New York, USA, March 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global 3D metrology market is expected to garner a revenue of $6,647.9 million by 2028, growing exponentially at a CAGR of 7.8% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the 3D Metrology Market
Drivers: Extensive use of 3D data in modeling and analytical applications is expected to drive the growth of the market during the forecast period. In addition, growing industrial development for conducting R&D on advanced and modern testing technologies & instruments are further expected to bolster the growth of the 3D metrology market during the forecast period.
Restraints: Extortionate cost of manufacturing metrology products is expected to impede the growth of the market during the forecast period.
Opportunities: Growing prevalence of 3D testing and 3D metrology in the manufacturing industries across the globe is expected to create ample opportunities for the growth of the 3D metrology market during the forecast period.
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COVID-19 Impact on the 3D Metrology Market
The outbreak of coronavirus has had a negative impact on the growth of the global 3D metrology market, owing to the prevalence of lockdowns in various countries across the globe. Stringent import-export restrictions imposed by the governments led to the adverse shortage and fluctuations in the prices of raw materials during the pandemic. In addition, lockdowns led to the large-scale shutdown of manufacturing processes across multiple industries, which further aggravated the impact on the market.
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Segments of the 3D Metrology Market
The report has divided the market into various segments based on offers, products, applications, end-use, and region.
Offering: Hardware Sub-segment to be Most Profitable
The hardware sub-segment is expected to garner a revenue of $2,582.0 million during the forecast period. Extensive use of hardware such as CMMs, laser trackers, vision systems, etc. helps in enhancing the quality and measurement inspection process. This factor is expected to stimulate the growth of the 3D metrology market sub-segment during the forecast period.
Products: Coordinate Measuring Machine (CMM) to be Most Beneficial
The coordinate measuring machine (CMM) sub-segment is expected to generate a revenue of $2,495.7 million during the forecast period. CMMs are conventional metrology tools that are extremely cost-effective and increase productivity in various end-use industries. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Applications: Quality Control and Inspection Sub-segment to be Most Lucrative
The quality control and inspection sub-segment is expected to garner a revenue of $2,565.9 million during the forecast period. Quality control is a pertinent step in the manufacturing process as it estimates the dimensions of manufactured parts to ensure that they with the quality standards. This factor is expected to drive the growth of the 3D metrology market sub-segment during the forecast period.
End-Use: Automotive Sub-segment to be Most Remunerative
The automotive sub-segment is expected to garner a revenue of $2,146.3 million during the forecast period. Extensive inspections are required in the automotive, and hence automotive companies increasingly use dimensional 3D metrology equipment. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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Region: North America Region to Dominate the Global 3D Metrology Market
The North America region is predicted to generate a revenue of $2,356.7 million during the forecast period. Rapid automation of automotive manufacturing facilities in this region is expected to drive the growth of the market. In addition, the impeccable presence of pharmaceutical, automotive, and aerospace equipment manufacturers in this region is further expected to accelerate the growth of the regional 3D metrology market during the forecast period.
Key Players of the 3D Metrology Market
The major players of the market include
- ZEISS Group
- KLA Corp.
- Perceptron
- Renishaw
- Hexagon
- FARO Technologies
- 3D Systems, Inc.
- KEYENCE Corp.
- Jenoptik
- Nikon Corp.
- Mitutoyo Corp., and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in May 2021, ZEISS, an internationally leading technology enterprise that offers products and solutions in optical devices, microscopes, binoculars, cameras, and eyeglass lenses, acquired Capture 3D, a leader in innovative optical 3D metrology solutions - accurate blue light 3D scanners, precision photogrammetry systems, comprehensive inspection software, and future-thinking automated solutions, in order to expand ZEISS’s national coverage in the US for its Industrial Quality & Research segment.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- Acquisitions Like that of Perceptron Inc. by Atlas Copco to Drive the Global 3D Metrology Market
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- The Global 3D Metrology Market Anticipated To Generate A Revenue Of $6,647.9 Million, Growing At A CAGR Of 7.8% From 2021 To 2028
