Metrology Market Overview:
Market Research Future (MRFR), in its latest research report, states that the global metrology market is booming and expected to grow exponentially over the review period, recording a substantial market valuation from USD 607.9 million in 2016 to USD 1255.5 million by 2027 and a moderate 6.82% CAGR in the forecast period.
The increasing quality requirement in the industrial product, use of technically advanced devices for measurement, and emerging high-tech robots serviceable in automation, energy harvesting, and semiconductor wafer inspection are expected to drive the metrology market during the forecast period.
Furthermore, the changing consumer demand over industrial products will be expected to become a challenge for the Metrology Market. The altering consumer demand for industrial products and the increasing technological advancements in measurement techniques have developed the need for more precise and accurate industrial products. To offer products with assured quality and more extended durability, end-use industries such as automotive, energy & power, aerospace, consumer electronics, and manufacturing industries are extensively adopting metrology solutions.
However, the lack of technical expertise is poised to restrain the market during the forecast period. Apart from its lack of skilled labor to operate precision equipment such as CMM is controlling the metrology market. Also, the poor utility value of deployed machines is supporting the market growth of metrology measurements.
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The major market players operating in the global metrology market as identified by MRFR are Renishaw PLC (UK), Hexagon AB (Switzerland), Carl Zeiss AG (Germany), Mitutoyo Corporation (Japan), Nikon Corporation (Japan), Perceptron, Inc. (US), Faro Technologies (US), Pantac Metrology (Liechtenstein), Exact metrology Inc. (US), and Jenoptik AG (Germany).
The major market players of the global metrology market are slated to invest in numerous research and development projects for technological advancements, along with participating in different business growth strategies such as mergers and acquisitions, joint ventures and partnerships, among others. Moreover, the market players are expected to explore untapped regions to expand their businesses and sustain their market position.
The Metrology Market has been segmented type, product and end-user. On the basis of type, the Metrology consists of Industrial metrology and scientific metrology segment. The study indicates that the Industrial metrology segment would grow at the highest rate in the global metrology market by the forecast period. Whereas based on the products segment, Metrology systems comprise of a coordinate measuring machine (CMM) and optical digitizers & scanners and others. Coordinated measuring machine (CMM) has higher demand in the market owing to its beneficiary services, namely machine installation, calibration, retrofitting, and repairing. Optical digitizers & scanners (ODS) on the other hand, are slated to expand as the fastest-growing segment owing to their quick measurement technique.
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
Europe dominated the metrology market in 2016, with a market value of 32%. Europe has an adequate network-based infrastructure to meet the rapidly changing demand of the end-consumer. North America has positively considered the second position in the metrology market. Asia- Pacific is expected to grow at a faster rate during the forecast period. Asia-Pacific is the fastest-growing region which is estimated to show high growth during the forecast period. The study specifies that increasing technology adoption and increasing demand for quality-driven products especially in automation and manufacturing sectors is driving its growth of the metrology market. Technological and industrial growth in developing Asian countries, such as China and Japan, is giving a boost to the metrology market. However, the rest of the world (RoW) is slated to grow at a gradual pace over the forecast period.
Table of Contents
1.2 Scope of the Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodologies
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
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List of Tables
Table 1 Global Metrology Market, By Type, 2016-2027 (Usd Million) 26
Table 2 Global Industrial Metrology Market, 2016-2027 (Usd Million) 27
Table 3 Global Scientific Metrology Market, 2016-2027 (Usd Million) 28
List of Figures
Figure 1 Global Metrology Market Structure 10
Figure 2 Mrfr Research Process 11
Figure 3 Global Metrology Market: Drivers & Restraint 14
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