Dublin, March 24, 2021 (GLOBE NEWSWIRE) -- The "Global Industrial Metrology Market with COVID-19 Impact Analysis by Offering, Equipment, Application (Quality & Inspection, Reverse Engineering, Mapping & Modelling), End-user Industry, and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global industrial metrology market is expected to grow from USD 9.8 billion in 2021 to USD 13.2 billion by 2026; it is expected to grow at a CAGR of 6.2% during the forecast period.
The market has been witnessing significant growth over the past years, mainly owing to the rising demand for big data analytics, and increasing demand for automobiles in emerging economies. Increasing adoption of cloud services to integrate metrological data and rise in demand for industry 4.0 are also expected to considerably boost the industrial metrology market in the coming years.
Impact of COVID-19 on the Industrial Metrology Market
The world is facing an economic crisis caused by COVID-19 pandemic. The pandemic like various other markets has also led to a decline in the growth rate of the industrial metrology market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the industrial metrology market. The COVID-19 pandemic has also operations on a massive scale, and manufacturers are facing the challenge of assessing the impact. Past and current lockdowns resulting in the shutdown of manufacturing facilities have put a lot of strain on the industrial sector.
In terms of market size, the hardware segment is expected to dominate the industrial metrology market
The hardware segment is expected to dominate the industrial metrology market during the forecast period and is likely to witness significant growth in the said market from 2021 to 2026.
The scope of the hardware segment of the industrial metrology market includes coordinate measuring machine (CMM), optical digitizers and scanners (ODS), measuring instruments, X-ray & computed tomography, automated optical inspection systems, form measurement equipment, and 2D equipment. Companies offering hardware in the industrial metrology market are continuously working on updating their product portfolio. For instance, in recent years, FARO Technologies (US) have done various developments in its industrial metrology products, including portable measuring arms.
Industrial metrology market for CMM to register highest CAGR from 2021 to 2026
The CMM segment accounted for the largest share of the industrial metrology market and is expected to follow the trend during the forecast period. The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, and aerospace & defense industries is the factor responsible for the largest share of the CMM segment. The precision and accuracy of the CMM measurements are very high. Flexibility, reduced setup time, higher accuracy, and increased productivity are the major advantages of CMMs over conventional gaging.
High adoption of industrial metrology products in quality control & inspection application drives market growth
Quality control is an integral part of the production processes as it helps in the smooth functioning of the production department without incurring any extra cost. The increasing competition and need for improving safety have resulted in the high adoption of quality control and inspection systems in various industries, including automotive, aerospace & defense, and semiconductor. In these industries, maintaining and enhancing the quality of a product is of high importance. As industrial metrology equipment are the best available options in the market for quality control and inspection application, their adoption has increased at a significant rate.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to witness the highest growth in the industrial metrology market during the forecast period. The industrial metrology market in APAC is expected to grow during the forecast period. Industrial metrology companies are expanding their presence in APAC. China, Japan, and India will be the major countries driving the growth of the industrial metrology market in APAC. Automobile and electronics manufacturers use industrial metrology systems during the production process for quality inspections; as the number of automobile manufacturing plants is more in APAC than other regions, the demand for industrial metrology offerings is expected to grow rapidly in this region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Industrial Metrology Market: Post COVID-19
