USD 10.2 Billion
Industrial Metrology Market Size, Share, Growth Analysis, By Offering(Hardware, Software, Services (After-Sales Services, Measurement Services), By Equipment(Coordinate Measuring Machine (CMM) [Fixed CMM (Bridge CMM, Gantry CMM, Horizontal Arm CMM, Cantilever CMM)), By Application(Quality Control & Inspection, Reverse Engineering, Mapping & Modeling, Other Applications), By End-User Industry(Aerospace & Defense, Automotive, Semiconductors, Manufacturing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2263 |
Region:
Global |
Published Date: October, 2024
Pages:
202
|Tables:
124
|Figures:
76
Industrial Metrology Market Insights
Global Industrial Metrology Market size was valued at USD 14.2 billion in 2022 and is poised to grow from USD 15.17 billion in 2023 to USD 25.67 billion by 2031, growing at a CAGR of 6.80% during the forecast period (2024-2031).
A few important factors that lead to significant industrial metrology market growth include growth in demand from the defense sector. It is considered one of the key drivers, since new systems and technologies can only be developed with precise measurements and quality control. For instance, the aerospace industry depends heavily on industrial metrology because of the critical component of achieving safety and precision in products such as space exploration technology and airplanes. Moreover, the construction industry is another contributor that relies on metrology instruments because infrastructure and building structures must adhere to concepts and basic safety standards designed and constructed strictly.
Furthermore, increasing awareness in the automobile industry of the requirement for reliable, high-precision measurement systems to fully utilize production processes drives the industrial metrology industry. Sophisticated metrology for proper measurements is boosting demands to ensure accurate battery production, motor assembly, and quality assurance in the overall vehicle to meet the trend toward electric vehicles (EVs). Industrial metrology is critical for new technologies in cars to dependably be safe and effective. In addition, the improvement in fire detection systems, where new developments enable the detection of fire not by the presence of flames but by changes in the surrounding environment. As progress continues to be made in the technology related to fire safety, there is a great chance that industrial metrology can improve detection systems and provide faster, more precise reactions.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Hardware
Growth Rate
6.58% CAGR
Global Industrial Metrology Market ($ Bn)
Country Share for North America Region (%)
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Industrial Metrology Market Segmental Analysis
Global Industrial Metrology Market is segmented by Offering, Equipment, Application, End-User Industry, and region. Based on Offering, the market is segmented into Hardware, Software, and Services. Based on Equipment, the market is segmented into Coordinate Measuring Machine (CMM), Optical Digitizer and Scanner (ODS), Measuring Instrument, X-Ray And Computed Tomography (CT) Equipment, Automated Optical Inspection (AOI) Equipment, Form Measurement Equipment, and 2D Equipment. Based on Application, the market is segmented into Quality Control & Inspection, Reverse Engineering, Mapping & Modeling, and Other Applications. Based on End-User Industry, the market is segmented into Aerospace & Defense, Automotive, Semiconductors, Manufacturing, and Other End-User Industries. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Offering
As per the industrial metrology market analysis, the service segment captured the largest share of the market by 2023 and is predicted to grow at a high CAGR through 2031. Many companies do not have the specific information and considerable investment in infrastructure required to create an industrial design and metrology industry. For fiscal savings, more and more big companies are opting for outsourcing measurement services. Outsourcing would allow businesses to tap into the expertise of outside service providers while avoiding the expensive upfront costs of establishing in-house metrology facilities. The need for outsourcing measurement services will continue to increase with the growing emphasis on production efficiency and precision, thus driving the service segment forward.
However, the cost and complexity of establishing an exclusive measuring center will majorly ensure the software segment leads the global industrial metrology industry. Another reason to increase reliance on software solutions for metrology activity is the lack of trained measurement specialists. Measuring systems on software are more flexible, expandable, and can be easily integrated compared to traditional measuring equipment with current production processes. The trend has been increasingly accelerated in recent times by growing the use of cloud-based services, which enables manufacturers to easily collaborate and access sophisticated metrology tools remotely. This is the shift that increases demand for software solutions in industrial metrology and reduces the need for costly hardware investment.
