Precision Measuring Tools Market Will Generate New Growth Opportunities by 2028
Driven by digitization and IoT & 5G implementation, the fourth industrial transformation is one of the prime drivers of the precision measuring tools market. Persistent growth of the global manufacturing sector is another driver encouraging manufacturers of the precision measuring tools to introduce innovative measuring solutions in the market. Further, to enhance the production quality, clients are seeking reliable yet cost-effective precision measuring tools. With the aim to maintain the quality control of the production, manufacturers of the precision measuring tools are consistently introducing efficient tools with CE marking. As precision measuring tools encompass a wide range of tools starting from micrometers to microscopes, the market for precision measuring tools is marked by consistent product launch and M&A business activities by leading stakeholders
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Ever-Evolving Test & Measurement Industry Drives the Precision Measuring Tools Market
In the era of automation and digitization, measurement devices are under pressing need to effectively communicate with the range of systems that function on multiple platforms. IoT, cloud technology, and 5G implementation are few of the important factors that contribute to enhancing the need for precision measuring tools. To accommodate such increased demand of precise measurements, the test and measurement industry is undergoing a significant transformation in terms of improved test measurements and increased tool longevity. In addition, manufacturers are adopting a uniform approach to design the precision measuring tools that can communicate with a wide variety of systems. This saves the resources as well as efforts of designing customized precision measuring tools for different platforms. Thus, with the growth of test and measurement industry, the market for precision measuring tools is likely to grow steadily during the review period
Booming Manufacturing Sector to Encourage Precision Measuring Tools Market
According to the United Nations Industrial Development Organization (UNIDO), the growth of the world manufacturing output in 2017 across several world countries was observed to be steadily progressing, reporting 3.7% of growth in the first quarter of 2017 as compared to 2016. As manufacturing remains an important aspect of the economic development of both developing as well as advanced nations, the growth occurred amidst dynamic economic, political, and social scenarios worldwide. Precision measuring tools are highly utilized in the manufacturing sectors to meet the demand of quality control in finished goods. With the steady growth of the manufacturing sector, the precision measuring tools will be persistently utilized during the review period.
Industrial Automation Market worth US$ 352.02 billion to Present Lucrative Opportunities for Future Adoption of Precision Measuring Tools
With the implementation of advanced automation technologies, leading industry titans are undergoing the fourth industrial revolution. On account of this, the industrial automation market is expected to reach US$ 352.02 billion by the end of 2024, representing the steady expansion of the market. Industry professionals dealing with manufacturing and machining processes consistently present measurement queries and demand reliable as well as economic solutions. Following this, the manufacturers of the precision measuring tools are delivering customized precision measuring tools for specific measurement queries.
Product Innovations and Novel Technology Implementations: Prime influencers of the Precision Measuring Tools Market
With the application in a myriad of industries including healthcare, construction, aircraft, automobile, electronics, mining, and defense among others, manufacturers are introducing efficient precision measuring tools that deliver greater precision in measurement.
Kistler, a leading provider of measurement solutions has introduced MicroDyn which is considered the world’s smallest series-produced cutting force meter.
Quality Vision International (QVI®) recently launched a new precision optical instrument with advanced optics, thermal stability, and ease of use. The instrument is designed for the measurement of shafts and other cylindrical parts.
Along with the introduction of innovative products, manufacturers of the precision measuring tools are also implementing assisting software to enhance the operating experience of the end-users.
Benz, the machine technology specialist has launched Industry 4.0-prepared application with Benz i.com, which is operated by a chip that scans, stores, and processes data to provide important information about the product health.
FARO, a leader in 3D measurement and imaging solutions, has recently released the FARO® As-Built™ software platform for all the FARO metrology products. The software is specifically designed to minimize the involved efforts and time that are required in creating the documentation and building design phases.
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In addition to the above developments in the precision measuring tools market, manufacturers of the precision measuring tools are focusing on delivering compact and ergonomic tool design with optimized control for end-users. Moreover, these designs are made to comply with the CE marking that implies to reaching essential standards of the relevant European health, safety, and environmental protection legislation.
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