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Industrial Metrology Market Report 2024: Trends, Share, Size, In-Depth Analysis And Forecast To 2033

Industrial Metrology Market Report

Industrial Metrology Market Report

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Industrial Metrology Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $15.13 billion In 2028 At A CAGR Of 7.7%.

The industrial metrology market size has grown strongly in recent years. It will grow from $10.37 billion in 2023 to $11.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to quality assurance requirements, manufacturing precision, globalization of supply chains, automotive industry growth, efficiency in production processes, quality standards compliance..

The industrial metrology market size is expected to see strong growth in the next few years. It will grow to $15.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rise of smart factories, demand for portable metrology solutions, development of advanced materials, space exploration and aerospace innovation, focus on miniaturization.. Major trends in the forecast period include customization in manufacturing, augmented reality (ar) applications, digital twin implementation, increased use of robotic metrology systems, growing adoption of 3d metrology..

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Industrial Metrology Market Major Segments
The industrial metrology market covered in this report is segmented -

1) By Offering: Hardware, Software, Services
2) By Equipment: Coordinate Measuring Machine (CMM), Optical Digitizer and Scanner (ODS), Measuring Instruments, X-ray and Computed Tomography, Automated Optical Inspection, Form Measurement Equipment, 2D Equipment
3) By Application: Quality Control and Inspection, Reverse Engineering, Mapping and Modeling, Other Applications
4) By End-User Industry: Aerospace and Defense, Automotive, Semiconductor, Manufacturing, Other End-User Industries

Key Driver - Rapid Rise In Hybrid And Electric Vehicles Fuels Growth In The Industrial Metrology Market

The surging adoption of hybrid and electric vehicles is expected to boost the growth of the industrial metrology market going forward. Hybrid electric vehicles refer to those that employ both an internal combustion engine and one or more electric motors that draw electricity from batteries to operate. Since electric vehicle (EV) gears are essential for extending range, metrology helps to ensure that the process of making them is optimal, which is boosting the growth of the industrial metrology market. For instance, according to a report published by the International Energy Agency (IEA), a France-based provider of secure and sustainable energy, in 2022, the global number of electric vehicles on the road will reach 16.5 million. In 2021, the sales share of electric vehicles rose by 4 percentage points. According to the Net Zero Emissions by 2050 Scenario, there will be more than 300 million electric vehicles on the road by 2030, and they will make up 60% of all new car sales. Therefore, the surging adoption of hybrid and electric vehicles is driving the growth of the industrial metrology market.

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Prominent Trend - Innovative Product Offerings Drive Momentum In The Industrial Metrology Market

Product innovations have emerged as the key trend gaining popularity in the industrial metrology market. Major companies operating in the industrial metrology market are developing innovative products to strengthen their position in the market. For instance, in March 2022, Keyence, a Japan-based developer and manufacturer of automation sensors, vision systems, barcode readers, laser markers, measuring instruments, and digital microscopes, launched the LM Series, a high-accuracy instant measurement system. Distinctive features of the LM Series include the automated inspection system that can take measurements with +/- 0.7 µm precision and +/- 0.1 µm repeatability at the touch of a button. Additionally, it automatically compiles comprehensive inspection reports and records measurement data. The device delivers speed because fewer images are needed than with other systems because of the fast stage movement and wide field of view.

Industrial Metrology Market Players
Major companies operating in the industrial metrology market report are Hexagon AB, Carl Zeiss AG, Nikon India Pvt. Ltd., Faro Technologies, Keyence Corporation, Jenoptik AG, CREAFORM, KLA Corporation, Mitutoyo Corporation, Renishaw PLC., Precision Products Inc., Carmar Accuracy Co. Ltd., Baker Hughes, CyberOptics, Cairnhill Metrology, Applied Materials Inc., GOM GmbH, ILJIN Steel Co., In-Situ Oxidative Technologies Inc., National-Oilwell Varco Inc., Nippon Steel & Sumitomo Metal Corporation, WENZEL Group GmbH & Co. KG, Perceptron, QED ENVIRONMENTAL SYSTEMS LTD, Sequoia Environmental Remediation Inc., Spartan Chemical Company Inc., Stepan Company, Tarmac International Inc., Tenaris SA, TMK Ipsco Enterprises Inc. .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the industrial metrology market share in 2023. The regions covered in the industrial metrology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Metrology Market Report Structure
3. Industrial Metrology Market Trends And Strategies
4. Industrial Metrology Market - Macro Economic Scenario
5. Industrial Metrology Market Size And Growth
…..
27. Industrial Metrology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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