Analysis By Equipment
The coordinate measuring machine (CMM) segment is currently the leader within the industrial metrology market because of its widespread usage and critical role in accurate measurement. The demand for CMM instruments arises because of their ability to measure the object's geometrical and physical characteristics with extreme precision. Touch and non-contact types are available along with optical sensors or tactile probes on these devices to assure the gathering of accurate data. CMMs are the basics in quality assurance and certification procedures, especially when efficiency and precision are the utmost concerns for construction, aerospace, and automotive applications. There is growing demand for increased accuracy of inspections and standards of rigid industry dictates that are several reasons why CMM is sure to take its place as the instrument of first choice for applications that involve intricate and very precise objects.
With the resultant continuously rising demand for sophisticated, non-contact metrology solutions, the optical digitizer & scanner segment is predicted to hold the largest industrial metrology market share in the future. These tools are known to have a very high level of precision for industrial applications as they capture highly detailed 3D data, including geometry, thickness, surface texture, and microfeatures of materials. Optical digitizers and scanners are very convenient in handling sensitive or delicate applications wherein physical contact is destructive to the surface because measurements taken can be contactless. These instruments based on lasers or light are fast and accurate regarding measurement making them ideal for quality assurance, theoretical analysis, and reverse engineering among other sectors, such as electronics, automotive, and aerospace. More and more, optical digitizers and scanners have become integral components of the industrial metrology environment because companies are becoming increasingly aware of the need for more accurate and efficient measuring instruments.
Global Industrial Metrology Market By Type (%)
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Industrial Metrology Market Regional Insights
As North America is witnessing strong industrial growth and technical improvements, it is expected to lead the industrial metrology market through the end of the forecast period. Due to the presence of high technology industries such as electronics, automotive, and aerospace that mainly rely on the accurate measurement for designing of the product and quality check, North America is predicted to continue holding a significant share of the market through 2023. The US and Canada lead this growth and have stringent demands for measurement accuracy and precision in manufacturing processes. Advanced metrology solutions in terms of CMMs, optical scanners, and 3D digitizers will be on the rise due to the continuous preference from the area's industries for quality and innovation.
According to the industrial metrology market forecast, Asia-Pacific is expected to lead the industrial metrology market, mainly, during the forecast period. Asia-Pacific region of the automotive and industrial sectors have explosively grown. Moreover, continuous technical innovations made by the regional companies form an elementary impetus in the growth of the market. Furthermore, the key impellent for the regional industrial metrology market comprise significant R&D investment and vast industrial bases offered by the governments of some Asia-Pacific countries. The three main countries responsible for the growth of the regional market include China, South Korea, and Japan. In August 2021, Hexagon partnered with the Central Manufacturing Technology Institute (CMTI) of India to establish an Industry 4.0 Center of Excellence and Experience Center known as the Smart Manufacturing Development and Demonstration Cell (SMDDC) at the CMTI campus in Bengaluru, India.
Global Industrial Metrology Market By Geography
- Largest
- Fastest
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Industrial Metrology Market Dynamics
Drivers
Advanced Manufacturing Industries
- Advances in cutting-edge industries, including electronics, automotive, and aerospace, considerably increase the demand for highly accurate measuring systems. These sectors require special measuring techniques in terms of quality products, productivity, and regulation. Thus, the market increases significantly due to increasingly complex production processes and products that now require higher accuracy.
Rise in Industry 4.0 Adoption and Automation
- The growth in industrial metrology is mainly driven by an increasing adoption of the next-generation technologies, Industry 4.0, those involving automation, artificial intelligence, and the Internet of Things. In automated systems, processes must be maximized and predictive maintenance along with quality control can only be guaranteed in the event of a well-defined measurement. Therefore, as businesses become increasingly interested in digitalization and smart manufacturing, they will continue increasing demand for integrated metrology systems that provide data right to the point in a precisely accurate, real-time nature.
Restraints
High Capital Expenditure at the Onset and Recurring Operational Costs
- The most significant constraint facing the industrial metrology industry is that it requires a high investment in advanced measuring equipment and recurring maintenance and calibration costs. This limits the adoption of such technologies by small and medium enterprises (SMEs) and, thus, further confines the growth opportunities within those regions and sectors.
