The global industrial metrology market size is expected to reach USD 17.3 billion by 2030, according to a new study by Polaris Market Research. The report “Industrial Metrology Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Services); By Equipment; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for industrial metrology in the automotive, electronics, semiconductor, and power generation as it provides high precision, lightweight products and low tolerance limits to the product line. Furthermore, rising government investment in infrastructural development and initiatives for a smart city also supports market growth.
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In addition, the growing demand for smart automation and the adoption of IoT-enabled sensors across the industrial sector is projected to drive the market over the forecast period. Increasing R&D investments by the majority of key players to develop measurement equipment to maintain accuracy and précised measurement of components is propelling the market growth. For instance, the ZEISS group has developed autonomous measuring robots that independently measure and offers real-time process monitoring, which has increased its demand in automotive industries for the production of various component; such factors are boosting the market growth.
The COVID-19 pandemic had a negative impact on the demand for industrial metrology. The lack of skilled labor and raw material required for equipment production was delayed, which disrupted the supply chain hampering market growth. Moreover, many manufacturing units were standstill owing to the global lockdown, which severely impacted market growth.
Industrial Metrology Market Report Highlights
Polaris Market Research has segmented the industrial metrology market report based on offering, equipment, application, end-use, and region:
Industrial Metrology, Offering Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Metrology, Equipment Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Metrology, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Metrology, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Metrology, Regional Outlook (Revenue - USD Billion, 2018 - 2030)