New York, USA, June 16, 2023 (GLOBE NEWSWIRE) -- According to the Research Report published by Market Research Future (MRFR), "Industrial Metrology Market Information By Offering, Equipment, Application, End-User, and Region - Forecast till 2032”, the Industrial metrology market could thrive at a rate of 6.50% between 2023 and 2032. The market size will reach around USD 18.5 Billion by the end of the year 2032.
Rising demand for industrial metrology solutions in the food inspection industry, the defence industry, and for large projects like smart cities is predicted to boost the industrial metrology market. The demand for aerospace solutions, the availability of high-quality metrology solutions, and other factors are what are majorly driving the industrial metrology industry.
Rising demand for metrology solutions in both the automotive industry and general production is likely to drive the market. In the near future, it is anticipated that the automotive industry will experience a dramatic transformation as automated facilities quickly replace manual facilities in the production of automobiles. The demand for highly trustworthy and high-quality procedures is predicted to boost the market, along with an increase in the demand for electric vehicles. During the projected period, an increase in automation is also anticipated in the manufacturing sector's need for industrial metrology.
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Key Companies in the Industrial Metrology market include.
- Hexagon AB
- Renishaw PLC
- FARO Technologies
- Nikon Metrology
- Carl Zeiss AG
- Jenoptik AG
- Perceptron
- Automated Precision Inc.
- KLA Corporation
- Applied Materials Inc.
Scope of the Report -
| Report Metrics | Details |
| Market Size by 2032 | USD 18.5 Billion |
| CAGR during 2023-2032 | 6.50% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Rise in demand for industry 4.0 |
| Key Market Dynamics | Rising demand for industrial metrology solutions, demand for highly reliable and quality processes, and an increase in the demand for electric vehicles |
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Industrial Metrology Market USP Covered:
Electric vehicles (EVs) are becoming more and more common on the road, and nearly all automakers have stated that EVs will eventually predominate in their product selection. The number of drivetrain components will significantly decrease as the transition from internal combustion (IC) to electric continues. Additionally, the remaining parts, which are present in all kinds of cars, will have a bigger influence on the vehicle's longevity and performance. Power electronics, electric motors, fuel cell systems, and batteries for electric cars are among the major industries that use industrial metrology solutions. Sales of electric vehicles increased by almost treble in China in 2021, reaching 3.3 million units, or roughly half of the global total. Sales increased significantly in both Europe (by 65% to 2.3 million) and the US (more than doubling to 6,30,000). As a result, the increase in EVS usage is what is driving the market for industrial metrology equipment.
Because of the escalating geopolitical tensions between various countries and the ensuing rise in demand for accurate defence applications, both mechanical and electronic, it is anticipated that the aerospace and defence industry will be the primary driver of the industrial metrology market. Additionally, the growth of conflicts involving vital missions demands exact calibration and strict traceability in military aircraft and vehicles. The growth of the market is also being aided by the development of high-tech products, big data, virtual drones, aerospace, and defence vehicles. driving the industrial metrology market's revenue in the process.
Industrial Metrology Market Segment Insights
Industrial Metrology market is segmented on the basis of Offering, equipment, application, end user, and region.
Hardware, software, and services are included in the segmentation of the industrial metrology market depending on offering. In 2022, the hardware sector will rule the world market. For calculating surface separations and distances ranging from millimetres to kilometres, it provides improved precision and accuracy.
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The coordinate measuring machine (CMM), optical digitizer and scanner (ODS), measuring instruments, x-ray and computed tomography, automated optical inspection, form measurement equipment, and 2D equipment are included in the equipment-based segmentation of the industrial metrology market. In 2022, the optical digitizer and scanner (ODS) sector ruled the world market.
Quality control and inspection, reverse engineering, mapping and modelling, and other applications are included in the segmentation of the industrial metrology market based on application. In 2022, the Industrial Metrology Market was dominated by the quality control & inspection segment.
The need to enhance output and achieve accuracy has resulted in a growth in the demand for high-precision metrology and inline inspection across a variety of industries.
Based on end-user industries, the industrial metrology market is segmented into aerospace & defence, automotive, semiconductor, manufacturing, and others. In 2022, the automobile industry led the market for industrial metrology.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was headed by the North American Industrial Metrology Market (45.80%). The rising demand for automation and the significant usage of industrial metrology in the region provide an explanation for this.
Additionally, the North American industrial metrology markets with the biggest market shares were those in the United States and Canada, respectively.
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From 2023 to 2032, the Asia Pacific Industrial Metrology market is anticipated to grow significantly. As a result of the rising geopolitical tension and the increased demand for automation in the commercial sector, industrial metrology technologies have been adopted throughout developing nations like China, Japan, South Korea, and India, which is predicted to fuel market expansion. Additionally, the Indian Industrial Metrology market had the Asia-Pacific region's fastest expanding market and China's Industrial Metrology market had the greatest market share.
Leading market players are making significant R&D investments in order to diversify their product offerings, which will drive the Industrial Metrology market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. Industrial Metrology Application must provide affordable products in order to grow and thrive in a more competitive and challenging market environment.
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