Market Research Future (MRFR) anticipates that the metrology market 2020 can gain a valuation of USD 1255.5 million by 2027. It is also expected that the market size can advance at a rate of 6.82% from 2016 to 2027 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Leading Market Firms
The top market firms covered in the market study include 3D Digital Corporation (U.S.), Mitutoyo Corp. (U.S.), Nikon metrology (Belgium), Faro Technologies (U.S.), Metrology software product Ltd. (U.K.), Reinshaw (U.K.), Hexagon AB (Sweden), Perceptiopn Inc. (U.S.), Carl Ziess (Germany), to list a few.
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Top Drivers and Key Challenges
The COVID-19 outbreak has affected the worldwide economy by forcing the global population into lockdown and giving rise to challenges in the form of health crisis. Businesses everywhere are adopting mitigation tactics to bring down the COVID-19 impact on the revenue and the slowdown of the industrial production. The pandemic has led curbed movement of non-essential items as well as resources, which has brought the manufacturing of equipment to a standstill across the globe. This is no doubt expected to have a domino effect on the equipment manufacturers across the metrology market, with a continuously growing gap between demand and supply
SARS-CoV-2 has compelled companies to elevate their remote working abilities to remain resilient. However, the onset of the novel coronavirus has accelerated the consumption of connected equipment, IoT and advanced technologies such as predictive maintenance, and more, which can significantly benefit the metrology market. Machine vision is being increasingly integrated into metrology machines for enhanced capabilities, with top players continuously adopting product launches as the top strategies to draw in more number of consumers. For instance, in July 2020, NM3D Ibérica, a renowned metrology solutions vendor in Spain and Portugal, launched its latest metrology technology that works with the integrated deployment of a machine vision system, superior computer software and high precision CM. Machine vision has quickly become a significant aspect of the 4.0-powered smart infrastructure.
The Metrology Market Size has been positively shaped by the rising consumer preference for efficient industrial products and the surge in technological innovations in measurement techniques. To manufacture highly efficient products with higher quality and greater durability, various industries like aerospace, automotive, consumer electronics, manufacturing and energy power are taking up metrology solutions. Also, the stipulated rise in the sales of luxury fuel efficient automotive vehicles while considering every possible safety measurement, particularly in the emerging countries has also been favorable for the metrology industry.
Metrology Services Market Trends
The fast uptake of cloud-based metrology software such as on-machine, geometric dimensioning and tolerance, robotic metrology, point cloud, automated, multisensory and laser scanning technology can be one of the key trends that can lead to further expansion of the metrology market.
The metrology market has been considered for type, product and end-user.
The types of metrology taken in account are scientific metrology, industrial metrology, and more.
Coordinate measuring machine/CMM, optical digitizers and scanners/ODS, and others are some of the key products listed in the report. Between these, it is anticipated that the coordinated measuring machine market can observe better growth than its counterpart, owing to the calibration, machine installation, repairing and retrofitting services it provides. However, the market for optical digitizers scanners can progress at the fastest rate because of their fast measurement technique compared to the traditional techniques.
Automotive, energy power, aerospace, consumer electronics, manufacturing, and more are the top end-users considered in the market study.
The metrology industry has been regionally considered for North America, Europe, Asia-Pacific, and the rest of the world.
Europe continues to dominate the metrology market since 2016, with the biggest share of 32%. Since the region has a well-developed network-based infrastructure, the rapidly evolving demand of the end-consumer is promptly taken care of by the manufacturers. The rising frequency of technological innovations along with the increasing back up by the government in the form of funds has been quite favorable for the metrology market in this region.
MRFR projects the APAC market to achieve the fastest expansion rate in the near future, given the striking growth of the aerospace and defense sector ion the region. The power generation and industrial applications seem to be driving the growth of metrology services market, with the highest demand arising for 3D scanner based metrology services. The boom in industrialization and the accelerated use of metrological services for scientific applications has elevated the market position in India and China.
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