Pune, India, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The global 3D metrology market size was valued at USD 11.54 billion in 2021. The market is anticipated to grow from USD 12.60 billion in 2022 to USD 38.97 billion by 2029, exhibiting a CAGR of 17.5% during the forecast period. Rapid digitization and the emergence of advanced technology are expected to propel market growth. Fortune Business Insights™ provides this information in its report titled “3D Metrology Market Forecast, 2022-2029”
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 17.5% |
| 2029 Value Projection | USD 38.97 Billion |
| Base Year | 2021 |
| 3D Metrology Market Size in 2021 | USD 11.54 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Product Type, Application, End-user and Geography |
Stringent Lockdowns Negatively Affected Market Growth During the Pandemic
This market was negatively affected during the pandemic due to strict lockdown emissions. The sudden spike in COVID-19 infections led to the adoption of stringent lockdowns, thereby affecting the manufacturing sector. This factor hampered the supply chain, thereby resulting in supply chain problems. Furthermore, restrictions on transport and travel created raw material shortages. However, manufacturers opted for reduced capacities, part-time shifts, and industrial automation to recover and balance costs. This factor incited market growth during the pandemic.
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Drivers and Restraints
Strong Demand for Quality Control and Inspection in the Automotive Industry to Propel Market Growth
3D metrology is a novel technique used to measure component dimensions without the need for physically handling the component. The robust demand for quality control and inspection in the automotive sector is expected to enhance the product adoption. Furthermore, the rising adoption of 3D metrology in the automotive sector is expected to enhance its sales. Moreover, sophisticated machinery's accuracy and fictional losses are expected to enhance the product adoption. Also, the rising adoption of next-generation metrology systems in various sectors is expected to drive the 3D metrology market growth.
However, lack of skilled labor and increased initial investments may hamper this industry’s progress.
Segments
CMM Segment to Dominate Owing to Robust Demand from the Automotive Industry
By product type, the market is segmented into a Coordinate Measuring Machine (CMM), Optical Digitizer & Scanner (ODS), automated optical inspection, and Video Measuring Machine (VMM). The CMM segment is expected to dominate due to its strong demand from the automotive industry.
Quality Control & Inspection Segment to Lead Attributable to Increasing Applications in the Manufacturing Industry
Based on application, the market is classified into quality control & inspection, reverse engineering, and virtual simulation. The quality control & inspection segment is expected to lead due to rising applications in the manufacturing sector.
Automotive Segment to Dominate Backed by Rising Adoption of Co-ordinate Measuring Machine
As per end-user, the market is categorized into electronics, architecture & construction, aerospace & defense, manufacturing, automotive, and others. The automotive segment is expected to dominate due to the rising adoption of coordinate measuring machine.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Rest of Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights
Rising Adoption of Contact Less Control Equipment to Propel Market Progress in Asia Pacific
Asia Pacific is expected to dominate the 3D metrology market share due to the rising adoption of contactless control equipment. The market in Asia Pacific was valued at USD 6.07 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, advanced manufacturing facilities in China are expected to enhance this industry’s progress.
In North America, the rising adoption of advanced technology in the defense and aerospace sectors is expected to enhance the product adoption. This factor is expected to enhance the 3D metrology industry’s progress.
In Europe, the presence of large manufacturing units is expected to enhance the industry’s growth in the coming years.
Competitive Landscape
Major Players Deploy Partnerships to Enhance their Brand Image
The prominent companies operating in the market devise partnerships to enhance their brand image. For example, Shree Rapid Technologies and ZEISS International entered into a partnership for the development of promotion, scanning, and measuring technology in India in June 2021. This development may allow both companies to advance contactless measurement technologies in India and elevate their brand image. Furthermore, major players deploy innovations, innovations, novel product novels, research and development, and expansions to enhance their brand image.
Key Industry Development
August 2021- Nikon Corporation collaborated with Aeva Technologies, Inc. to use Frequency Modulated Continuous Wave (FMCW) for automation and industrial metrology applications.
List of Key Players Profiled in the Report
- Zeiss International (Germany)
- FARO Technologies, Inc. (U.S.)
- Hexagon AB (Sweden)
- Intertek Group Plc (U.K.)
- Nikon Corporation (Japan)
- KLA Corporation (U.S.)
- Keyence Corporation (Japan)
- Perceptron, Inc. (U.S.)
- Renishaw Plc (U.K)
- Applied Materials (U.S.)
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Major Table of Contents:
- Global 3D Metrology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Product Type (USD Bn)
- Coordinate Measuring Machine (CMM)
- Optical Digitizer & Scanner (ODS)
- Automated Optical Inspection
- Video Measuring Machine (VMM)
- By Application (USD Bn)
- Quality Control & Inspection
- Reverse Engineering
- Virtual Simulation
- By End User (USD Bn)
- Electronics
- Architecture & Construction
- Aerospace & Defense
- Manufacturing
- Automotive
- Others
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
-
- North America 3D Metrology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Product Type (USD Bn)
- Coordinate Measuring Machine (CMM)
- Optical Digitizer & Scanner (ODS)
- Automated Optical Inspection
- Video Measuring Machine (VMM)
- By Application (USD Bn)
- Quality Control & Inspection
- Reverse Engineering
- Virtual Simulation
- By End User (USD Bn)
- Electronics
- Architecture & Construction
- Aerospace & Defense
- Manufacturing
- Automotive
- Others
- By Country (USD Bn)
- U.S.
- Canada
- Mexico
-
- Europe 3D Metrology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Product Type (USD Bn)
- Coordinate Measuring Machine (CMM)
- Optical Digitizer & Scanner (ODS)
- Automated Optical Inspection
- Video Measuring Machine (VMM)
- By Application (USD Bn)
- Quality Control & Inspection
- Reverse Engineering
- Virtual Simulation
- By End User (USD Bn)
- Electronics
- Architecture & Construction
- Aerospace & Defense
- Manufacturing
- Automotive
- Others
- By Country (USD Bn)
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
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