Rising Demand for Industry 4.0 Boosts Asia Pacific 3D Metrology Market
Industry 4.0 includes automation, enhanced analytics, data interchange, and digital technology integration. These latest advancements facilitate communication between the dynamic digital world and the physical world. Industry 4.0 has resulted in the development and deployment of cutting-edge sensors capable of capturing data with unprecedented precision and detail. Their incorporation into automated systems improves efficiency and streamlines procedures while enabling multidimensional assessments, real-time monitoring, and non-contact measures, which is expected to fuel the market growth during the forecast period. In addition, the integration of IoT is also increasing worldwide.IoT devices are integrated into machinery, production equipment, and even finished goods. Throughout the production process, these devices can supply real-time data to engineers, alerting them to deviations, abnormalities, quality problems, and other pertinent information. Additionally, a major component of Industry 4.0 is the integration of the digital and physical worlds. A digital twin is a virtual representation of a component or system that allows one to test, measure, and even model its response to various scenarios.
It is similar to having a clone that allows one to experiment without actually touching the original. Thus, digital twins are improving the intelligence and efficiency of manufacturing by fusing real-world and virtual components. Hence, the rising demand for Industry 4.0 is expected to propel the growth of the 3D metrology market during the forecast period.
Asia Pacific 3D Metrology Market Overview
Asia Pacific encompasses China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. The demand for electronic products is increasing worldwide. This is raising the need to increase productivity in the electronic manufacturing sector. Hence, to expand their manufacturing capabilities, various countries in the region are taking several initiatives. According to Nikkei Inc., the Chinese government invested ~US$ 327 billion till 2023 to expand the country's domestic electronic market. Similarly, the Indian government is also expanding the electronics market in the country.According to the Indian budget for 2023-2024, the government of India allocated US$ 200 million to the Ministry of Electronics and Information Technology, marking a 40% year-on-year increase. In addition, the Indian government also provides various schemes to boost the electronics sector, which include the Production Linked Incentive (PLI) Schemes, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and the Modified Electronics Manufacturing Cluster (EMC 2.0) Scheme. Thus, the increase in government initiatives to promote the electronic manufacturing sector is expected to fuel the growth of the Asia Pacific 3D metrology market.
The region is witnessing rising adoption of EVs as the governments of different countries are developing several policies. The Association of Southeast Asian Nations (ASEAN) developed a favorable policy to encourage EV adoption. According to the International Renewable Energy Agency (IRENA), ~20% of vehicles in Southeast Asia will be EVs by 2025, including 59 million two-wheelers and three-wheelers and 8.9 million cars. In addition, India, South Korea, Taiwan, Vietnam, and other APAC countries are constantly working on attracting several businesses that want to relocate their car manufacturing facilities to the above countries because of low labor costs.
For this, the above countries are offering tax rebates, funds, and subsidies, attracting more manufacturing companies to set up their plants. Furthermore, various EV manufacturers are working on increasing their production capacity to meet the rising customer demand. For instance, in March 2023, Chinese EV manufacturer BYD announced that it had started the construction of its new EV manufacturing facility in Thailand, which will be producing 150,000 passenger cars per year from 2024. Thus, the growing adoption of EVs is expected to increase the adoption of 3D metrology, which will further fuel the growth of the market during the forecast period.
Asia Pacific 3D Metrology Market Segmentation
- The Asia Pacific 3D metrology market is categorized into product, application, end user, and country.
- Based on product, the Asia Pacific 3D metrology market is segmented hardware, services, and software. The hardware segment held the largest market share in 2023. The hardware segment is further sub segmented into coordinate measuring machine, optical digitizer and scanner, video measuring machine, 3D automated optical inspection, and others.
- Based on application, the Asia Pacific 3D metrology market is segmented into quality control and inspection, reverse engineering, virtual simulation, and others. The quality control and inspection segment held the largest market share in 2023.
- In terms of end user, the Asia Pacific 3D metrology market is segmented into automotive, electronics, aerospace and defense, medical, energy and power, heavy machinery, and others. The automotive segment held the largest market share in 2023.
- By country, the Asia Pacific 3D metrology market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific 3D metrology market share in 2023.
- Artec Europe, Creaform Inc, FARO Technologies Inc, Hexagon AB, Intertek Group Plc, Keyence Corp, Mitutoyo America Corporation, Nikon Metrology NV, Shining 3D Tech Co Ltd, and ZEISS Group are some of the leading companies operating in the Asia Pacific 3D metrology market.
Market Highlights
- Based on product, the Asia Pacific 3D metrology market is segmented hardware, services, and software. The hardware segment held 57.2% market share in 2023, amassing US$ 2.35 billion. It is projected to garner US$ 5.14 billion by 2031 to register 10.3% CAGR during 2023-2031. The hardware segment is further sub segmented into coordinate measuring machine, optical digitizer and scanner, video measuring machine, 3D automated optical inspection, and others.
- The quality control and inspection segment held 42.0% share of Asia Pacific 3D metrology market in 2023, amassing US$ 1.72 billion. It is projected to garner US$ 3.77 billion by 2031 to expand at 10.3% CAGR from 2023 to 2031.
- In terms of end user, the Asia Pacific 3D metrology market is segmented into automotive, electronics, aerospace and defense, medical, energy and power, heavy machinery, and others. The automotive segment held 24.5% share of Asia Pacific 3D metrology market in 2023, amassing US$ 1.00 billion. It is projected to garner US$ 2.18 billion by 2031 to expand at 10.2% CAGR from 2023 to 2031.
- This analysis states that China captured 28.4% share of Asia Pacific 3D metrology market in 2023. It was assessed at US$ 1.16 billion in 2023 and is likely to hit US$ 2.69 billion by 2031, registering a CAGR of 11.0% during 2023-2031.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific 3D metrology market.
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific 3D metrology market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
Companies Mentioned
Some of the leading companies in the Asia Pacific 3D Metrology market include:- Artec Europe
- Creaform Inc
- FARO Technologies Inc
- Hexagon AB
- Intertek Group Plc
- Keyence Corp
- Mitutoyo America Corporation
- Nikon Metrology NV
- Shining 3D Tech Co Ltd
- ZEISS Group
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 116 |
Published | August 2024 |
Forecast Period | 2023 - 2031 |
Estimated Market Value ( USD | $ 4.1 Billion |
Forecasted Market Value ( USD | $ 8.6 Billion |
Compound Annual Growth Rate | 9.7% |
Regions Covered | Asia Pacific |
No. of Companies Mentioned | 11 |