Industrial Metrology Market Growing at a Higher CAGR With Top players like Carl Zeiss, KLA-Tencor Corporation, HEXAGON, Renishaw plc., FARO Technologies, Inc

The Global Industrial Metrology Market accounted for USD 9.0 billion in 2017 and is projected to grow at a CAGR of 6.50% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

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Major Market Competitors:

Some of the major players in global industrial metrology market are:-

Carl Zeiss,
KLA-Tencor Corporation,
HEXAGON,
Renishaw plc.,
FARO Technologies, Inc.,
Perceptron, Inc.,
CREAFORM,
jlm advanced technical services Inc.,
API Sensor,
Nikon Metrology,
Pollen Metrology,
Precision Products and Cairnhill Metrology
among others.

Market Definition: 

Industrial metrology ensures the appropriateness estimation of the instruments which includes the quality control, maintenance and appropriate alignment of these instruments. It helps in monitoring and in optimization of production processes in an efficient manner. As the quality demand have kept on expanding, one of the difficulties has been that the human eye is unequipped for estimating with the exactness, important to deliver the most highest quality parts required. An example of this type of metrology may be found in the production of products for the commercial industry, the testing and outlining of aircraft, functioning of hardware or even in processing plants utilizing rotating equipment amid assembling or manufacturing of their products. Rising demand for assessment facilities from the precision manufacturing industry is considered to be a driving factor which has led many manufacturers to introduce different product launch. For instance, On Febuary, 2017, Carl Zeiss launched various industrial metrology products such as Zeiss Stemi 508, Zeiss Axiovert A1 and ZEISS Evo 18 at IMTEX 2017 which helps in element detection like uranium, along with the microstructural and structural analysis. On December, 2014, FARO Technologies, Inc. launched CAM2 SmartInspect 1.2, portable metrology software for faro laser tracker and faroarm. Thus, this factor will help in fueling the industrial metrology market in the forecasting period.

Major Market Drivers and Restraints:

Rising demand for assessment facilities from the precision manufacturing industry
Growing concentration towards quality control
Acceptance of cloud services to assimilate the metrological data
Drawbacks of traditional measurement devices with respect to find out different manufacturing related issues
Lack of skilled personnel
Increased in the set up cost for metrology facility

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Competitive Landscape: 

The global industrial metrology market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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