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
- The growing demand for the optical digitizer & scanner segment is due to innovation in producing high-tech products, improved probe technology, and higher accuracy in integration and software. The growing forensics, medical, surveying, and law & investigation applications are also propelling the market growth.
- The quality control & inspection segment accounted for the highest revenue share in 2021 and is expected to continue its dominance as it reduces quality risks and costs, implements improvement in mass production, and has better control over processes.
- The automotive sector is expected to lead the market growth as its manufacturing is moving quickly toward automation, which will require advanced inspection and quality control tools. Moreover, the growing demand for electric vehicles and autonomous delivery in the auto industry is expected to propel the market growth.
- Asia Pacific is expected to grow over the forecast period owing to of rapid urbanization, government initiatives to develop infrastructure, and the availability of large farms across developing nations in the region, such as India and China. Moreover, the rising automotive and manufacturing sectors are also supporting segment growth.
- Major players operating in the industry include Applied Materials, Inc., Automated Precision Inc., Carl Zeiss AG, Creaform, FARO Technologies, GOM Technologies, Hexagon AB, Jenoptik, Keyence, KLA Corporation, LK Metrology, Mitutoyo Corporation, Nikon Corporation, Nikon Metrology, Perceptron, and Renishaw.
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)
- Coordinate Measuring Machine (CMM)
- Optical Digitizer and Scanner (ODS)
- Measuring Instruments
- X-Ray and Computed Tomography
- Automated Optical Inspection
- Form Measurement Equipment
- 2D Equipment
Industrial Metrology, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Quality Control & Inspection
- Reverse Engineering
- Mapping and Modeling
Industrial Metrology, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Aerospace & Defense
Industrial Metrology, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa