New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global coordinate measuring machine market size is predicted to grow at a CAGR of over ~7% from 2023 to 2035. The market is projected to garner a revenue of USD 9 billion by the end of 2035, up from a revenue of ~USD 4 billion in the year 2022.The rise of the sector is set to be dominated by growing demand for automotive. In 2022, there were about 66 million cars sold worldwide, an increase from approximately 65 million in 2021. Since one of the primary purposes of a CMM is to determine the geometric quantity of every single core item, it is becoming more and more necessary for the enormous volume of automobiles produced today. People increasingly use CMM since it is more accurate and user-friendly than conventional measuring devices.
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Further, it is estimated that the manufacturing industry is a huge contributor to pollution. Also, the energy consumed in the manufacturing process is huge. About 8 Gt of CO2 was directly emitted by the industrial sector in 2022, making up a quarter of all CO2 emissions from the world's energy systems. Most of the time it is due to inefficiency in the machines used in manufacturing certain components. Moreover, inefficient machines could cause huge energy consumption owing to the need for rework. Therefore, with the adoption of a coordinate measuring machine, this pollution level or energy consumption could be reduced.
Coordinate Measuring Machine Market: Key Takeaways
- Market in Asia Pacific market to propel the highest growth
- The portable segment to garner the highest growth
- Market in North America to grow at a significant rate
Growing Use of IoT in Coordinate Measuring Machines to Boost the Growth of the Coordinate Measuring Market
By 2025, there could be an estimated 26 billion connected IoT devices, an about 17% increase from the current approximately 13 billion. IoT has gained huge importance in past few years. Hence, many organizations are extensively adopting IoT in their daily function and therefore the coordinate measuring machine CMMs and the IoT together may open up new possibilities for manufactures in terms of supply chain management and optimization, real-time manufacturing and efficiency feedback, as well as scalable, production-responsive operations.
Coordinate Measuring Machine Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Disposable Income to Drive the Growth of the Market in Asia Pacific
The coordinate measuring machine market in Asia Pacific is anticipated to garner share of about 38% over the forecast period. The growth could be influenced by the growing disposable income of people in this region. Singapore's disposable income per capita was estimated to be at about USD 28 thousand among the ASEAN area. Hence, the spending on automotive is set to grow in this region, further boosting the market expansion in this region.
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Growing Demand for Energy to Influence the Market Growth in North America
The North America coordinate measuring machine market is also set to have noteworthy growth over the forecast period. The growth of the market in this region is set to be dominated by growing demand for energy. In 2022, North America's primary energy consumption increased to approximately 117 exajoules from about 114 exajoules in the year before. The United States, which accounted for more than 79% of all primary energy usage in North America, had the largest utilization in the region.
Coordinate Measuring Machine, Segmentation by Machine Type
- Portable
- Handheld
- Articulated Arm
- Bridge
The portable segment is poised to capture highest share of ~52% over the coming years. This could be owing to the growing production of machine tools. China, Germany, and Japan dominated the global machine tool market in 2021. China manufactured about 30% of the globe's machine tools in that year, compared to approximately 12% produced by Germany and close to 11% produced by Japan.
Coordinate Measuring Machine, Segmentation by Industry
- Electronics
- Automotive
- Aerospace & Defense
- Heavy Machinery
- Metal Fabrication
The heavy machinery segment is poised to grow at a share of ~47% over the coming years. The major factor boosting the segment growth is growth in construction activities. In 2016, there were estimated 794,431 built-up areas (BUAs) worldwide. This figure is anticipated to increase to about 849,406 residents by 2022. Additionally, 2 million new buildings are anticipated to be built by 2050. Hence, the need for heavy machinery is growing which is further estimated to drive market expansion.
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Coordinate Measuring Machine, Segmentation by Application
- Quality Control
- Inspection
- Reverse Engineering
A few of the well-known industry leaders in the coordinate measuring machine market that are profiled by Research Nester are Hexagon AB, Nikon Corporation, Dukin, Eley Metrology, Sipcon Instrument Industries, Keyence Corporation, Mitutoyo, FARO Technologies, Creaform, Aberlink, and others.
Recent Development in the Market
- The VMZ S4540 are the latest model of Nikon Corporation's (Nikon) NEXIV CNC Video Measuring System. These cutting-edge solutions are created for effective inline automated dimensional measurement.
- The Manufacturing Intelligence division of Hexagon AB has unveiled a new line of Leitz PMM-C coordinate measuring machines (CMMs). The Leitz PMM-C type uses ultra-high precision fixed probe heads to get the most accurate readings in high-precision applications with very close form tolerances.
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