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

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.