The global metrology services market is forecasted to value over USD 1.1 billion by 2029 end and register a CAGRof over 5.2% from 2019 to 2029.
The increasing demand from power generation and industrial applications are driving the growth of the market. Technological advancements alongside finished goods are also bolstering the market. Portable metrology tools for specific industry coupled with advancement in software-led process automation is acting as a catalyst towards the market growth. The growing need for high accuracy in industries like aerospace, medical, electronics is expected to elevate the market. The rapid growth of luxury cars is also fueling the growth of the market.
The market is classified into product, application, and region. Based on the product, the CMM is expected to control the growth of the market. It's expected to reach around USD 390 million by 2029. CMM provides surface and dimensional measurement in a single system. It also provides an accurate measurement of objects for testing, designing, and profiling. Due to these features, multiple industries like automobile, industrial and aerospace have started opting CMM in vast number. Also, a gradual increase in demand for calibration and retrofitting is set to spike the demand of CMM thus propelling the market.
The Optical Digitizer Scanner is also forecasted to witness notable growth. The ODS is capable of capturing the whole geometry for inspection reasons. It offers high accuracy and is in vast demand in automotive component, surface analysis, and gas turbine blade.
In terms of application, the aerospace industry is expected to dictate market growth. Latest technological advancements in the form of portable CMM, 3D measurement solution and cloud-based software application is stimulating the growth of metrology services market.
The automotive sector is also expected to dominate the market over the forecast period. The technological advancements have resulted in an increased level of precision components. Every component of the vehicle, right from door to seat, each component should be deployed in such a way that it provides safety and comfort. The rising need for tolerance measurement in order to assess the equipment is also fueling the market.
In terms of region, North America holds a vast share of the market. Europe comes after North America. The presence of an ample number of automotive manufacturers present in both the regions alongside the rapid use of 3D laser scanner is positively influencing the market in these regions. Metrology service is deployed in the automotive industry for the inspection of the assembling of vehicle.
Asia-Pacific region is expected to be the fastest-growing region. The exponential growth of the defense and aerospace sector is boosting the presence of the market in the region. Increasing power generation applications is also expected to complement the growth of the market in the region. The growing adoption of 3D scanned is also fueling the growth of the market in the region.
Major players of the market are Renishaw PLC, Faro Technologies Atos Se, Kofax Ltd, Infosys Ltd, Carl Zeiss AG, and Hexagon AB.
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Metrology Services Market Segmentation:
1. By Product
• CMM
o Gantry Machine
o Bridge Machine
o Articulated Arm Machine
o Horizontal Arm Machine
• ODS
o 3D Laser Scanner
o White Light Scanner
o Laser Tracker
2. By Application
• Automotive
• Aerospace
• Industrial
• Power Generation
• Others
3. By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Key Takeaways
• Growth Prospects
• WOT Analysis
• Key Trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global metrology services market by product, by application, and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies

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