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Coordinate Measuring Machine Market Size, Share, Price, Trends, Growth, Analysis, Report, Forecast 2024-2033
Coordinate Measuring Machine
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the coordinate measuring machine industry. This report on coordinate measuring machine market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The coordinate measuring machine market size has grown strongly in recent years. It will grow from $3.43 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growth in automotive sector, rise in automation, rise in emphasis on sustainable manufacturing, shortened product development cycles, industrialization.
The coordinate measuring machine market size is expected to see strong growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to rising aerospace industry, growing medical sector, industry 4.0 and smart manufacturing adoption, rising demand for high-quality goods, .
Major trends in the forecast period include non-contact metrology, 3d scanning and digitization, shop-floor CMMS, multi-sensor CMMS, portable CMMS.
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Key Market Players:
Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies Inc., Hexagon AB, Keyence Corporation, Metronor AS, Mitutoyo Corporation, Nikon Metrology NV, Tokyo Seimitsu Co. Ltd., Perceptron Health Inc., WENZEL Group GmbH & Co. KG, Aberlink Ltd.
Market Drivers:
The expansion of the automotive sector is expected to propel the growth of the coordinate measuring machine market during the forecast period. The automotive industry refers to all businesses and endeavors concerned with the production of motor vehicles, including the majority of their parts, such as bodywork and engines. CMMs are used in the automotive industry to measure suspension hard points for use in vehicle dynamics simulations. For instance, according to the India Brand Equity Foundation, an Indian government export promotion agency, the total number of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in January 2022 was 1,860,809 units. Also in 2023, the Indian government projects that the automotive sector will bring in $8-10 billion in domestic and foreign investment. Also, according to Crunchbase, a US-based prospecting platform for dealmakers, in 2020, Tesla, a US-based automotive and clean energy company, raised a total of $20.2 billion in funding over 35 rounds. Therefore, the expansion of the automotive sector will propel the growth of the coordinate measuring machine market.
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Market segments for coordinate measuring machine include:
1) By Type: Fixed CMM, Portable CMM
2) By Application: Inspection, Reverse Engineering
3) By Industry: Automotive, Aerospace, Heavy Machinery, Energy and Power, Electronics, Medical, Other Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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