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 News

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.

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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).

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. '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)'

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.

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.

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.

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