Research Nester’s recent market research analysis on “Coordinate Measuring Machine Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global coordinate measuring machine market in terms of market segmentation by machine type, application, industry and by region.
Rapid Integration of Industry 4.0 to Promote Global Market Share of Coordinate Measuring Machine
The global coordinate measuring machine market is estimated to grow majorly on account of the growing use of automation and Industry 4.0 across a wide range of industries. Among industries worldwide, 26% of Industry 4.0 applications have been fully or extensively rolled out. In 2021, 130 acquisitions associated with Industry 4.0 were announced, representing an increase of 115%, over the past decade. As the industry 4.0 revolution drives the need for digitalization, automation and artificial intelligence, data accuracy and quality assurance become even more important.
Coordinate measuring machines are necessary to ensure that products are manufactured to exact specifications, and they are essential for maintaining the quality of the end product.
Some of the major growth factors and challenges that are associated with the growth of the global coordinate measuring machine market are:
Growth Drivers:
· An increase in the number of CMMs that are 'shop-friendly'
· Advancing CMM technology in the last few years
Challenges:
High cost of equipment coupled with the lack of technical expertise to operate the machine are some of the major factors anticipated to hamper the global market size of coordinate measuring machine. Additionally, the lack of technological advancements and the rising cost of maintenance are some of the factors that are expected to hinder the growth of the market.
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By machine type, the global coordinate measuring machine market is segmented into portable, handheld, articulated arm, bridge. The portable segment is to garner a highest revenue of 53% by the end of 2035 by growing at a significant CAGR over the forecast period due to the increasing focus on the automation of measurement processes and the rising demand for quality control and inspection in the manufacturing sector.
In addition, new technologies like laser trackers and optical trackers have improved the accuracy and efficiency of portable CMM systems. Laser trackers and optical trackers measure distances using laser beams and light sources, respectively. This allows them to measure with high precision over large distances. This makes portable CMM systems more accurate and efficient than ever before, resulting in more versatile applications.
By region, the Europe coordinate measuring machine market is set to attain the significant revenue by the end of 2035. This growth is anticipated by the increasing demand for precision and accuracy in manufacturing processes, the growing demand for automated processes, and the increasing demand for quality control and assurance. Over the course of 2021, there has been a significant increase in the production of manufactured goods by 9% compared to 2020 in Europe. This increase in production has led to higher demand for precision and accuracy in manufacturing processes and increased demand for automated processes. This is further driven by the increasing need for quality control and assurance in the end product, which is driving the demand for coordinate measuring machines in Europe.
This report also provides the existing competitive scenario of some of the key players of Hexagon AB, Nikon Corporation, Dukin, Eley Metrology, Sipcon Instrument Industries, Keyence Corporation, Mitutoyo, FARO Technologies, Creaform, and Aberlink.
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