Metrology is a scientific study of measurement with respect to various units of parameters and industry standard. The metrology study provides precise measurements by implementing traditional and practical measurements. The changing consumer demand for industrial products and the growing technological advancement in measurement techniques have developed the need for more precise and accurate industrial products. To provide products with assured quality and longer durability, automotive, aerospace, energy & power, consumer electronics and manufacturing industries are implementing metrology solutions, widely.
The use of technically advanced devices for measurement is also one of the key factor driving the metrology market.The study reveals that emerging high tech robots serviceable in automation, energy harvesting, and semiconductor wafer inspection is also responsible for the positive growth of metrology market. Apart from it lack of skilled labour to operate precision equipment such as CMM is restraining the metrology market. Also, the poor utility value of implemented machines is aiding the market growth of metrology measurements.
The Metrology Market is growing rapidly over 6.82% of CAGR and is expected to reach at USD ~1255.5 million by the end of forecast period.
Major Key Players:
• Hexagon AB (Sweden)
• Carl Zeiss (Germany)
• Mitutoyo Corp.(U.S)
• Nikon metrology (Belgium)
• Renishaw (U.K.)
• metrology software product Ltd.(U.K.)
• Pantec metrology (Germany)
• Perceptron Inc.(U.S.)
• 3D Digital Corporation (U.S.)
• Faro Technologies (U.S.)
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Regional Analysis of Metrology Market:
Europe is expected to dominate the Global Metrology Market with the largest market share due to continuous technology advancement and increasing financial support from government in the region, and therefore accounting for 176.53 million and is expected to grow over 397.33 million by 2027.
Metrology Market in Asia-Pacific market is expected to grow at CAGR of 10.60% from $ 141.84 million in 2016 to 485.85 million by 2027. The Europe market for Metrology Market is expected to grow at 6.67% CAGR (2016-2027).
Global Metrology Market can be segmented as follows:
Segmentation by Type: Industrial metrology, scientific metrology and legal metrology among others.
Segmentation by Product: CMM (coordinate measuring machine), optical digitizers, 3D scanners and Laser tracker among others.
Segmentation by End-user: Aerospace, automotive, consumer electronics, industrial, and energy & power among others.
Key Market Findings:
• Global Metrology market has reached USD 607.9 million in 2016 and is projected to exhibit USD 1255.5 million by the end of 2027 with a growing CAGR of 6.82%.
• By type segment, the industrial metrology among all is growing with a highest revenue value of USD 350.44 million in 2016 and it is estimated to reach USD 878.51 million by the end of 2027, with growing CAGR of 8.71% is the fastest growing metrology type.
• By product segment, the coordinated measuring machine (CMM) is estimated to show highest revenue of USD 848.93 million in 2027 from USD 363.33 million in 2016, with growing CAGR of 8.02% during forecast period 2016 to 2027.
• By end-user segment, Manufacturing is showing highest revenue of USD 139.08 million in 2016 and is projected to exhibit USD 395.46 million by 2027, growing with highest CAGR of 9.97% during forecast period 2016-2027.
• Nikon metrology has announced in April 2016 about its new product development. It has developed MV331 and MV351 for faster measurement, automated and non-contact metrology. It also performs repetitive procedures and complex inspection task easily to enhance the measurement.
• Faro Technologies has announced in July 2016 about its expansion of metrology and factory automation sectors by acquisition of Build IT software & solution, one of the leader in 3D metrology software platform.
Objective of Metrology Market Study:
• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the Global Metrology market.
• To provide insights about factors affecting the market growth.
• To Analyze the Metrology Market based on various factors- price analysis, supply chain analysis, porters five force analysis etc.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
• To provide country level analysis of the market with respect to the current market size and future prospective
• To provide country level analysis of the market for segment by type, by product, by End-users and sub-segments.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Metrology market.
• North America
• Latin America
• Western Europe
• Rest of Western Europe
• Eastern Europe
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• South Korea
• Rest of Asia Pacific
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