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Global Industrial Metrology Market Size was valued at USD 10.7 Billion in 2022. The Industrial Metrology market Application is projected to grow from USD 11.5 Billion in 2023 to USD 18.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2023 - 2032). Demand is increasing for industrial metrology systems, extremely reliable and high-quality procedures, and electric automobiles, are the key market drivers enhancing the market growth.
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Rising demand for industrial metrology solutions in the food inspection industry, the defense industry, and for large projects like smart cities is predicted to boost the industrial metrology market. Rising aerospace solution demand, rising availability of high-quality metrology solutions, and expanding metrology awareness are the main factors driving the industrial metrology market. Rising demand for metrology solutions in both the automotive industry and general production is likely to drive the market. In the near future, it is anticipated that the automotive industry will experience a dramatic transformation as automated facilities quickly replace manual facilities in the production of automobiles. The demand for highly trustworthy and high-quality procedures is predicted to boost the market, along with an increase in the demand for electric vehicles. During the projected period, an increase in automation is also anticipated in the manufacturing sector's need for industrial metrology.
Electric vehicles (EVs) are becoming more and more common on the road, and nearly all automakers have stated that EVs will eventually predominate in their product selection. The number of drivetrain components will significantly decrease as the transition from internal combustion (IC) to electric continues. Additionally, the remaining parts, which are present in all kinds of cars, will have a bigger influence on the vehicle's longevity and performance. Power electronics, electric motors, fuel cell systems, and batteries for electric cars are among the major industries that use industrial metrology solutions. Sales of electric vehicles increased by almost treble in China in 2021, reaching 3.3 million units, or roughly half of the global total. Sales increased significantly in both Europe (by 65% to 2.3 million) and the US (more than doubling to 6,30,000). As a result, the increase in EVS usage is what is driving the market for industrial metrology equipment.
Due to increased geopolitical tensions between various countries and the ensuing rise in demand for accurate defense applications, both mechanical and electronic, it is expected that the aerospace and defense sector would be the primary driver of the worldwide industrial metrology market. Additionally, the growth of conflicts involving vital missions demands exact calibration and strict traceability in military aircraft and vehicles. Additionally, the growth of the market is being aided by the development of high-tech products, big data, and virtual drones, aerospace, and defense vehicles. Thus, driving the Industrial Metrology market revenue.
The global Industrial Metrology market segmentation, based on Offering, includes hardware, software, and services. Hardware segment dominated the global market in 2022. For calculating surface separations and distances ranging from millimeters to kilometers, it provides improved precision and accuracy. The market is also growing as a result of the increased demand for 3D metrology tools for quality assurance and inspection as well as in a variety of end-use industries, such as the automotive, aerospace, and defense industries.
Industrial Metrology Equipment Insights
The global Industrial Metrology market segmentation, based on Equipment, includes coordinate measuring machine (CMM), optical digitizer and scanner (ODS), measuring instruments, x-ray and computed tomography, automated optical inspection, form measurement equipment, and 2D equipment. Optical digitizer and scanner (ODS) segment dominated the global market in 2022. Demand is increasing across a range of end-use industries for optical digitizers and scanners because they use a scanning technique and software that is advantageous for capturing coordinate points of any item and printing them into an image. The development of high-tech optical digitizers and scanners, accurate integration techniques, and technological advancements are all factors in the increase of revenue.
The global Industrial Metrology market segmentation, based on Application, includes quality control & inspection, reverse engineering, mapping and modeling, and others. The quality control & inspection segment dominated the global Industrial Metrology market in 2022. The need to enhance output and achieve accuracy has resulted in a growth in the demand for high-precision metrology and inline inspection across a variety of industries. Growing competition and the drive to increase safety have led to the widespread adoption of quality control and inspection systems across a variety of industries, including automotive, aerospace & defense, and semiconductors. In these industries, maintaining and raising a product's quality is essential.
The global Industrial Metrology market segmentation, based on End-User Industry, includes aerospace & defense, automotive, semiconductor, manufacturing, and others. The automotive segment dominated the global Industrial Metrology market in 2022. Automotive manufacturers are using 3D technologies and optical inspection techniques more and more. The auto industry gains a great deal from 3D measurement technologies since production teams can instantly scan a part or subassembly and determine the exact root of any quality issues. 3D scanning solutions can be used at any level of the design process, including product conception and design, reverse engineering, quality assurance, and quality control. In the automotive industry, the CMM is the most popular industrial metrology instrument, especially for applications involving quality control and inspection. Numerous companies operating in this industry are providing CMM solutions for the same.
