Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Global Metrology Market Overview
The global Metrology Market is estimated to reach a valuation of USD 1,255.5 million by 2027 at a CAGR of 6.82% over the forecast period (2017-2027), according to Market Research Future (MRFR). Metrology services required across industrial sectors for adhering to latest quality standards are likely to fuel the market growth. This is evident with growth in aerospace and defense sectors. Utilization of advanced measurement devices and emergence of robots and automation in semiconductor inspection, energy harvesting, and automation can bode well for the market.
The consumer demand for accurate devices and advances in accurate products can favor market leaders. Production of components with extended durability and quality as well as its ability to measure physical changes over time can provide ample scope for the market. Metrology services are used in surface analysis, crack analysis, flake analysis, failure analysis, and cast iron modulatory. The use of laser scanners for assessing precise measurements of components as well as reliance on 3D CAD tools for ensuring high quality of products are likely to evoke huge demand across industrial sectors. But lack of technical personnel can hamper the market growth.
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COVID-19 Impact
The metrology industry had faced a decline in demand owing to the COVID-19 pandemic. But the need for accurate temperature measurement guns and evaluation of possible solutions of vaccines can revive the market. Launch of international initiatives to ensure the quality of products and continuous running of machines can drive the market demand. Initiatives on COVID-19 have been used in improving the repeatability and reproducibility rates of products. Moreover, the detection of the virus in its early stages has been a pivotal strategy of healthcare organizations with metrology solution providers offering their assistance in the matter. Recently, Bosch Healthcare Solutions has launched the Vivalytic Analysis device for detecting COVID-19 in its early stages. It is used across laboratories, hospitals, and healthcare centers for rapid diagnosis.
Industry Trends:
Computer-aided design (CAD) and computer-aided manufacturing (CAM) are likely to drive the demand in the metrology market in the coming years. This is attributed to international trade and global standards set for quality for products and components. Development of automated processes and portable metrology solutions for industries can navigate the growth trajectory of the metrology market. Rising adoption of industry 4.0 and digitization of physical assets can spur the trend of 3D metrology services. Setting of low uncertainty levels for accurate forces to be applied to testing equipment are likely to be new growth opportunities for metrology professionals.
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Segmentation:
Based on type, the metrology market can be segmented into scientific metrology, industrial metrology, and other metrology. The industrial metrology segment is about to net significant revenues for the market owing to increase in manufacturing output by industries. Leeway provided to industries for driving economic growth as well as need for adherence to quality can drive the segment growth over the forecast period.
By product, it is segmented into optical digitizers and scanners (ODS), coordinate measuring machine (CMM), and others. The coordinate measuring machine segment is likely to evoke huge demand in the global metrology market. This is due to precise measurements of objects for reverse engineering, profiling, assembling, and testing of components. The demand for machine installation, retrofitting, and calibration can spur the segment demand. On the other hand, the ODS segment is anticipated to register a robust CAGR over the assessment period. These devices can measure configuration of components using light, distance, height, and weight. Improved speed and accuracy in operations can drive the segment demand.
By end users, it is segmented into consumer electronics, manufacturing, energy & power, aerospace, automotive, and others. The aerospace vertical is deemed to contribute to the global metrology market. This is attributed to development of 3D measurement solutions, cloud-based software applications, and robot-mounted optical scanners to be used in assessing quality of components. On the flip side, the automotive segment is estimated to experience modest growth owing to rise of quality standards pertaining to equipment and product. Customer satisfaction and comfort and its prioritization are likely to drive the demand for metrology services. Production of luxury vehicles as well as new safety standards in developing countries can create huge business opportunities for the automotive segment.
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Regional Segmentation:
Geographical mapping of the metrology market covers namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe had led the market in 2016 with 32% market share. Efforts by industries for establishing infrastructure for meeting demands of customers can drive the regional demand for metrology solutions. Technological innovation and protection of intellectual property rights has led to laws being passed by European organizations for keeping a hold on its components and equipment. Germany is estimated to lead in the region owing to being a hub of key industries.
APAC is anticipated to exhibit the fastest growth rate over the forecast period. This is attributed to presence of China and India. Presence of producers of equipment manufacturing, transportation, food processing, consumer products, iron, and steel can drive the demand for metrology in the region over the forecast period. Automotive manufacturing and presence of key leaders of the industry can bode well for the market.
Competitive Analysis:
The metrology market is undergoing mergers, partnerships, and agreements between players for increasing its customer base and regional reach. Investments in R&D and launch of new products are other strategies considered by leading players.
Browse Adjacent Markets: Test and Measurement Market Research Reports & Consulting.
Key players involved in the market
- Mitutoyo Corporation
- Nikon Corporation
- Hexagon AB
- Pantac Metrology
- Jenoptik AG
- Faro Technologies
- Renishaw PLC
- Perceptron, Inc.
- Exact Metrology Inc.
- Carl Zeiss AG
Industry News
AIMS Metrology has acquired Measurement Specialties Inc., for increasing the accuracy and quality of CMMs. The uptick in retrofitting of new components and installation of new machines in assembly lines is likely to work in favor of the company. Inspection of large parts and rising automation can drive its demand.
Browse Related Reports
Global Inline Metrology Market Research Report: By Product (Coordinate Measuring Machines (CMM), Machine Vision Systems, Multisensor Measuring Systems, Optical Scanners, Laser Trackers and Others), Application (Quality Control and Inspection, Reverse Engineering and Others), Vertical (Automotive, Aerospace, Semiconductors, Energy & Power and Others) and Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2026
Global 3D Metrology Market Research Report: Information By Component (Hardware, Software and Service), By Product (Coordinate Measuring Machine (CMM), Optical Digitizer and Scanner (ODS), Video Measuring Machine (VMM), Automated Optical Inspection and Form Measurement), By Application (Quality Control and Inspection, Reverse Engineering, Virtual Simulation and others), By End User (Aerospace & Defense, Automotive, Architecture & Construction, Medical, Electronics, Energy & Power, Heavy Machinery Industry, Mining and others) - Forecast till 2025
Nanometrology Market Research Report by Application (Food industry, energy industry, computer science, transport industry) by product type (Microscope, sieves, chemical characterization, others) by techniques (XPS, spectroscopy) - Global Forecast to 2027
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