3.1.1 Realistic Scenario
3.1.2 Pessimistic Scenario
3.1.3 Optimistic Scenario
4 Premium Insights
4.1 Attractive Growth Opportunities in Industrial Metrology Market
4.2 Industrial Metrology Market, by Offering
4.3 Industrial Metrology Market, by Equipment
4.4 Industrial Metrology Market in North America, by Country and End-user Industry
4.5 Industrial Metrology Market, by Application
4.6 Industrial Metrology Market, by Country (2021)
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Demand for Big Data Analytics
5.2.1.2 Increasing Demand for Automobiles in Emerging Economies
5.2.1.3 Growing Demand for Quality and Inspection Equipment in Precision Manufacturing Industry
5.2.1.4 Increasing Focus on Manufacturing Superior- and Uniform-Quality Products
5.2.2 Restraints
5.2.2.1 Requirement of High Investment for Setting Up of Metrology Facility
5.2.3 Opportunities
5.2.3.1 Adoption of Cloud Services to Integrate Metrological Data
5.2.3.2 Rise in Demand for Industry 4.0
5.2.4 Challenges
5.2.4.1 Lack of Expertise for Handling Metrological Systems
5.2.4.2 Negative Impact of COVID-19 on Demand for Metrology Equipment
5.3 Value Chain Analysis
5.4 Porter's Five Force Analysis
5.5 Pricing Analysis
5.6 Trade Analysis
5.6.1 Trade Analysis for Industrial Metrology
5.6.2 Tariff Analysis
5.7 Ecosystem
5.8 Case Study Analysis
5.8.1 Integration of Industrial Metrology of Hexagon to Improve Product Quality and Boost Productivity
5.8.2 Nikon Metrology Provides Measuring Instruments to Confirm Product Quality
5.8.3 Faro Technologies Provide Measurement Solution for Automobiles
5.8.4 Microservice, XD Laser Quickly Verifies Tenova's 3-axis Machine Tool
5.9 Patent Analysis
5.10 Technology Analysis
5.11 Market Regulations and Standards
6 Industrial Metrology Market, by Offering
6.1 Introduction
6.2 Hardware
6.2.1 Hardware Segment to Dominate Industrial Metrology Market During Forecast Period
6.3 Software
6.3.1 Increased Adoption of Cloud Software in Metrology to Fuel Growth of Software Market
6.4 Services
6.4.1 After-Sales Services
6.4.1.1 Need for Regular System Upgrades to Drive Growth of After-Sales Services Segment
6.4.2 Measurement Services
6.4.2.1 Part Sourcing and Outsourcing Helps in Reducing Overall Production Cost
6.4.3 Storage-as-a-Service
6.4.3.1 Increasing Focus Companies on Adoption of Cost-Effective Measures to Boost Market Growth
6.4.4 Software-as-a-Service
6.4.4.1 Increasing Cloud Usage for Metrology Services to Drive Adoption of Software-as-a-Service in Industrial Metrology Market
7 Industrial Metrology Market, by Equipment
7.1 Introduction
7.2 Coordinate Measuring Machine (CMM)
7.2.1 Fixed CMM
7.2.1.1 Bridge CMM
7.2.1.1.1 Bridge CMM Offers Excellent Rigidity and Higher Accuracy
7.2.1.2 Gantry CMM
7.2.1.2.1 Gantry CMMs are Mainly Used for Measuring Large Objects
7.2.1.3 Horizontal Arm CMM
7.2.1.3.1 Horizontal Arm CMMs are Ideal for Measuring Large Workpieces and Parts That are Hard to Reach
7.2.1.4 Cantilever CMM
7.2.1.4.1 Cantilever CMMs are Smaller in Size and Offer High Accuracy
7.2.2 Portable CMM
7.2.2.1 Articulated Arm CMM
7.2.2.1.1 Articulated Arm CMMs Exhibit Quick and Accurate Inspection
7.3 Optical Digitizer and Scanner (ODS)
7.3.1 Laser Scanner and Structured Light Scanner
7.3.1.1 Laser Scanners Offer Fast and Non-Contact Scanning and Provide Exact Locations of Coordinates of Scanned Objects
7.3.2 Laser Tracker
7.3.2.1 Laser Trackers are Mainly Used for Measuring Large Objects by Determining Position of Optical Target
