Industrial Metrology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The industrial metrology market is expected to register a CAGR of 6.0% over the forecast period, 2021-2026. The growing Big Data analytics market and increasing demand for inspection services from precision manufacturing are driving the growth of the industrial metrology market.

Key Highlights

• Growing focus on quality control in various industries, rising demand for automobiles in developing countries, and the developing Big Data analytics market have been driving the industrial metrology market. Companies, such as Faro (US), Carl Zeiss (Germany), and Nikon Metrology (Belgium), are offering Big Data analytics, data management, data security, and mobile app solutions for the metrology market.
• Moreover, the growing global concerns regarding the efficient use of energy are leading to the firms in the automotive, and aerospace and defense industries to utilize lightweight material in the production of vehicles and aircraft, respectively, which are required to be comprehensively tested, thus fueling the growth of the market.
• Industries, such as automotive, electronics, and power generation, require components with high precision and low tolerance limits.Additionally, rise in the international quality standards for precision management across the entire industry domain is inducing the demand for metrology equipment and services.
• The development of 3D measurement solution, portable CMM, robot-mounted optical CMM scanner, cloud-based software application platform, and dimensional metrology services led to the high growth in the market.
• The usage of cloud-enabled metrology software packages, such as geometric dimensioning and tolerance, on-machine, point cloud, robotic metrology, laser scanning technology, automated, and multisensory metrology software is expected to enhance the market growth in the industrial manufacturing industries.
• Due to he COVID-19 outbreak, the work environments are redesigned with fewer workers spending less time collaboratively due to physical-distancing requirements.This creates an acute need for industries to be more agile.Hence, the need for industrial metrology is expected to increase globally. The worldwide impact of this virus is pushing to virtual and online tools, which may further boost the growth of the software metrology market.

Key Market Trends

Automotive Industry is Expected to Hold the Largest Share

• The automotive sector is expected to witness a major evolution during the forecast period, as automobile manufacturing is quickly moving to automated facilities. The need for highly reliable and quality processes, and rising demand for electric vehicles are expected to drive major growth.
• Moreover, the rising need for inspection, measurement, and quality checks of various components in the automotive sector is driving growth. The automotive industry has been increasingly using optical measurement systems and coordinates measuring machines (CMM) instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of vehicles.
• Technological advancements in automobiles are resulting in an increased level of precision of components. Every seat, door, panel, and component in an automobile must be precision aligned to promote passenger safety, comfort, and satisfaction. The necessity of tolerance measurement to inspect and assess equipment alignment on machinery is also driving the demand for metrology services.
• The shift in preference from off-line quality inspection to near-line or in-line measurement techniques, enabling higher sampling rates and shorter inspection times in the automotive sector, is driving the growth of the industrial metrology market for the automotive industry.

Asia-Pacific to Register the Fastest Growth

• Asia-Pacific is expected to account for the largest share in the industrial metrology market, during the forecast period. The growth in Asia-Pacific is attributed to growing automotive and manufacturing plants in the region. Also, continuous technological advancements by companies in the region are propelling the growth of the market.
• Moreover, large funding from governments of various Asia-Pacific countries in R&D and extensive industrial bases are the major contributors to the industrial metrology market in the region, with China, South Korea, and Japan being the major countries contributing to the growth of the market in the region.
• The industrial and power generation applications are expected to drive the metrology services market in Asia-Pacific, as metrology services are used in different power generations, which include horizontal machine bearing, main shaft, casting, turbines, tops-off alignment, scroll case geometry and assembly, and other applications.

Competitive Landscape

The industrial metrology market is competitive, owing to the presence of many players in the market. The market is moderately concentrated with the major players applying strategies, like product innovations, and mergers and acquisitions. Also, companies are involved in several growth and expansion strategies to gain a competitive advantage in the market. Some of the key developments are:

• November 2019 - Hexagon AB broadened its smart factory solutions portfolio with the acquisition of Volume Graphics, a market leader in the industrial computed tomography (CT) software industry.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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