Portland, OR, July 22, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global coordinate measuring machine market generated $2.74 billion in 2018, and is estimated to reach $5.34 billion by 2026, growing at a CAGR of 8.3% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing adoption of CAD/CAM and surge in demand for large volumes of 3D data for analysis and modelling across the globe drives the growth of the global CMM market. However, high cost associated with installation of CMM facility is anticipated to restrain the growth of the market. Furthermore, growing trend of outsourcing of dimensional inspection in the medical sector is expected to create new growth opportunities for market players during the forecast period.
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Covid-19 scenario:
- Major coordinate measuring machine manufacturers across the globe have stopped their production activities due to disrupted supply chain amid the lockdown due to Covid-19 pandemic.
- The demand for coordinate measuring machine is expected to decline during the Covid-19 pandemic as various end-use industries such as automotive, electronics, and aerospace & defense industries have halted their manufacturing activities.
Get detailed COVID-19 impact analysis on the Coordinate Measuring Machine Market
The report offers a detailed segmentation of the global coordinate measuring machine market based on offering, product type, application, end user, and region.
Based on application, the inspection segment contributed to the largest share in 2018, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the reverse engineering segment is estimated to portray the highest CAGR of 14.7% during the forecast period.
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Based on end-user, the electronics segment accounted for the largest share in 2018, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the aerospace & defense segment is expected to register the highest CAGR of 10.9% from 2019 to 2026.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly half more than half of the total market share in 2018, and will maintain its dominance throughout the forecast period. In addition, it is expected to grow at the highest CAGR of 9.3% from 2019 to 2026. The research also analyzes regions including North America, LAMEA, and Europe.
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Leading market players analyzed in the research include Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies, Inc., Hexagon AB, Keyence Corporation, Metronor, Mitutoyo Corporation, Tokyo Seimitsu Co. Ltd, and Nikon Metrology.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.