New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global 3D Metrology Market information by Product, by Components, by Application and Region – Forecast to 2027” the market is expected surpass the valuation of USD 15 Billion at a 9% CAGR between 2019- 2025.
Market Scope:
3D metrology tools are crucial for advanced manufacturing due to the relative merits of contact or non-contact measurement solutions. There is a wide drive across nearly all industries for smaller and more complex components, prone to contamination or damage by even the slightest contact with a probe. The 3D metrology industry has always been subject to technological upgrades, and more automation is forecasted to happen to meet customer demands for improved efficiency.
Dominant Key Players on 3D Metrology Market Covered Are:
- Applied Materials (US)
- Exact Metrology (US)
- 3D System Corp (US)
- Automated Precision (US)
- 3D Digital Corp (US)
- GoM (Germany)
- Perceptron (US)
- Creaform (Canada)
- Keyence (Japan)
- KLA-Tencor (US)
- Jenoptik (Germany)
- Nikon Corporation (Japan)
- FARO Technologies (US)
- Mitutoyo Corporation (Japan)
- Hexagon AB (Sweden)
- Carl Zeiss AG (Germany)
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Market USP exclusively encompassed:
Market Drivers
The 3D metrology market demonstrates positive prospects, mainly due to rapidly growing industrial product manufacturing worldwide. The market growth attributes to the proliferation of industry 4.0, playing a causal role in industrial automation. Besides, growing adoption for highly accurate inspection and detailed information processes drives the 3D metrology market growth.
Additional factors pushing the growth of the 3D metrology industry include the growing focus on quality control and rise in research & development spending. Increasing adoption of the technology in different industries, including heavy machinery, energy & power, construction & engineering, automotive, and aerospace to maintain product quality, drives the demand for 3D metrology.
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Segmentation of Market Covered in the Research:
The 3D metrology market analysis is segmented into component, product, end-user, application, and region.
The component segment is sub-segmented into service, software, and hardware. Of these, hardware accounts for the largest market share, followed by the software segment.
The product segment is sub-segmented into form measurement, automated optical inspection, video measuring machine (VMM), optical digitizer & scanner (ODS), and coordinate measuring machine (CMM). Among these, the CMM segment accounts for the dominating market share.
The CMM sub-segment is further bifurcated into articulated arm CMM, cantilever CMM, horizontal arm CMM, gantry CMM, and bridge CMM. The ODS sub-segment is further bifurcated into laser tracker, structured light scanner, and 3D laser scanner. Similarly, the VMM sub-segment is further bifurcated into a multisensory measuring system, optical comparator, measuring microscope, and vision system.
The end-user segment is sub-segmented into mining, heavy machinery industry, energy & power, electronics, medical, architecture & construction, automotive, aerospace & defense, and others. Among these, the sub-segment - automotive accounts for the largest market share.
The application segment is sub-segmented into virtual simulation, reverse engineering, quality control and inspection, and others. Among these, the sub-segment - reverse engineering accounts for the largest market share.
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Regional Segmentation
The Asia Pacific region dominates the global 3D metrology market and is estimated to maintain its market position throughout the anticipated period. The largest market share attributes to the increasing adoption of 3D metrology by electronics and automobile manufacturers for various applications such as virtual simulation, reverse engineering, and quality control & inspection.
The region is the hub for various industrial products like manufacturing equipment, food processing equipment, transportation equipment, and consumer product. Besides, the increasing use of 3D metrology in various power generation and industrial applications like mold and die design, raw casting, forging inspection, and inspection of power generation components add to the region’s 3D metrology market share.
North America accounts for the second-best position in terms of the 3D metrology market value. The market is driven by the vast technological advances and automation in the manufacturing sectors in the region. With the strong presence of pharmaceutical, automotive, and aerospace equipment manufacturers, the US leads the 3D metrology market in the region.
Moreover, the faster automation of automotive manufacturing facilities creates substantial market demand. Additionally, the high demand from the flourishing manufacturing sector in the region substantiates the 3D Metrology market size.
Europe demonstrates a positive growth rate towards the adoption of 3D metrology. Digital revolution is proliferating across the region. Rapid automation and the growing automotive and power generation industries drive the 3D metrology industry in the region. Furthermore, the proliferation of fuel-efficient vehicles and lightweight automotive components creates significant growth opportunities for the 3D metrology markets in the region.
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COVID-19 Impact on the Global 3D Metrology Market
3D metrology market revenues remained reassuringly robust even during the COVID-19 crises. The market has become quite dynamic and constantly changing than the pre-pandemic era. Similarly, the ability to respond to market changes has become more important than ever in post-pandemic periods.
The pandemic-driven lockdown challenges fostered many trends, including Industry 4.0 and robotics, networked machines, and analytics. Therefore, the 3D metrology market kept growing during the pandemic era witnessing the rising adoption of 3D metrology solutions and 3D metrology equipment.
Industry Trends
Booming aviation industries and automotive industries offer robust opportunities. Additionally, the rapid industrialization and urbanization worldwide act as key driving forces for the 3D metrology market growth. The increasing adoption of 3D testing and 3D metrology to gain detailed information and run full-field evaluations fosters market share.
Despite the promising prospects, the 3D metrology market still witnesses several challenges. These growth impeding factors include the high cost required to set up a 3D metrology facility and lack of expertise. Nevertheless, increasing uses of 3D metrology in industrial activities, such as assembly inspection, quality checks, and measurement of different tools, sheet metal parts, plastic, and castings, would support the market growth throughout the review period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.