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Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Industrial Metrology Market dominated this market in 2022 (45.80%). The rising demand for automation and the significant usage of industrial metrology in the region provide an explanation for this. Further, In the North American area, the U.S. Industrial Metrology market had the biggest market share, while the Canada Industrial Metrology market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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In 2022, the industrial metrology market in Europe held a sizable market share. The increasing targets imposed by the Climate Change Accord and the automotive industry's propensity for automation are expected to have a substantial positive impact on the industrial metrology market in the region in the near future. Further, In the European region, the German Industrial Metrology market had the biggest market share, and the U.K. Industrial Metrology market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Industrial Metrology market is anticipated to grow significantly. As a result of the rising geopolitical tension and the increased demand for automation in the commercial sector, industrial metrology technologies have been adopted throughout developing nations like China, Japan, South Korea, and India, which is predicted to fuel market expansion. Moreover, In the Asia-Pacific region, the Indian Industrial Metrology market had the quickest rate of growth while China's Industrial Metrology market had the greatest market share.
Industrial Metrology Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Industrial Metrology market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Industrial Metrology sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Industrial Metrology industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Industrial Metrology sector. Major players in the Industrial Metrology market, including Hexagon AB, Renishaw PLC, FARO Technologies, Nikon Metrology, Carl Zeiss AG, Jenoptik AG, Perceptron, Automated Precision Inc., KLA Corporation, and Applied Materials Inc., are attempting to increase market demand by investing in research and development operations.
Burnaby, Canada-based LMI Technologies (LMI) is a provider of 3D sensor technology services. The business creates technologies for 3D measurement, data visualization, and scanning, including HDI 3D sensors, locator 3D smart sensors, and others. LMI Technologies (LMI) has announced that the most recent Gocator 2600 Series of intelligent 3D laser line profile sensors with 4K+ resolution will make its official debut in August 2022. These factory-precalibrated sensors deliver 4200 data points per profile for high-resolution 3D scanning and inspection over wide fields of view in applications including battery inspection, building materials, automotive, rubber and tyre fabrication, and general factory automation. They also come with potent 9-megapixel imagers and customized, modified optics.
Hexagon AB (Hexagon) provides information technology for geospatial and industrial enterprise applications that improve effectiveness and quality. The business provides sensor, software, and autonomous solutions, including as sensor-integrated metrology systems, CAD and CAM software, and software. It also provides geographic information system (GIS) software for creating 3D models and maps, sensors for satellite location, and data collection from the air and land. The manufacturing, aerospace, automotive, defense, mining, and construction industries all employ Hexagon products. The corporation conducts business across the Middle East, Africa, Asia, and the Americas. The corporate headquarters of Hexagon are located in Stockholm, Sweden. In March 2022, Hexagon AB made the announcement that it will buy ETQ. ETQ is software for managing compliance, the environment, health, and safety, and the quality management system (QMS).
· Hexagon AB
· Renishaw PLC
· FARO Technologies
· Nikon Metrology
· Carl Zeiss AG
· Jenoptik AG
· Perceptron
· Automated Precision Inc.
· KLA Corporation
· Applied Materials Inc.
August 2022: A number of new products will be on display at Chicago at Booth No. 135230, according to LK Metrology, a manufacturer of Coordinate Measuring Machines (CMMs), metrology software, and associated CMM accessory items.
· Hardware
· Software
· Services
· Coordinate Measuring Machine (CMM)
· Optical Digitizer and Scanner (ODS)
· Measuring Instruments
· X-ray and Computed Tomography
· Automated Optical Inspection
· Form Measurement Equipment
· 2D Equipment
· Quality Control & Inspection
· Reverse Engineering
· Mapping and Modeling
· Others
· Aerospace & Defense
· Automotive
· Semiconductor
· Manufacturing
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 10.7 Billion |
|
Market Size 2023 |
USD 11.5 Billion |
|
Market Size 2032 |
USD 18.7 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.70% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Offering, Equipment, Application, End User Industry, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Hexagon AB, Renishaw PLC, FARO Technologies, Nikon Metrology, Carl Zeiss AG, Jenoptik AG, Perceptron, Automated Precision Inc., KLA Corporation, and Applied Materials Inc. |
|
Key Market Opportunities |
Rise in demand for industry 4.0 |
|
Key Market Dynamics |
Rising demand for industrial metrology solutions, demand for highly reliable and quality processes, and an increase in the demand for electric vehicles |
The global Industrial Metrology Market was valued at USD 10.7 billion in 2022, and it is estimated to reach USD 18.7 billion by 2032.
The global market is projected to grow at a CAGR of 6.70% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Hexagon AB, Renishaw PLC, FARO Technologies, Nikon Metrology, Carl Zeiss AG, Jenoptik AG, Perceptron, Automated Precision Inc., KLA Corporation, and Applied Materials Inc.
The Hardware Offering dominated the market in 2022.
The Optical Digitizer and Scanner (ODS) Equipment had the largest share in the global market.
Report Code :
RL65165
Published on :
Sep 2023
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