Chicago, June 02, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "Industrial Metrology Market with by Offering, Equipment, Application (Quality & Inspection, Reverse Engineering, Mapping & Modelling), End-User Industry, Geography - Global Forecast to 2026", The 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 industrial metrology market has been witnessing significant growth over the past years, mainly owing to the increasing focus on manufacturing superior- and uniform-quality products and growing demand for quality and inspection equipment in precision manufacturing industry.
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The industrial metrology market for hardware segment to hold the largest share from 2021 to 2026
Hardware segment will lead the industrial metrology market, by offering, in terms of size, during the forecast period. The high demand for industrial metrology equipment, especially 3D metrology equipment, in the aerospace & defense and automotive industries for quality control and inspection application is one of the major drivers for the growth of the industrial metrology market for hardware. For instance, Volvo Car Body Components (VCBC), an automotive production plant based in Olofström, Sweden, is utilizing several metrology solutions, including AT960, LAS-XL, and T-Scan 5 offered by Hexagon (Sweden) for increasing its productivity. The company is engaged in the production of car body parts ranging from hoods and roofs to doors and subassemblies. Moreover, the growing use of 2D metrology equipment for the dimensioning and inspection applications is also contributing to the growth of the industrial metrology market for hardware.
The industrial metrology market for quality control and inspection application is expected to grow at the highest CAGR during the forecast period.
The quality control and inspection application segment dominated the industrial metrology market and is expected to grow at the highest CAGR during the forecast period. Manufacturing companies have robust inspection processes to control the quality of their offerings. They use metrology for accurate scanning and inspection analysis to take corrective actions without slowing down the pace of production. Industrial metrology is also used to check misalignments, which can cause machine downtime and affect machine performance. It enables part inspection and dimensional analysis of machine parts to verify their accuracy and quality, to avoid any later rework. Moreover, metrology allows identifying defective parts received from suppliers to establish and maintain strict quality standards.
Browse in-depth TOC on “industrial metrology market”
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The industrial metrology market for coordinate measuring machines (CMM) equipment to hold the largest share during the forecast period
The industrial metrology market for the coordinate measuring machines (CMM) equipment is expected to hold the largest share during the forecast period. Companies operating in the industrial metrology market are focusing on enhancing their CMM product portfolio, and in recent years have launched various new products. For instance, in June 2020, FARO announced the release of its most affordable and accurate 3D portable coordinate measurement machine (CMM), The FARO Gage. Also, in June 2020, Creaform (Canada) launched the latest version of the MetraSCAN 3D lineup, the company’s advanced optical CMM scanner explicitly designed to perform metrology-grade 3D measurements and inspections—right on the production floor.
A few key players operating in the industrial metrology market
- Hexagon (Sweden),
- Carl Zeiss (Germany),
- Nikon (Japan),
- KEYENCE (Japan),
- FARO Technologies (US),
- Jenoptik (Germany),
- Creaform (Canada),
- KLA Corporation (US),
- Renishaw (UK),
- Mitutoyo Corporation (Japan).
Automotive end-user industry to grow at the highest CAGR during the forecast period
The industrial metrology market for automotive industry is expected to record the highest CAGR during the forecast period. In the automotive industry, industrial metrology is required for conducting inspection, measurement, and quality checks for various components. The automotive industry has been increasingly using optical measurement systems and coordinates measuring machines instead of the conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of vehicles.
The industrial metrology market for APAC region is expected to grow at the highest CAGR during the forecast period
The industrial metrology market for APAC region is expected to grow at the highest CAGR during the forecast period. Countries such as China, South Korea, and India are expected to lead the market demand for industrial metrology products. Government initiatives such as Make in India have supported production and manufacturing activities in the region. Industrial metrology companies such as FARO Technologies (US), Carl Zeiss (Germany), and Renishaw (UK) are expected to expand their manufacturing units in APAC. This will result in a boost to the industrial metrology market in APAC. China and India are expected to grow rapidly in the industrial metrology market.
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