7.4 Measuring Instruments
7.4.1 Measuring Microscope
7.4.1.1 Industrial Measurement and Image Analysis are Major Applications of Measuring Microscopes
7.4.2 Profile Projector
7.4.2.1 Profile Projectors are Mainly Used to Measure Small Objects and Parts
7.4.3 Autocollimator
7.4.3.1 Autocollimators are Ideal for Measuring Small Angular Differences
7.4.4 Vision System
7.4.4.1 Vision Systems are Used for High-Resolution Measurements in Millimeter to Nanometer Range
7.4.5 Multisensor Measuring System
7.4.5.1 Multisensor Measuring Systems are Ideal for Use in Hard-To-Reach Areas Using Touch Probe
7.5 X-Ray and Computed Tomography
7.5.1 Computed Tomography Machines are Mainly Used in Industries for Detection of Flaws such as Voids and Cracks, and Analyzing Particle in Materials
7.6 Automated Optical Inspection
7.6.1 Increasing Demand for Automated Optical Inspection in Semiconductor Industry
7.7 Form Measurement Equipment
7.7.1 Form Measurement Equipment are Mainly Used for Surface Analysis and Contour Measurement
7.8 2D Equipment
7.8.1 Micrometers are Most Commonly Used 2D Equipment in Industrial Metrology Market
8 Industrial Metrology Market, by Application
8.1 Introduction
8.2 Quality Control and Inspection
8.2.1 Quality Control and Inspection Segment to Account for Largest Share of Industrial Metrology Market During Forecast Period
8.2.2 Industrial Metrology Market for Quality Control and Inspection Application: COVID-19 Impact
8.3 Reverse Engineering
8.3.1 Reverse Modeling, Reconstruction, and Digital Simulation to Drive Growth of Reverse Engineering Application Segment
8.4 Mapping and Modeling
8.4.1 Mapping and Modeling Help Manufacturers to Visualize and Construct Visual Prototypes of Their Products
8.5 Others
9 Industrial Metrology Market, by End-user Industry
9.1 Introduction
9.2 Aerospace & Defense
9.2.1 Increasing Adoption of Metrology in Manufacturing and Assembly of Aircraft to Achieve a High Level of Accuracy to Boost Market Growth
9.2.2 Industrial Metrology Market for Aerospace & Defense: COVID-19 Impact
9.3 Automotive
9.3.1 Automotive Segment to Dominate Industrial Metrology Market During Forecast Period
9.3.2 Industrial Metrology Market for Automotive: COVID-19 Impact
9.4 Semiconductor
9.4.1 Increasing Miniaturization and Focus on Volume Production of Semiconductor Components to Drive Market Growth
9.5 Manufacturing
9.5.1 Increasing Demand for Metrology in Manufacturing Industry to Keep Up Competitive Edge and Reduce Time and Effort to Fuel Market Growth
9.6 Others
10 Geographical Analysis
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific (APAC)
10.5 Rest of the World (RoW)
11 Competitive Landscape
11.1 Overview
11.2 Revenue Analysis of Top 5 Companies
11.3 Market Share Analysis, 2020
11.4 Company Evaluation Quadrant
11.4.1 Star
11.4.2 Emerging Leader
11.4.3 Pervasive
11.4.4 Participant
11.4.5 Product Footprint
11.5 Industrial Metrology Market Startup/SME Evaluation Matrix, 2020
11.5.1 Progressive Companies
11.5.2 Responsive Companies
11.5.3 Dynamic Companies
11.5.4 Starting Blocks
11.6 Competitive Situations and Trends
11.6.1 Product Launches and Developments
11.6.2 Deals
12 Company Profiles
12.1 Introduction
12.2 Key Players
12.2.1 Hexagon
12.2.2 Nikon
12.2.3 Faro Technologies
12.2.5 Jenoptik
12.2.6 Keyence
12.2.7 Creaform
12.2.8 KLA Corporation
12.2.9 Renishaw
12.2.10 Mitutoyo Corporation
12.3 Other Key Players
12.3.1 Precision Products
12.3.2 Carmar Accuracy
12.3.3 Baker Hughes Company
12.3.4 Cyberoptics
12.3.5 Cairnhill Metrology
12.3.6 ATT Metrology Services
12.3.7 SGS Group
12.3.8 Trimet Group
12.3.9 Automated Precision
12.3.10 Applied Materials
12.3.11 Perceptron
12.3.12 JLM Advanced Technical Services
12.3.13 Intertek Group
12.3.14 Bruker
12.3.15 Metrologic Group
13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: The Subscription Portal
13.4 Available Customizations
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