The worldwide metrology market is poised for growth in the upcoming years. Back in 2016 the industry generated a revenue of around USD 606.5 million. During the forecast period of 2018-2022, the market is expected to earn 1254.9 million. When it comes to CAGR, the market is expected to grow at the rate of 6.76%.
The development of this industry can be attributed to many factors. The high demand for measurement tools in the automotive, energy & power sectors can be termed as a key market driver. Apart from these industries, even the healthcare sector is now outsourcing such services. This is turn fosters the growth of the market.
Additional propellers for this market are shortage of quality measurement tools, increased adoption of technically sound tools for industrial operations like automation & energy harvesting.
Moving forward will not be very easy for this market, it will experience some hurdles on its path to success. Some of the restraints include shortage of skilled personnel to operate the machines & high cost of availing these services. But experts believe that with time the industry will overcome such issues.
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Market Players & Strategies:
Some of the major players of this industry are Carl Zeiss, Perceptron Inc., Renishaw & Nikon Metrology. Two main strategies used by these companies to generate revenue are acquisition & heavy investment in R&D activities.
The most basic description of metrology is that it is the science of measurement. It combines both theoretical & experimental elements of the field of science & technology. Its main aim is to establish a common understanding of units that are essential for connecting human activities. Lately, the demand for metrology has augmented, due to this the global Metrology Market is gaining traction.
At its heart is a field of science that work towards offering precise & accurate measurement solutions for industrial tools & constituents. It is majorly utilized for assessment & quality control utilities to make sure that all the products in the end-consumer market are working properly. On the whole, it has many industrial applications like analyzing the surface, shape & dimension of certain machine parts & tools at every point of the manufacturing procedure.
Various industries employ metrology to detect any malfunctions or flaws in tools & machineries. Metrology can also be used to quality check the end product. It forms an essential part of the manufacturing & assembling processes of the industry. This innovative field of science has been adopted by industries like automotive, manufacturing, medical & energy power & aerospace.
The global metrology market is divided into five distinct segments and they are products, types, end-users, offerings & geographies.
On the basis of products the market is segmented into CMM (coordinate measuring machines), 3D scanners & laser trackers. In this segment the CMM subdivision grabs the largest market share & is estimated to grow at the CAGR of 7.6%.
On account of types the market is trifurcated into legal, scientific & industrial. Out of these the industrial section accounts for the largest market share & is anticipated to grow at the CAGR of around 8.61%.
The end-users section is further sub-divided into Aerospace, manufacturing, consumer products, automotive & heavy industry.
The offering segment is split into hardware, software & services.
Regionally the market is spread across North America, Europe, Asia Pacific & Rest of the World.
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Top Market Trends:
The worldwide metrology market has been subjected to many trends but only some have proven to be fruitful. In recent times, there are two trends that have brought about positive results for it. Industry 4.0 & smart manufacturing are trends that have dominated the market owing to their beneficial features.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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