Press release
Global Coordinate Measuring Machine Market Share To worth USD 4.3 billion by 2026 | CAGR of 8.8%
The CMM market size is expected to grow from USD 2.8 billion in 2021 to USD 4.3 billion by 2026; it is expected to grow at a CAGR of 8.8% from 2021 to 2026. The key factors driving the growth of the market growing use of 3D data in modeling and analytical applications, increasing R&D spending on developing metrology products, and thriving automotive sector.Major players involved in the CMM market include Zeiss Group (Germany), FARO Technologies (US), Hexagon (Sweden), Nikon Corporation (Japan), Mitutoyo (Japan), Tokyo Seimitsu (Japan), Keyence Corporation (Japan), Creaform (Canada), Perceptron (US), and Wenzel Group (Germany).
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Coordinate Measuring Machine Market Dynamics
Driver : Growing use of 3D data in modeling and analytical applications
Rapid industrial development creates demand for advanced testing technologies and instruments to conduct R&D activities and manufacture a large number of complex mechanical parts that find applications in precision machinery, numerical machine control tools, auto parts, aerospace equipment, and so on. CMM is a precision instrument widely used to inspect and measure complex mechanical parts from 3 dimensions-length, width, and height. 3D modeling is used in key industries such as aerospace & defense, automotive, heavy machinery, medical, electronics, and energy & power. These intelligent models created from 3D objects collect data points via scanners or CMMs, which are then used for modeling.
Restraint: High cost of ownership
CMMs are cost-effective, but they are not cheap. A small manual unit of a CMM with a basic probe system, a computer, and software can be purchased for a minimum of USD 20,000. The automated solution can be bought for USD 50,000-60,000, depending on options and the measuring volume of the machine. Gantry-type CMMs are the costliest among all other types of CMMs, with the price ranging from USD 100 thousand to USD 1 million. Apart from this, the cost of software and other supporting hardware, such as computers and probes, makes the total cost of ownership very high, especially for product manufacturers with low production capacity. Hence, many manufacturers outsource their inspection or CMM needs, particularly during product development and production process chains.
Opportunity : Surging adoption of cloud computing and Industry 4.0
Every business aims to lower its operating costs and maximize its profit margins. Cloud storage evades the need for huge capital expenditure to buy servers and physical hard drives. Cloud service providers
generally have monthly tariffs and usually cost only a few cents per gigabyte of data storage. Moreover, cloud companies offer pay-as-you-go services for data storage space needed to serve their clients, which means they will only be charged for the space they need. For a manufacturing company, it becomes easy to share the data with the metrology equipment provider and get the results. This would help them reduce their operating costs both in terms of infrastructure and labor costs.
Challenge: Bringing speed and accuracy improvement in CMM scanning
Aerospace applications, for example, engine blocks and jet engine turbine blades, require many data points for process control method validation and quality assurance. Computer numerical control (CNC) machine tools prove to be faster than CMMs in gathering metrology data. By the time, metrology data catches up with events on the shop floor, it may be too late to prevent the production of out-of-specification parts. In short, the low throughput of CMMs holds back the rest of the plant. Scanning done by a CMM, however, is quite slow, affecting measurement throughput.
Nikon Metrology, a dedicated subsidiary of Nikon Corp., has a strong and broad product portfolio of CMM solutions for applications ranging from miniature electronics to large aircraft. To grow in the CMM market, the company has adopted the strategies of product launches and developments. Nikon strives to offer innovative products, allowing manufacturers to deliver premium quality products in a shorter time. Additionally, the company follows the strategy of partnerships and contracts to increase its client reach and client database.
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Asia Pacific is the most rapidly growing market and offers a huge opportunity for the automotive industry, whose growth is driven by the growing population. The heavy machinery industry is booming rapidly, which, in turn, has driven the market for CMMs in India and China. The rising awareness related to automation, increasing emphasis of leading economies such as China and Japan on heavy machinery industries are some primary factors contributing to the largest market share of APAC. The rapid growth of the automotive, heavy machinery, and aerospace industries in emerging economies, such as China and India, has contributed to the growth of the CMM market in APAC. Funding for R&D of heavy machinery and an extensive industrial base are the major factors that make APAC a dynamic region for CMMs, with China and Japan being the major contributors. The APAC region has already started recovering from the COVID-19 pandemic. With the fear of the new strain of COVID-19 and another wave of pandemics hitting this region, countries are opening their trade and businesses cautiously. The use of CMMs reduces the wastage of material due to inaccuracy and faulty manufacturing, which is one of the factors fueling the demand for CMMs in this region.
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