Quality and Measurement Analysing the Global Metrology Market
Metrology has become one of the most important elements in the manufacturing sector. It is in this background that industry experts have predicted the metrology market to witness a significant increase in the near future.
The global industrial metrology market is expected to reach 12.97 billion dollars by 2023 from the 9.62 billion dollars in 2017, thus growing at a compound annual growth rate (CAGR) of 6.2 %, states a report from Research and Markets. The main demand drivers for metrology equipment come from numerous sectors such as manufacturing, automotive, aerospace and defense which require a high level of precision along with superior quality.
From amongst the metrology equipment, the research firm, Market Research Future forecasts CMMs to show the highest revenue of 848.93 million dollars in 2027 from 363.33 million dollars in 2016, thus growing at a CAGR of 8.02 %. The leaders in this segment comprise Carl Zeiss, Renishaw, Hexagon, Mitutoyo, Faro Technologies and many others.
Trending in Metrology equipment
A research by Frost & Sullivan mentions the potential opportunities with regards to the global metrology equipment market. Concepts such as inline metrology, robotic guidance and portable and handheld metrology equipment are now trending:
Inline metrology: With the presence of Internet of Things and Industry 4.0 , users are more often opting for inline metrology solutions so that they can integrate CMMs and optical scanners with the assembly lines. With its assistance, the system can measure dimensions, inspect parts, provide faster measurements and also store data for processing.
Robotic guidance: 3D vision cameras can once installed lead to guiding the machinery to perform numerous operations with a high level of accuracy. With the increased demand towards automation, manufacturers are beginning to employ 3D-vision cameras with metrology capabilities for high-end robotic guidance applications to enable a faster and more accurate manufacturing process.
Portable and handheld metrology equipment: To optimise production, portable articulated arms, handheld optical scanners, and smart digital gauges with wireless data transferring capabilities are used in the automotive, aerospace, and industrial sectors. These metrology devices offer users enhanced flexibility, size, and line of sight. Frost & Sullivan indicate that top metrology vendors will invest in handheld optical scanners and portable optical CMMs in the next 3–5 years.
Tracking the metrology market
In terms of market share, Europe is at the forefront owing to its dedicated and ever evolving technological innovations which is backed by strong financial support from the governments in the region. According to a forecast by Market Research Future, the region is expected to witness an increase of over 397.33 million by 2027 from the current 176.53 million. Europe is followed by the Asia-Pacific region which is expected to grow at a CAGR of 10.60 % from the present situation and reach 485.85 million dollars by 2027.
As industries are evolving, the demand for products with accurate measurements and superior-quality is witnessing a significant increase. Hence, it is not surprising that the metrology market is also gearing up to meet its customers’ expectations.
This article was first published by MM International.