Press release
Coordinate Measuring Machine (CMM) Market Witnesses Robust Growth, Projected to Surpass $5.44 Billion by 2028 - Fueled by Automotive Industry Expansion
Coordinate Measuring Machine (CMM) Market
The coordinate measuring machine (CMM) market has exhibited robust growth, with its size set to increase from $3.43 billion in 2023 to $3.76 billion in 2024, demonstrating a noteworthy Compound Annual Growth Rate (CAGR) of 9.7%. This positive trajectory is anticipated to persist, reaching an impressive $5.44 billion by 2028, maintaining a strong CAGR of 9.6%.
Driving Forces:
The expansion of the automotive sector emerges as a primary driver propelling the growth of the coordinate measuring machine market. CMMs play a crucial role in the automotive industry, used to measure suspension hard points for vehicle dynamics simulations. Notably, the Indian automotive sector is poised to attract $8-10 billion in domestic and foreign investments by 2023, contributing significantly to the growth of the coordinate measuring machine market.
Additionally, the rising demand for manufactured goods is anticipated to fuel the market's growth. Coordinate Measuring Machines are integral to the manufacturing industry, ensuring precision, quality, and accuracy. With a reported increase in industrial output in the European area, the demand for CMMs is expected to rise, further propelling market expansion.
Explore the Global Coordinate Measuring Machine Market with a Detailed Sample Report:
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Key Market Players:
Major companies such as Carl Zeiss AG, FARO Technologies Inc., Hexagon AB, and Nikon Metrology NV are pivotal players shaping the landscape of the coordinate measuring machine market. These industry leaders actively contribute to technological advancements and innovation, driving market dynamics.
Innovations in CMM Technology:
A notable trend gaining popularity in the coordinate measuring machine market is the adoption of 3D measurement systems. Companies like SCANTECH introduce optical target-free 3D measurement systems, such as the TrackScan-P. This system offers enhanced scanning efficiency and precision, utilizing intelligent optical tracking measurement and high-resolution cameras to precisely measure parts without reference targets.
To elevate precision in manufacturing, major players focus on developing advanced CMM technology. Hexagon AB's latest generation of Leitz PMM-C ultra-high-accuracy coordinate measuring machines sets a new benchmark for precision applications in manufacturing. These machines offer a modular concept, enhanced capabilities, and performance options catering to diverse requirements in different manufacturing settings.
Regional Dynamics and Market Segmentation:
Asia-Pacific stands out as the largest region in the coordinate measuring machine market in 2023.
The coordinate measuring machine market covered in this report is segmented -
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
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/coordinate-measuring-machine-global-market-report
Coordinate Measuring Machine Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Coordinate Measuring Machine Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on coordinate measuring machine market size, coordinate measuring machine market drivers and trends, coordinate measuring machine market major players, competitors' revenues, market positioning, and market growth across geographies. The coordinate measuring machine market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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