Metrology Market 2019 Global Key Players: Carl Zeiss, Hexagon AB, Mitutoyo Corp, Renishaw, Nikon metrology, Metrology Software Product Ltd

Metrology Market Scenario:
The global metrology market is growing at a rapid pace majorly due to the increasing adoption of automation, high tech solutions, and standardization of measurements that have paved the way for metrology solutions across the industries.

Moreover, the increasing implication of measurement solutions in the industries such as automotive, aerospace, military, manufacturing, and energy/power has escalated the market on the global platform.

Considering the potential of the market to grow & expand further in the upcoming period, Market Research Future (MRFR) in its recently published study report asserts that the global Metrology Market will accrue over USD 1255 MN by 2027, registering a CAGR of 6.82% throughout the forecast period (2016 to 2027).

Additional factors boosting the growth of the metrology market include the booming industrialization, increased usage of metrological solutions in the research field, and stringent industrial norms in developed as well as developing regions.

Moreover, the burgeoning end-user markets such as aerospace, automotive and manufacturing industries which are accuracy-centric industries with stringent quality norms are fostering the growth of the metrology market.

On the other hand, factors such as the lack of technical expertise and skilled technicians are hampering the growth of the market, affecting the operations of precision equipment such as coordinated measuring machines (CMM) and others.

Nevertheless, factors such as the growing demand for measurement components from sectors such as automotive and energy and growing outsourcing trends in the healthcare sector are expected to support market growth throughout the review period.

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Major Key Players:
Some of the players leading the market and profiled in the analysis are Carl Zeiss (Germany), Hexagon AB (Sweden), Mitutoyo Corp. (U.S), Renishaw (U.K.), Nikon metrology (Belgium), Metrology Software Product Ltd. (U.K.), Perceptron Inc. (U.S.), Pantec Metrology (Germany), Faro Technologies (U.S.), and 3D Digital Corporation (U.S.) among others.

Metrology Market Segmentations:
The report has been segmented into four key dynamics;

• By Type: Scientific Metrology, Industrial Metrology, and Legal Metrology among others.
• By Product: Optical Digitizers, CMM (coordinate measuring machine), 3D Scanners, and Laser Tracker among others.
• By End-user: Automotive, Aerospace, Consumer Electronics, Industrial, and Energy among others.
• By Regions: North America, Europe, APAC and Rest-of-the-World.

Metrology Market Regional Analysis:
The European region has been dominating the global metrology market consistently over the past few years, witnessing tremendous growth across the applications. The growing number of research and development activities and applications in metrology are expected to keep on growing in the coming years, which, in turn, will propel the growth of the market in this region.

The Service National Standards of FPS Economy play a vital role in the growth, through specific projects assigned to metrology as well as through on-going research into the best possible efficiency of physical measurements.

Owing to the continuous technology advancement and increasing financial support from the government the European metrology market had valued at USD 176.53 MN. In the year 2016. Continuing with the same growth trends, the market is expected to reach over USD 397.33 MN by 2027, growing at 6.67% CAGR from 2016-2027.

The Asia Pacific metrology market stands the second-largest market, globally. In 2016 the market had valued at USD 141.84 MN. Rapidly advancing countries such as China, Japan, and India heading with the spurting industrialization that is led by the improving economic conditions in the region has attributed to the growth of the metrology market.

The demand for metrology in the region heading with a boom will reach maturity stage where the market will be established. Leading with an augmenting demand the metrology market in the APAC region is expected to witness a growth of USD 485.85 MN by 2027, registering a CAGR of 10.60% from 2016-2027.

Although the North American market for metrology is in a growing phase, it is expected to emerge as a promising market soon, within a couple of years. The national metrology institutes of most of the industrialized economies are developing metrology infrastructures.

The entire spectrum of measurements, including optical, electrical, magnetic, chemical, mechanical, and biological measurements, will drive the growth of the metrology market in North American region escalating it to become a prominent market, globally, in the upcoming years.

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Metrology Market Competitive Analysis:
The well-established market of metrology appears to be fiercely competitive and fragmented. Several large and small-scale players are churning the competition to gain a competitive advantage accounting for a substantial market share. Also, collaboration, acquisition, partnership, product/ technology launch & expansion, remain the prevailing strategies of these market players.

The metrology market will witness relentless innovations. Some of the latest trends practiced by the industry players during the past years include the adoption of MV331 and MV351 techniques by one of the global players, Nikon Metrology for faster measurement, and automated & non-contact metrology. These techniques also perform repetitive procedures and complex inspection task easily to enhance the measurement.

Whereas, Faro Technologies had expanded its metrology and factory automation sections by acquiring promising companies such as Build IT software & solution, one of the leaders in the 3D metrology software platform. High investments being transpired by the key players are indicating the immense growth opportunities in the market.

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Industry/Innovation/ Related News:

January 16, 2019 ---- Verisurf Software, Inc. (US), a metrology software development company, announced its plans to expand its presence in Europe. The plan includes expanding the brand awareness and sales throughout Germany and other German-speaking regions of Europe.

With more than 25-years of experience into providing 3D measurement and integrated metrology solutions in Europe Verisurf will be able to quickly assess customer needs and make expert metrology recommendations to automotive and aerospace customers in Germany.

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