New Jersey, NJ, Oct. 22, 2019 (GLOBE NEWSWIRE) -- There is a substantial rise in demand of 3D metrology because it helps to process high amount of 3D data and prioritizes on maintaining the quality. The Global 3D Metrology Market is expected to grow from USD 8.1 Billion in 2017 to USD 18.9 Billion by 2025 at a CAGR of 11.2% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
3D Metrology (or measurement) is defined as the science of measurement in three dimensions (x, y, and z). Three dimensional (3D) metrology system enables to measure any distance, length, height, and point of a 3D object down to earth and hypothetical parts of measurement in any field. It transforms the real model into architectural images and videos for better outcomes. 3D metrology is implemented throughout the industrialization processes such as designing, production preparation, and purchasing. It is used for controlling the quality to provide accuracy in production. It helps to convert raw material into a finished product. Moreover, it also evaluates hidden points which cannot be measured manually.
Increasing demand for the high amount of processed data is a major factor driving the global 3D metrology market. Also, the three-dimensional data for modeling and analysis provides reliable and accurate inspection which is fuelling the growth of the market. It also provides simplified solutions to the users and saves time. High cost associated with setting up 3D metrology facility may hamper the growth of 3D metrology market. However, the upsurge in demand will propel 3D metrology market growth.
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Key players operating in the global 3D metrology market include FARO Technologies, Inc., HEXAGON, Nikon, MISTRAS Group, Inc., Carl Zeiss, Basler AG, Olympus Corporation, Zetec, Inc.,Mitutoyo America, GOM, Creaform , 3D Digital Corp, Perceptron, 3D Systems, Inc., Zebicon, Zygo, SHINING 3D TEC, and among others.To enhance their market position in the global 3D metrology market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in January 2019, East Coast grocery chain Fairway Market launched its new private label cannabidiol (CBD) line, Essential Wellness, marking one of the first grocers in the U.S. to launch its own brand CBD products.
- For instance, in February 2018, InnovMetric Software Inc. acquired Prefixa Vision Systems, a Mexican metrology software provider. With this acquisition, InnovMetric, a leading 3D metrology solution provider, is looking to expand their capabilities with the support of local expertise in the form of Prefixa.
- For instance, in January 2018, SHINING 3D introduced 3D metrology scanner named “EaScan II” which is capable of scanning heavy and large objects with high speed and accuracy rate.
The hardware segment held the largest market share of 45.60% in 2017
The offering segment is classified into hardware, software, and services. The hardware segment dominated the 3D metrology market by accounting the largest market share of 45.60% in 2017. Increased use of 3D metrology equipment to control product quality is the major driver for the growth of the hardware market.
Coordinate Measuring Machine (CMM) method segment valued around USD 2.79 Billion in 2017
The product segment includes Coordinate Measuring Machine (CMM), Optical Digitizer and Scanner (ODS), Video Measuring Machine (VMM), Automated Optical Inspection and Form Measurement. Coordinate Measuring Machine (CMM) method dominated the global 3D metrology market with valued around USD 2.79 Billion in 2017. CMM helps to provide accurate and precise results.
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The automotive segment held the largest market share of 26.70% in 2017
The end-user segment is divided into segments such as aerospace & defense, automotive, architecture & construction, medical, electronics, energy & power, heavy machinery industry, mining, and others. The automotive segment held the highest market share of 26.70% in 2017. 3D metrology helps in inspection, measurement and quality checking of various components in the automotive industry.
The quality control and inspection segment valued around USD 3.15 Billion in 2017
The application segment includes quality control and inspection, reverse engineering, virtual simulation, and other applications. The quality control and inspection segment valued around USD 3.15 Billion in 2017 and is anticipated to maintain its dominance over the forecast period. 3D metrology is used to check and control quality to provide standardized, reliable and accurate outcomes.
Regional Segment Analysis of the 3D Metrology Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific region dominated the global 3D metrology market with USD 3.28 Billion in 2017 where as the North America region held the second dominant position in the market. The Asia-Pacific region is dominating the global 3D metrology market owing to high economic development observed by major countries such as China and Japan in this region. Automobile and electronics manufacturers use 3D metrology systems during the manufacturing process for quality inspections. The number of automobile manufacturing plants is more in APAC than other regions, therefore the demand for 3D metrology offerings is expected to grow rapidly in this region. North America is the fastest growing due to the growing aerospace and automotive industries in North America and the presence of a large number of distributors for metrology equipment. The continuous technological progressions and financial backing from the government further propels the growth of 3D metrology market in this region.
About the report:
The global 3D metrology market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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