Global Coordinate Measuring Machine market

Coordinate Measuring Machine Market Size, Share, Growth Analysis, By Type(Contact, Float Switches, Conductive Level Switches, Vibrating Forks), By Application(Aerospace, Heavy Machinery, Energy & Power, Electronics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20I2126 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 73 | Figures: 65

Coordinate Measuring Machine Market Dynamics

Coordinate Measuring Machine Market Drivers

Automotive and Aerospace Industry Growth

  • The automotive and aerospace industries' continuous expansion fuels the demand for coordinate measuring machines (CMMs) to ensure precision and quality control in manufacturing processes.

Coordinate Measuring Machine Market Restraints

Lack of Skilled Workforce

  • Operating CMMs requires skilled technicians, and a shortage of qualified personnel can hinder the widespread adoption of these machines.
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Coordinate Measuring Machine Market size was valued at USD 3.77 Billion in 2021 and is poised to grow from USD 4.05 Billion in 2022 to USD 7.16 Billion by 2030, growing at a CAGR of 7.38% in the forecast period (2023-2030).

The competitive landscape of the coordinate measuring machine (CMM) market is characterized by intense rivalry among key players, technological advancements, and a focus on expanding market reach. Major players in the market include Hexagon AB, Carl Zeiss AG, Nikon Corporation, Renishaw plc, Mitutoyo Corporation, and FARO Technologies, among others. These companies engage in strategies such as mergers and acquisitions, partnerships, product launches, and investments in research and development to gain a competitive edge. Technological innovations, such as multi-sensor CMMs, portable CMMs, and cloud-based software solutions, are key focal points for market leaders. 'ABB Ltd.', 'AMETEK Inc.', 'Emerson Electric Co.', 'Endress+Hauser Management AG', 'Honeywell International Inc.', 'Siemens AG', 'Taiwan Semiconductor Manufacturing Company Limited', 'TE Connectivity', 'Texas Instruments', 'Vega Grieshaber Kg'

The automotive and aerospace industries' continuous expansion fuels the demand for coordinate measuring machines (CMMs) to ensure precision and quality control in manufacturing processes.

Rise of Industry 4.0 and Smart Manufacturing: The integration of CMMs with Industry 4.0 technologies, such as the Internet of Things (IoT) and data analytics, is enabling real-time monitoring and control of measurement processes. Smart manufacturing initiatives are driving the adoption of connected CMMs that provide insights into production quality and efficiency.

Asia Pacific takes the lead in the market, commanding a market share of over 43.7% throughout the forecast period. This dominance is closely linked to the burgeoning potential of the automotive sector, driven by population growth. The rapid expansion of the heavy machinery industry, particularly in countries like India and China, has surged the demand for Coordinate Measuring Machines (CMMs). Increasing technological proficiency and the strategic focus of prominent economies such as China and Japan on heavy machinery industries contribute to Asia Pacific's substantial market share. The rapid development of emerging industrial giants like China and India, particularly in the automotive, heavy machinery, and aerospace sectors, has significantly contributed to the growth of the coordinate measuring machine market in the Asia Pacific region. Key factors propelling Asia Pacific as an attractive CMM marketplace include substantial investments in heavy machinery R&D and a vast industrial foundation, with China and Japan as notable driving forces.

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Global Coordinate Measuring Machine market

Report ID: SQMIG20I2126

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