Pune, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Optical Measurement Market Growth Analysis:
“According to SNS Insider Research, The Optical Measurement Market size was estimated at USD 5.15 billion in 2023 and is expected to reach USD 9.38 billion by 2032 at a CAGR of 6.89% during the forecast period of 2024-2032.”
Optical measuring methods have emerged as indispensable tools for various industries, offering non-contact, rapid, and highly accurate measurements. These systems excel in tackling complex tasks and provide real-time data, eliminating the risk of component damage. The versatility of optical measurement technology finds applications across sectors such as aerospace, automotive, military, medical, industrial, electronics manufacturing, energy, and power. The military sector, in particular, places stringent demands on measurement equipment due to the critical nature of its applications. Compliance with rigorous standards like AS9100 and ISO 9001 is paramount to ensure the reliability and accuracy of metrology solutions.
Advancements in high-resolution cameras and innovative 3D scanning technology are revolutionizing the Optical Measurement market. Improved sensor technology, resolution, and image processing capabilities enable clearer and more detailed imaging, expanding the application scope of optical measurement. High-resolution cameras find extensive use in manufacturing, medicine, and remote sensing, enhancing component recognition and defect detection. 3D scanning technology offers rapid and precise three-dimensional object design, capturing geometric details with laser or structured light. This technology is invaluable for industrial applications like reverse engineering, architecture, and virtual reality. It enables the creation of digital models for analysis, improvement, and control, driving advancements in scientific research and various industries.
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Listed Key Players In this Report are:
- Nikon Corporation
- Hexagon AB
- Keysight Technologies Inc.
- R&D Vision
- AMETEK, Inc.
- Olympus Corporation
- FARO Technologies Inc.
- Carl Zeiss AG
- Jenoptik AG
- Keyence Corporation
- Other Players
Optical Measurement Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.15 Bn |
| Market Size by 2032 | US$ 9.38 Bn |
| CAGR | CAGR of 6.89% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Technological progress in the future decade is not expected to slow down, given the constricted collaboration between different industries. These trends suggest a growing demand for various optical measurement systems, as witnessed in the rise of its markets. |
Segmentation Analysis
The hardware segment dominated the Optical Measurement market in 2023, accounting for over 46% of the market share. Measuring instruments, cameras, and optical sensors are essential components of various systems, driving the demand for hardware solutions across industries.
The Video Measuring Machines (VMM) segment emerged as the market leader in 2023, capturing more than 32% of the market share. VMMs excel in precision, multi-sensor inspection, and handling complex geometries, making them indispensable for manufacturing and quality inspection processes.
The automotive industry reigned supreme in the Optical Measurement market, commanding over 34.08% of the market share in 2023. The increasing adoption of advanced driver assistance systems, autonomous cars, and stringent safety regulations drive the demand for precise optical measurement tools to ensure product quality and performance.
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Optical Measurement Market Key Segmentation:
By Offering
- Hardware
- Camera
- Lens and Sensors
- Light Sources
- Others
- Software
- Services
- After Sales Services
- Measurement Services
By Component
- Profile Projectors
- Autocollimators
- Measuring Microscopes
- Video Measuring Machines
- Optical Digitizers and Scanners
- 3D Laser Scanners
- Structured Light Scanners
- Laser Trackers
By Vertical
- Automotive
- Aerospace & Defense
- Energy and Power
- Electronics Manufacturing
- Industrial
- Others
Regional Market Overview
The Asia Pacific region dominated the Optical Measurement market in 2023, with a market share exceeding 38%. Rapid industrialization in countries like China, India, and South Korea fuels the demand for precise measurement solutions. The growing emphasis on quality control and government investments in advanced manufacturing further contribute to the region's dominance.
North America is poised to be the fastest-growing region in the Optical Measurement market. The presence of technology companies and a strong focus on research and development drive innovation in optical measurement solutions. The region's automotive and aerospace industries also contribute significantly to market growth.
Future Growth
The Optical Measurement market is expected to witness continued growth driven by several factors. Advancements in artificial intelligence and machine learning will enhance the capabilities of optical measurement systems, enabling more complex analysis and automation. The increasing adoption of Industry 4.0 and digital twin technologies will create new opportunities for optical measurement applications. Moreover, the growing focus on sustainability and resource efficiency will drive the demand for precise measurement solutions to optimize processes and reduce waste.
Recent Developments
In November 2022: A transaction with RTDS Technologies, Inc., and Navitar was concluded by AMETEK, Inc. The value of this acquisition is USD 430 million. This acquisition helps AMETEK gain a unique position in those industries that are rapidly growing and adds more depth to its product line.
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Key Takeaways
- The report provides an in-depth analysis of the optical measurement market, highlighting key growth drivers, technological advancements, and industry trends.
- Clients can use the market information to strategize their investments and developments in optical measurement technologies, aligning with industry growth patterns and technological innovations.
- Understanding recent product launches and technological advancements helps clients stay ahead of competitors by adopting cutting-edge solutions and improving their product offerings.
- The report identifies key regional markets with high growth potential, allowing clients to focus their efforts on regions with the most promising opportunities.
- Clients gain valuable information into future market trends and growth projections, enabling them to anticipate market shifts and make informed decisions for long-term success.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Optical Measurement Market Segmentation, by offering
8. Optical Measurement Market Segmentation, by component
9. Optical Measurement Market Segmentation, by vertical
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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