With 6.1% CAGR, Industrial Metrology Market Growth to Surpass USD 14.6 billion

The industrial metrology market is expected to grow from USD 10.9 billion in 2022 to USD 14.6 billion by 2027. It is expected to grow at a CAGR of 6.1% from 2022 to 2030. The most significant factor driving the growth of the industrial metrology market include growing demand for quality and inspection equipment in precision manufacturing industry, and increasing focus on manufacturing superior- and uniform-quality products, surging adoption of hybrid and electric vehicles (EVs), rising demand for big data analytics, and increasing demand for automobiles in emerging economies.

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North America held the largest share of the industrial metrology market in 2021 and is expected to hold the leadership position throughout the forecast period. High demand for industrial metrology products for in the automobile and aerospace & defense industries is one of the major factors for the growth of the industrial metrology market in North America. Several companies offering industrial metrology products, including FARO Technologies (US), Hexagon (Sweden), Nikon (Japan) and Carl Zeiss (Germany), have a presence in this region, which further adds to the growth of the industrial metrology market in North America. In North America, several committees provide measurement standards, including the North American Cooperation in Metrology (NORAMET), the National Institute of Standards and Technology (NIST), and the Dimensional Metrology Standards Consortium (DMIS). These committees issue documents on a regular basis that define updated measurement standards that must be adopted by manufacturers in a variety of industries. This standardization gives scope for the adoption of Industrial metrological instruments in the region.

The industrial metrology market for hardware is estimated to hold the largest market share in 2027. The high demand for coordinate measuring machines, especially for quality and inspection purposes, is one of the key factors responsible for the dominant position of the hardware and software segments in the market. Various industries are using industrial metrology products to improve quality and productivity. The high demand for industrial metrology equipment, especially 3D metrology equipment, in the aerospace & defense and automotive industries for quality control and inspection applications is one of the major drivers for the growth of the industrial metrology market for hardware.

In 2021, the CMM segment accounted for the largest share of the industrial metrology market and is expected to follow the same trend during the forecast period. The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, and aerospace & defense industries is the factor responsible for the largest share of the CMM segment. In 2021, the 2D equipment segment accounted for the second-largest share of the industrial metrology market. The low cost of 2D equipment is one of the key factors that has led to the high penetration of the equipment in end-user industries.

In 2021, the quality control and inspection application segment dominated the industrial metrology market and is expected to witness significant growth during the forecast period. Quality control is essential in all industries because it ensures that products are of the highest quality and identical. It is a particularly important aspect of the manufacturing industries that enables high-end manufacturing. Reliable measurement and consistent data contribute to a better, tighter, and more controlled production line. Global dimensional metrology is rapidly expanding and becoming increasingly important in the manufacturing industry due to the need to ensure the accuracy of manufacturing parts for the quality control process. CMMs, optical digitizers and scanners (ODS), vision measuring machines (VMMs), and measurement gauges are examples of some metrological tools used in the automotive industry for quality control.

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In 2021, the automotive segment accounted for the largest share of the industrial metrology market and is expected to hold its dominant position throughout the forecast period. The automotive industry has been increasingly using optical measurement systems and coordinates measuring machines instead of the conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of vehicles. Design and styling play an important role in the automotive industry. The rough design work is mostly done in a virtual environment, whereas clay models or rapid prototyping are the proven methods for giving a finishing touch. Laser scanning ensures speedy and precise verification of physical models and reverse engineering of any shape modification. Scanning accurately captures freeform surfaces by acquiring thousands of measuring points per second without touching the prototype.

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This release was published on openPR.