Pune, Aug. 23, 2018 (GLOBE NEWSWIRE) -- The global metrology market set to surpass a valuation of USD 1200 by the year 2027, reflecting an impressive growth rate. Europe to spearhead the global metrology market over the next couple of years.
Demand for measuring tools that facilitate product manufacturing with high precision is on the rise. Such tools, in the form of metrology solutions find widespread application in large-scale manufacturing sectors such automotive, aerospace, and power. As per the latest data released by Market Research Future (MRFR), the global metrology market will expand at a compound annual growth rate of 6.82% from 2016 and 2027. Currently, the market stands at over a valuation of USD 600 Mn. Global sales of measurement components have remained strong in recent years. This is can be attributed to the steadfast expansion of the manufacturing sector in Latin America and Asia Pacific. These countries are undergoing rapid industrialization and urbanization and are touted as the growth markets of the future.
As modern manufacturing becomes more dynamic, focus on precision and accuracy further intensifies. Technologies continue to evolve leading to creation of complex designs. To keep up with the pace, new metrology solutions are being developed that can work in tandem with the new-age engineering. For many, particularly the small-size businesses, gaining access to cutting-edge metrology tools can make a noticeable difference to the ROI by reducing manual labor, downtime and most importantly errors. However, the high cost of such tools limits their proliferation in startups and small-scale manufacturers.
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Market Segmentation: Insights
MRFR also released information of the market and its sub-markets such as the three major types of metrology, different metrology products, and primary end-user industries. The three major types of metrology sub-markets include legal metrology, scientific metrology and industrial metrology. Among these, the industrial metrology sub-market stood at USD 350.44 Mn in 2016 and is expected to surpass a valuation of USD 800 Mn, expanding at an above-average CAGR. Metrology product sub-markets include 3D scanners, optical digitizers, laser tracker, and CMM (coordinate measuring machine). The CMM sub-market is projected to exhibit a compound annual growth rate of 8.02% during the assessment period and reach a market valuation of USD 848.93 Mn. CMM are primarily used for measuring the geometry of physical objects through effective probing techniques. Various types of technologies are used for probing, which include white light, optical, mechanical, and laser.
Europe Holds the Best Position in the Global Metrology Market
The data released by MRFR also includes analysis of the market and sub-markets across Asia Pacific (APAC), North America, the Middle East & Africa (MEA), and Europe. The metrology market in Europe currently represents the largest share in terms of value. The region is home to a massive manufacturing sector, which is well supported by governing bodies. Investments in manufacturing domains in Europe have been steady, which reflects favorably on the Metrology Market in the region. In addition, European manufactures are bound to work within EU’s strict manufacturing framework, consequently, driving the adoption of industrial metrology solution. By the year 2027, the Europe metrology market expected to reach a valuation of over USD 397 Mn. APAC is also expected to present attractive opportunities for market players in the near future. The market in the region is expected expand at a CAGR of 10.60% during the review period.
Competition Tracking
Some of the leading companies operating in the global metrology market include Carl Zeiss (Germany), Nikon metrology (Belgium), metrology software product Ltd.(U.K.), Perceptron Inc.(U.S.), Faro Technologies (U.S.), Hexagon AB (Sweden), Renishaw (U.K.), 3D Digital Corporation (U.S.), Mitutoyo Corp.(U.S) and Pantec metrology (Germany).
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Latest Industry News
- Well-known manufacturer of production metrology Mahr has recently launched the latest version of Optical 3D surface metrology systems for industry and research applications. The MarSurf CM comes with a high-precision 16-bit HDR system, that can generate high-quality 3D surface topography data, giving deep-diving insights into surface processing and structures.
- German-based integrated photonics group Jenoptik is planning to invest €11 million (~$12.8 million) in its Industrial Metrology business to ramp up production capacity. With this investment, a new production facility is on the cards, which will be equipped with cutting-edge manufacturing technology.
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