Global Industrial Metrology Market : Detailed Analysis Report 2018-2023

Bharat Book Bureau Provides the Trending Market Research Report on “Global Industrial Metrology Market, Forecast to 2023” under Heavy Industry category. The report provides information on industry overview, market size, latest developments, industry trends, Major Players, global presence, and their future prospects.

The growing demand for inspection services from precision manufacturing drives the growth of the industrial metrology market

The industrial metrology market is expected to grow from USD 9.62 billion in 2018 to USD 12.97 billion by 2023, at a CAGR of 6.2% between 2018 and 2023. The growing big data analytics market and increasing demand for inspection services from the precision manufacturing drive the growth of industrial metrology market. Moreover, increasing focus on quality control in various industries also contributes to the growth of this market. However, the high cost of setting up metrology facility and lack of expertise needed for efficient handling of metrological systems limit the growth of this market.

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The quality control and inspection application holds the largest share of the industrial metrology market

Quality control is an integral part of production process as it helps in the smooth functioning of the production, without incurring any extra cost. Under this application, metrological systems are used for alignment, CAD-based inspection, dimensional analysis, and machine calibration, among others. Manufacturers adopt a robust inspection process to control quality. Manufacturers use metrology for accurate scanning and inspection analysis to derive corrective action without slowing down the production.

The automotive industry holds the largest share of the industrial metrology market

In the automotive industry, metrological methods are required for inspection, measurement, and quality check of various components. The automotive industry has been increasingly using optical measurement systems and coordinates measuring machines (CMM), instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of vehicles. Scanning accurately captures freeform surfaces by acquiring thousands of measuring points per second without touching the prototype.

APAC to hold the largest share of the industrial metrology market

The growth of the market in APAC is attributed to the growing automotive and manufacturing plants in this region. Moreover, large funding from governments of various APAC countries in research and development, and extensive industrial base are the major contributors to the industrial metrology market in APAC, with China, South Korea, and Japan being the major countries contributing to the growth. Also, continuous technological advancements propel the growth of this market.

The breakup of the profile of primary participants has been given below:

- By Company Type: Tier 1 = 33 %, Tier 2 = 45%, and Tier 3 = 22%
- By Designation: C-level Executives = 33%, Directors = 25%, and Others = 42%
- By Region: North America = 35%, Europe = 29%, APAC = 24%, and RoW = 12%

The major players in the industrial metrology market include Hexagon (Sweden), FARO Technologies (US), Nikon Metrology (Belgium), Carl Zeiss Optotechnik (Germany), Jenoptik (Germany), GOM (Germany), and Creaform (Canada). Other prominent players are Renishaw (UK), KLA–Tencor (US), Applied Materials (US), Perceptron (US), GoM (Germany), Automated Precision (US), JLM Advanced Technical Services (US), Precision Products (US), CARMAR ACCURACY (Taiwan), Pollen Metrology (France), and Cairnhill Metrology (Singapore).

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3bMarketresearch Joined: August 4th, 2017