Market Overview:
The Metrology Market is expected to grow at a higher CAGR of 6.4% in the global market to account for a higher market share value of approximately USD 15.42 Billion by the end of the forecasted period.
A measuring science supported by optical digitizers and scanners and a coordinated measuring machine (CMM) is called metrology. It provides various convenience services in the industrial sector like repairing, retrofitting, calibration, machine installation, and others. Owing to the quick measurement technique (ODS), optical digitizers and scanners are growing very rapidly in the global market.
Since CMM provides high precision, it is largely used by manufacturers as a traditional measurement technique. This mechanical system is also used to measure the physical characteristics of a final assembled product, medical equipment, a machine tool, and a component. It can be manually controlled.
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Market Segmentation:
The metrology market has been divided all across the globe based on the type, product, end-users, and region.
Based on the Type
- The metrology market has been divided all across the globe based on type into scientific metrology type, industrial metrology type, other metrology types.
Based on the Product
- The Optical Metrology Services has been divided all across the globe based on the product into optical digitizers and scanners (ODS) product type, Coordinate measuring machine (CMM) product type, and other metrology product types.
Based on the End-Users
- The metrology market has been divided all across the globe based on the end-users into the consumer electronics industry, manufacturing industry, energy and power industry, aerospace industry, automotive industry, and other industries as well.
Based on the Region
- The metrology market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
Regional Analysis:
The metrology market has been divided all across the globe based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The largest market share in the metrology market in the global market is held by the European region, owing to the presence of an effective network-based infrastructure that helps in catering to the increasing and changing demand of various consumers and end-user industries. In 2016, the European region held approximately 32% of the market share value and hence dominated the global market.
The second-largest market share in the metrology market in the global market is held by the North American region owing to increasing demand for metrology products in various defense and aerospace industries and automobile industries. Moreover, the presence of various major key players like Exact metrology Inc. (US), Faro Technologies (US), and others in this region also drives the market demand towards the North American region.
Being the fastest-growing region, the third-largest market share in the metrology market in the global market is held by the Asia-Pacific region owing to the presence of various countries like Australia, New Zealand, Japan, Australia, India, and China. Moreover, the establishment of various medium-sized enterprises also drives the market demand.
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Industry News:
- In June 2019, a new version, 3.9 CMM-Manager has been launched by Nikon Metrology as it provides a faster speed of approximately 20 times in importing data. Also, it has improved CAD display and 3D scenes. It has additional ISO GD&T.
- In April 2019, expansion of business was observed in Romania by Hexagon Manufacturing Intelligence. It helps in operating measurement software applications by providing training rooms and a demonstration center.
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