Metrology Market Size, Share and Competitive analysis | Top Key Players- Hexagon, ZEISS Global

Market Overview

The Metrology Market is anticipated to reach USD 15.42 billion by 2030 and increase at a CAGR of 6.4 %.

The study of measurement, or metrology, includes theoretical and experimental data from every field of science and technology, at every level of uncertainty. Metrology must surely be used in all practical scientific endeavors. Metrology is important because we rely on measurements for almost every area of our existence, including practical science, technology, engineering, and medicine as well as our health, business prosperity, quality of life, and environmental protection.

As a result of the Coronavirus pandemic, all major industry verticals have been adversely affected, including China and Europe. According to reports, the US is the country most impacted by the manufacturing sector. China has seen a reduction in production capacity of over 14% and a decline in shipments of electronic components around the world of almost 40%.

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Vendors of raw materials and electronic components for the production of metrology equipment are few. A shortage of electrical parts and raw materials for manufacturing equipment existed in the 2020 financial year. The pressure is increased by the local currency exchange rates to the US dollar because the majority of electronic component manufacturing companies are situated in China, Taiwan, or Japan.

Market Segmentation

● By Offering

The metrology market has been divided into three segments: hardware, software, and services. The hardware sector, which held the biggest market share in 2020, is anticipated to grow at a CAGR of 58.2 percent.

● By Product

The coordinate measuring machine (CMM), optical digitizers and scanners (ODS), video measuring machine (VMM), industrial computed tomography, and other product categories make up the worldwide metrology market.

● By End User

Depending on the end user, the worldwide metrology market has been divided into three categories: scientific & research, industrial, and others.

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Regional Classification

Global metrology market research has been conducted in Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. In 2020, 50.7 percent of the market was accounted for by the Asia Pacific. Defense aircraft are produced by the nations in the region, which is expected to broaden the range of 3D metrology inspection applications in the aerospace and defense sector.

Due to the presence of a sufficient network-based infrastructure that helps in meeting the growing and shifting demands of various consumers and end-use industries, the metrology market in the Europe region is predicted to exhibit a high development rate. Due to the robust infrastructure and early acceptance of new technology in the region, the metrology industry in North America is anticipated to grow rapidly.

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Industry News

KLA Corporation is strengthening its position by growing its businesses through acquisition and expansion. It plans to spend money to increase local output for consumption locally. The business supports joint investments and prioritizes R&D initiatives as a crucial growth strategy to realize its digital vision.

In November 2021, ZEISS introduced ZEISS Mineralogic 3D, automated quantitative mineralogy software that boosts production and efficiency in the mining sector.

The new TEGAMLink™ T2.0 was released by TEGAM in May 2021 for iOS and iPadOS devices. It allows users to input temperature measurements straight into any app without having to rekey data or edit code.

In April 2020, MKS Instruments, Inc. released the Precisive Gas Analyzer for measuring methane numbers in gas fuel monitoring and control applications.

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This release was published on openPR.