Rising Requirement for High Productivity by Electronic Manufacturers Drives Europe 3D Metrology Market
Electronic devices-including smartphones, tablets, laptops, wearables devices, and home appliances-have become essential in daily life. The demand for electronic devices is continuously increasing worldwide. Companies are working on automating their production facilities to cater to this rising demand. As automation follows stringent safety regulations and provides superior energy efficiency and better design, resulting in outstanding production levels in factories, its adoption is increasing worldwide. Moreover, automation helps lower process costs and ensure workers' safety in adverse environments. Because of these benefits, governments of various countries are taking several initiatives to automate factories.For instance, in July 2021, the government of the UK announced an investment of US$ 59.3 million (GBP 53 million) to drive the development of digital manufacturing technologies. This growing automation in the electronic manufacturing industry is raising the demand for 3D metrology as the technology has become essential for process control, overall manufacturing excellence, and product quality. 3D metrology has been integrated into smart electronic manufacturing processes because it is necessary to have precise, actionable, and real-time data in order to maximize output and improve overall efficiency.
The technology has become an essential component of the entire production lifecycle in smart electronic manufacturing, going beyond quality control and inspection. It offers a complete solution to monitor and enhance processes at every level, from design and prototype to production and post-manufacturing analysis. Thus, the rising demand for high productivity by electronic manufacturers is boosting the growth of the Europe 3D metrology market.
Europe 3D Metrology Market Overview
The market in Europe is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. Several aircraft manufacturers in Europe use 3D metrology as there is a need for accuracy and precision to ensure the safety, reliability, and performance of manufactured aerospace components. As the demand for aircraft is increasing worldwide, the need for advanced manufacturing is also rising. According to the Aerospace, Security, and Defence Industries Association of Europe (ASD), the aerospace sector contributed ~US$ 249.31 billion (EUR 240 billion) to the European GDP in 2021. Hence, the growth in the aerospace sector is propelling the growth of the Europe 3D metrology market in the region.The region is witnessing tremendous growth in its automotive sector, which is one of the largest sectors in the region, representing over 7% of the region's GDP. The presence of established car manufacturers and an increase in the production and sales of electric vehicles (EVs) will boost the demand for flexible electronics in the coming years. In addition, the governments of different countries in the region are taking initiatives to boost the growth of the automotive industry, which will propel the growth of the Europe 3D metrology market.
For instance, in April 2022, the Italian government signed a decree to allocate an incentive worth US$ 709 million per year from 2022 to 2024 to buy electrified or low-polluting cars and electric vans. Similarly, in May 2022, the UK government announced funding worth US$ 50 million to encourage the development of autonomous commercial vehicles such as delivery vehicles and passenger shuttles. Thus, such government initiatives are accelerating the sale of automotive vehicles, further fueling the growth of the Europe 3D metrology market.
The region is witnessing a rise in industrial automation. The increasing demand for efficient business process automation and intelligent process handling is driving the growth of the market. The manufacturing industry is witnessing a rise in the adoption of automation tools to provide quality services to their customers, further propelling the growth of the Europe 3D metrology market.
Europe 3D Metrology Market Segmentation
- The Europe 3D metrology market is categorized into product, application, end user, and country.
- Based on product, the Europe 3D metrology market is segmented hardware, services, and software. The hardware segment held the largest market share in 2023. The hardware segment is further subsegmented into coordinate measuring machine, optical digitizer and scanner, video measuring machine, 3D automated optical inspection, and others.
- Based on application, the Europe 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 Europe 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 Europe 3D metrology market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe 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 Europe 3D metrology market.
Market Highlights
- Based on product, the Europe 3D metrology market is segmented hardware, services, and software. The hardware segment held 54.6% market share in 2023, amassing US$ 1.45 billion. It is projected to garner US$ 2.82 billion by 2031 to register 8.6% 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 37.8% share of Europe 3D metrology market in 2023, amassing US$ 1.01 billion. It is projected to garner US$ 1.95 billion by 2031 to expand at 8.6% CAGR from 2023 to 2031.
- In terms of end user, the Europe 3D metrology market is segmented into automotive, electronics, aerospace and defense, medical, energy and power, heavy machinery, and others. The automotive segment held 27.1% share of Europe 3D metrology market in 2023, amassing US$ 724.74 million. It is projected to garner US$ 1.42 billion by 2031 to expand at 8.8% CAGR from 2023 to 2031.
- This analysis states that the Rest of Europe captured 26.1% share of Europe 3D metrology market in 2023. It was assessed at US$ 699.14 million in 2023 and is likely to hit US$ 1.16 billion by 2031, registering a CAGR of 6.6% 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 Europe 3D metrology market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Europe 3D metrology market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe 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 Europe 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 | $ 2.67 Billion |
Forecasted Market Value ( USD | $ 4.92 Billion |
Compound Annual Growth Rate | 7.9% |
Regions Covered | Europe |
No. of Companies Mentioned | 11 |