transportation, manufacturing, mining & metals, chemical, oil & gas, energy & power, and is expected to boost the demand for the coordinate measuring machines (CMM) market during the forecast period.
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A Coordinate Measuring Machine (CMM) is a type of technology that uses a probe to identify individual points on the surface of a material object to measure its geometric shape. Mechanical and laser sensors are the most commonly used probes in CMMs, but optical and white light sensors are also available. CMMs provide advantages over physical exams or checks performed with traditional metrology equipment such as micrometers and height gauges in terms of speed, precision, and reduced human error. The market for coordinate measuring machines is being driven by the increased demand for precise dimensional measurement and accurate geometric assessment in manufacturing, aerospace, automotive, military, and other industrial machinery and components. This growth is mostly driven by technical advancement, which is resulting in more precise and accurate measurement methods. Furthermore, the rising demand for quality assurance in the manufacturing sector is propelling the coordinate measuring machine market ahead.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Coordinate Measuring Machine (CMM) Market Size, Share, and COVID-19 Impact Analysis, By Type (Fixed, Portable), By Verticals (Automotive, Aerospace, Heavy Machinery, Energy & Power, Electronics, Medical, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The portable segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global coordinate measuring machine (CMM) market is segmented into the fixed and portable. Among these, the portable segment is dominating the market with the largest revenue share of 46.3% over the forecast period. Portable CMMs are becoming more popular in the automotive, heavy industrial, and energy & power markets because they are relatively simple to operate and give the most variety for metrology applications. The portable CMM sector is further subdivided into articulated arms and handheld.
The heavy machinery segment accounted for the largest revenue share of more than 43.2% over the forecast period.
On the basis of verticals, the global coordinate measuring machine (CMM) market is segmented into automotive, aerospace, heavy machinery, energy & power, electronics, medical, and others. Among these, the heavy machinery segment is dominating the market with the largest revenue share of 43.2% over the forecast period. Because of its capacity to provide onsite dimensional measurements to manufacturers of heavy equipment such as earthmoving, excavation, and farming machines, coordinate measuring machine use is expected to expand greatly throughout the projected period. Furthermore, the electronics segment is expected to grow at the fastest CAGR during the forecast period.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 43.7% market share over the forecast period. This dominance can potentially be attributed to the expanding potential of the automobile sector, which is fueled by population growth. Growing awareness of technology integration, as well as the increasing concentration of leading nations like China and Japan in heavy machinery sectors, are some of the main trends driving Asia Pacific's largest share of the worldwide market.
North America, on the contrary, is expected to grow the fastest during the forecast period.
North America's aerospace manufacturing market is cutting-edge and extremely competitive. As tolerance standards tighten, there is a greater demand for high-performance machine tools and coordinate measuring devices with high accuracy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Coordinate Measuring Machine (CMM) Market include Nikon Corporation, Dukin, Eley Metrology, Keyence Corporation, Hexagon, Mitutoyo, FARO Technologies, Micro-Vu, Applied Automation Tech, Redlux, Aberlink, Creaform, Sipcon Instrument Industries, Alicona Imaging, Chien Wei Precise Technology, Fowler High Precision, and among others.
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Recent Developments
On April 2023, Hexagon's Manufacturing Intelligence business has introduced the Leitz PMM-C ultra-high accuracy coordinate measuring machines (CMMs). To accomplish the greatest possible measurement in high-precision applications with very tight form tolerances, the Leitz PMM-C model employs ultra-high precision fixed probe heads.
In January 2023, Av8 Group has introduced a second coordinate measurement machine system (CMMS) for the production of FAA-approved parts through the parts manufacturer approval (PMA) process. The new system allows for more efficient measurement of larger parts, improving the efficiency and value of the Houston-based company's landing gear refurbishment operation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Coordinate Measuring Machine (CMM) Market based on the below-mentioned segments:
Coordinate Measuring Machine (CMM) Market, Type Analysis
- Fixed
- Portable
Coordinate Measuring Machine (CMM) Market, Verticals Analysis
- Automotive
- Aerospace
- Heavy Machinery
- Energy & Power
- Electronics
- Medical
- Others
Coordinate Measuring Machine (CMM) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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