Dublin, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The "Global Metrology Services Market Size, Share & Industry Trends Analysis Report by Application (Industrial, Automotive, Aerospace, Power Generation and Others), Product (ODS and CMM), Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Metrology Services Market size is expected to reach $1 billion by 2028, rising at a market growth of 6.1% CAGR during the forecast period.
The definition of globally recognized units of measurement, the practical implementation of these units of measurement, and the use of chains of traceability are the three fundamental activities that can be used to summarize the broad area of metrology. The primary areas of metrology include scientific metrology, applied, industrial or technical metrology, and legal metrology, all bearing some degree of these notions.
The expansion of metrology services is expected to be aided by rising demand from power generation and industrial applications. Growth is anticipated to be supported by both technology developments and the increased demand for completed goods. Metrology is highly regarded in the standardization processes across various industries because of international involvement from many regulatory bodies.
National laboratories that are internationally coordinated by the BIPM, such as the National Institute of Metrology, Quality and Technology (Inmetro, Brazil), and the National Institute of Standards and Technology (NIST, USA), coordinate the metrology activities. The Versailles Project on Advanced Materials and Standards (VAMAS), for which the main goal is to support trade in high-tech products, is one of the organizations working alongside the International Organization for Standardization (ISO) to coordinate standardization.
Market Growth Factors
Increase In Demand for Industry 4.0 Leading To An Increase In Smart Industries
The concept smart factory commonly referred to as "Industry 4.0," describes a new stage in the industrial revolution that combines the manufacturing and information technology sectors, as well as all operations that are related to these two domains. In order to raise productivity overall, industrial facilities employ it to maximize asset usage, minimize downtime, and boost worker effectiveness. This is expected to enhance operations at every level of the supply chain, starting with the research and development phase and moving all the way up to the end-user phase.
Additional Business Opportunities Because Of The Growing Demand In The Energy Industry
Metrology services refer to a wide range of inspection, monitoring, and engineering services that are provided to a variety of industries. Some of these industries include the energy industry, the power-generating industry, and the automobile industry. The energy sector is one of the application sectors that has been consistently contributing to the expansion of metrology services. There are a variety of different business propositions that are fueling the need for such services.
Marketing Restraining Factor
Integration Gaps In Metrology Interfaces
Interfaces between mechanical, electrical, and information technologies are crucial at the sensor level. The interfaces can only be standardized to a limited degree because they vary greatly based on the various measurement methods used. It is difficult to change the operational processes and production systems of an existing manufacturing facility. Other significant obstacles to the adoption of in-process measurement include data analysis and data transfer.
Product Outlook
Based on the product, the metrology services market is categorized into CMM and ODS. The optical digitizer and scanner (ODS) segment acquired the highest revenue share in the metrology services market in 2021. For engineering and inspection applications, laser scanners can capture a full geometry. They provide enhanced speed and excellent precision in real-time operation.
Application Outlook
On the basis of application, the metrology services market is fragmented into automotive, aerospace, industrial, power generation, and others. The automotive segment recorded a substantial revenue share in the metrology services market in 2021. This is the outcome of improvements in automotive technology that have boosted component precision. To enhance passenger comfort, safety, and happiness, every door, seat, component, and a panel of an automobile should be precisely aligned.
Regional Outlook
Based on region, the metrology services market is analyzed across, North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the largest revenue share in the metrology services market in 2021. This region is home to a sizable number of automobile manufacturers. The majority of automotive firms utilize metrology services for assessment in a production factory for vehicle assembly operations to prevent quality problems during the manufacturing of a new vehicle.
| Report Attribute | Details |
| No. of Pages | 261 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $676 Million |
| Forecasted Market Value (USD) by 2028 | $1008 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
Key Market Players
List of Companies Profiled in the Report:
- Atos Group
- Automation Anywhere, Inc.
- Blue Prism Group PLC (SS&C Technologies Holdings, Inc.)
- Cognizant Technology Solutions Corporation
- Genpact Limited
- Infosys Limited
- IPsoft, Inc.
- Kofax, Inc. (Thoma Bravo LLC)
- Be Informed BV
- Cicero, Inc.(Alvaria, Inc.)
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Metrology Services Market by Application
Chapter 4. Global Metrology Services Market by Product
Chapter 5. Global Metrology Services Market by Region
Chapter 6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ma2z1x
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