Rockville , April 18, 2023 (GLOBE NEWSWIRE) -- The Metrology Services market is expected to grow at a 6.1% CAGR between 2023 and 2033, according to Fact.MR. By 2033, the global market for these products is expected to reach US$ 1.8 billion. According to Fact MR, a provider of market research and competitive intelligence, the global Metrology Services market is rapidly growing and is expected to continue its growth trajectory in the coming years.
The increasing adoption of technologies such as CAD/CAM and 3D printing is one of the major factors that is anticipated to accelerate the growth of the metrology services market, as these technologies require precise measurements to ensure the accuracy of digital models and manufactured parts. Metrology services are essential for ensuring that the products and components manufactured using these technologies meet the required specifications and quality standards.
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Nowadays, companies across industries are under increasing pressure to meet international quality standards such as ISO 9001 and AS9100. Metrology services are critical for ensuring that products and components meet these standards, as they provide the precise measurements and data required to verify compliance. This is another major factor that is likely to boost the demand for metrology services during the forecast period.
Factors such as continually increasing quality requirements in manufacturing industries, increase in research and development activities, surge in the demand for reverse engineering and digitization services in various industries, as well as rising emphasis on compliance with industry standards and regulations are expected to propel the growth of the metrology services market in the forthcoming years.
Additionally, there has been witnessed, a tremendous growth of key industries such as automotive, aerospace, machinery, and consumer goods, which in turn is also driving the revenue share of the metrology services market, as these industries rely on precise and accurate measurements to improve product quality, reduce defects, and meet international quality standards.
Furthermore, there is growing awareness of the benefits of metrology services, including improved product quality, reduced defects, and reduced costs. This is leading more companies to adopt these services and is stimulating the growth of the metrology services globally.
Key Companies Profiled in this Report
- KLA Corporation
- Hexagon AB
- Jenoptik
- SGS Group
- Intertek Group Plc.
- Renishaw PLC
- Carl Zeiss AG
- Sasco Metrology Services
- Faro Technologies
- Metrologic Group
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Key Takeaways from the Market Study
- In 2023, the global Metrology Services market is estimated to have a global market size of US$ 1.0 Bn.
- The coordinate measuring machines (CMM) category is expected to have a 56% market share in 2023 and to dominate the global market from 2023 to 2033.
- The industrial category is expected to have a 32% market share in 2023 and to dominate the global market from 2023 to 2033.
- The North American region is predicted to acquire a 35% global market share by 2023.
- The European region is forecast to have a CAGR of 23% over the forecast period of 2023- 2033.
“The increasing demand for high-precision measurement and inspection services, as well as the rise in the adoption of advanced technologies, are the major factors that are anticipated to augment the growth of the Metrology Services market during the forecast period,” Comments a Fact.MR analyst.
Competitive Landscape
- In February 2023, In-Place Machining ("IPM"), a portfolio company of Levine Leichtman Capital Partners ("LLCP"), acquired East Coast Metrology, LLC ("ECM" or the "Company"). The acquisition is aimed at enhancing IPM’s ability to deliver its clients a comprehensive suite of service offerings, including best-in-class precision measurement & alignment services
Key Segments Covered in the Metrology Services Industry Report
- By Type :
- Coordinate Measuring Machines (CMM)
- Optical Digitizers and Scanners (ODS)
- By End-Use Application :
- Aerospace
- Automotive
- Power Generation
- Industrial
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Metrology Services market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on Metrology Services market analysis by type (coordinate measuring machines (CMM), and optical digitizers and scanners (ODS)), by end-use application (aerospace, automotive, power generation, industrial, and others), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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