Portland, OR, July 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global next-generation industrial metrology and inspection market generated $8.12 billion in 2020, and is expected to generate $16.10 billion by 2030, witnessing a CAGR of 6.9% from 2021 to 2030. The report offers a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for big data analytics, increase in R&D spending on industrial metrology, and adoption of industrial metrology in quality control and inspection applications drive the growth of the global next-generation industrial metrology and inspection market. However, surge in security threats in connected devices and rise in investments for setting up metrological systems hinder the market growth. On the other hand, adoption of cloud-based services to integrate metrological data presents new opportunities in the coming years.
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Covid-19 Scenario:
- The Covid-19 pandemic impacted the growth of the next generation industrial metrology and inspection market due to lockdown imposed by governments of various countries. However, lockdown led to wide adoption of novel technologies to continue the projects in a virtual and digital environment.
- In addition, the pandemic led market players to devise safe and intelligent ways to operating effectively and efficiently in manufacturing industries.
- The implementation in application industries such as automotive, semiconductor & electronics, and others were reduced due to lockdown. However, the implementation will increase steadily during the post-lockdown.
The report offers detailed segmentation of the global next-generation industrial metrology and inspection market based on offering, equipment, application, and region.
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Based on equipment, the coordinate measuring machine (CMM) segment held the highest share in 2020, accounting for more than one-third of the total share, and is expected to maintain its leadership status during the forecast period. However, the optical digitizer and scanner (ODS) segment is projected to grow at the highest CAGR of 7.8% from 2021 to 2030.
Based on application, the automotive and transportation segment accounted for the largest share in 2020, holding nearly one-fourth of the global next-generation industrial metrology and inspection market, and is estimated to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is expected to manifest the fastest CAGR of 7.8% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, accounting for around two-fifths of the total share, and is projected to maintain its lead position by 2030. However, Asia-Pacific is projected to witness the largest CAGR of 8.2% during the forecast period.
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Leading Players:
Leading players of the global next-generation industrial metrology and inspection market analyzed in the research include Hexagon AB, Carl Zeiss AG, Renishaw PLC, Jenoptik AG, FARO Technologies, KLA Corporation, Automated Precision Inc., Nikon Metrology, Applied Materials Inc., and Trimet Group.
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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 domain.
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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
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