Lack of Proper Operators
- Industrial metrology systems are complex equipment that require skilled operators to install, calibrate, and interpret data. Experts qualified to work with advanced metrology instruments hinder the universal acceptance of this technology. The shortage in the number of qualified professionals serves as a limiting factor in the expansion of the market and its ability to accommodate a growing demand, especially from developing regions.
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Industrial Metrology Market Competitive Landscape
The industrial metrology market is highly competitive due to the large number of competitors. Due to the use of various tactics such as product developments and mergers and acquisitions by big players in the market, the market is largely consolidated. To get some competitive advantage in the market, businesses also use a variety of development and expansion tactics.
Top Player’s Company Profiles
- Hexagon AB (Sweden)
- Nikon Corporation (Japan)
- Faro (US)
- Carl Zeiss AG (Germany)
- Keyence Corporation (Japan)
- KLA Corporation (US)
- Mitutoyo Corporation (Japan)
- Jenoptik (Germany)
- Renishaw PLC (UK)
- Accuscan (US)
- Carmar Accuracy Co., Ltd. (Taiwan)
- Baker Hughes Company (US)
- Cairnhill (Singapore)
- ATT Metrology Solutions (US)
- SGS Societe Generale De Surveillance SA (Switzerland)
- Trimet (Germany)
- Automated Precision Inc (API) (US)
- Applied Materials, Inc. (US)
- Shining3D (China)
- Intertek Group Plc (UK)
- Bruker (US)
Recent Developments
- It is much more specific when recently in March 2023, a high-precision LM-X multisensor measuring system was released by Keyence Corporation. They integrate the touch-probe, laser, and optical measurements into one device so that users can possess accurate and reliable inspection reports with minimal time by simply performing high-accuracy measurements which are no longer performed arduously as in placing the part.
- Applied Materials, Inc. announced that in June 2022, it had acquired Picosun Oy, the portfolio of the company's ICAPS group adding atomic layer deposition technology there from. The move is based on the growing demand for specialist semiconductors in a range of areas.
- Hexagon AB acquired ETQ, SaaS-based quality management system (QMS), environment, health and safety software, and compliance management software in March 2022. The business will function in the Manufacturing Intelligence unit of Hexagon. ETQ Reliance is a multitenant QMS software product of ETQ. It builds the data backbone for automatically gathering, as well as distributing, production quality control data, nonconformance reports, and customer feedback.
Industrial Metrology Key Market Trends
- Transition towards Non-Contact Measuring Methods: Industrial metrology is currently witnessing the proliferation of non-contact measuring technologies, such as optical scanners and laser-based systems. They are absolutely ideal for use applications in aerospace, automotive, and medical devices application areas since they provide excellent accuracy without risking any damage to easily damaged parts. No-contact methods are increasingly perceived to be economical and efficient.
- Connectivity Towards Cloud-Based Systems: The ability to store and monitor remotely, along with cooperative analysis, is further empowered through the confluence of cloud-based platforms with industrial metrology equipment. Combining the increased flexibility and scalability offered by cloud computing, manufacturers can handle large data sets in a better way and make informed decisions with less dependency on on on-premises equipment. As a result of this trend, the use of advanced, sophisticated metrology systems is growing across industries.
Industrial Metrology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the industrial metrology market outlook will face significant expansion in automation, technological advancements, and the high demand for precision in the electronics, automotive, and aerospace industries. As manufacturers come under increasing pressure to adopt more Industry 4.0 technologies, accurate measuring solutions become indispensable in the achievement of delivering finer products within a given regulatory compliance. However, some industries will face certain resistances to growth in the form of very high start-up costs and unavailability of qualified operators in a few fields. Trends such as cloud integration and non-contact measuring technologies are being established to improve the access and efficiency of the market despite such limitations. Overall, the industrial metrology market is expected to grow and provide many opportunities as companies make increasingly smart and accurate production methodologies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 14.2 billion |
| Market size value in 2031 | USD 25.67 billion |
| Growth Rate | 6.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Metrology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Metrology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Metrology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Metrology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Metrology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Metrology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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