CHICAGO, Oct. 7, 2022 /PRNewswire/ -- Industrial Metrology Market is expected to grow from USD 10.9 billion in 2022 to USD 14.6 billion by 2027, at a CAGR of 6.1%, according to a new report by MarketsandMarkets. The most significant factor driving the growth of the industrial metrology market include surging adoption of hybrid and electric vehicles (EVs), rising demand for big data analytics, increasing demand for automobiles in emerging economies, growing demand for quality and inspection equipment in precision manufacturing industry, and increasing focus on manufacturing superior- and uniform-quality products.
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Quality Control and Inspection to hold the largest share of industrial metrology market for application during the forecast period
Quality control is an integral part of any production process as it helps in the smooth functioning of the production department without incurring any extra cost. Under the quality control and inspection application, metrology is used for CAD-based inspection, dimensional analysis, and machine calibration, among others. Aerospace & defense and automotive are the major industries where industrial metrology equipment are used for quality control and inspection. In the aerospace & defense industry, industrial metrology equipment are used for quality control and inspection of various parts and components. Optical metrology, which is a highly versatile inspection method that ensures equipment quality and design intent achievement, can be an ideal solution to this problem. It has become the "go-to" metrology solution for automotive as well as other industries requiring high-quality control and inspection, owing to its non-contact, non-destructive, fast, highly sensitive, and exceptional resolution and accuracy.
Software segment is projected to register the higher CAGR for offering of the industrial metrology market during the forecast period
The software segment is expected to witness significant growth in the industrial metrology market during the forecast period. Various companies are utilizing industrial metrology software to enhance their manufacturing process. The types of software used for metrology purposes in industries are based on the purpose they serve; these software systems mainly include the software used for measurement, evaluation, and management that are used to improve the measuring operations. Software solutions are used to acquire and process data collected by the hardware component of metrology equipment, such as CMMs and scanners. Dimensional measurement information system (DMIS) includes a dimensional measurement software package for CMMs and portable measurement devices and laser trackers to measure the dimensions of the parts of various components in the aerospace and automotive industries. Other software solutions include CAD/CAM software, automation software, cloud software, imaging software, metrology X4, metrology X4 V5 embedded, and Vision64 Map Software.
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North America is projected to register the largest market share of the industrial metrology market in 2027
Automotive and aerospace & defense are the major industries contributing to the growth of the industrial metrology market in the North America. The region is one of the leading automotive manufacturers in the world, making it a prime adopter of metrological offerings to ensure high-quality products and, thus, an attractive market for industrial metrology. The automotive industry is expected to grow at the highest CAGR during the forecast period, followed by the aerospace & defense industry. The aerospace & defense segment is growing rapidly and is expected to generate high revenue for the market. The growth of the segment can be attributed to the heightened demand for metrological offerings in the region.
Hexagon (Sweden), Nikon (Japan), FARO Technologies (US), Carl Zeiss (Germany), Jenoptik (Germany), KLA Corporation (US), Renishaw (UK), Mitutoyo Corporation (Japan), KEYENCE CORPORATION (Japan), Creaform (Canada), Precision Products (US), CARMAR ACCURACY (Taiwan), Baker Hughes (US), CyberOptics (US), Cairnhill Metrology (Singapore), ATT Metrology Services (US), SGS Group (Switzerlands), TriMet (US), Automated Precision (US), Applied Materials (US), Perceptron (US), JLM Advance Technical Service (US), Intertek Group (UK), Bruker (US), and Metrologic Group (France). are among the key players operating in the industrial metrology market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
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