At CAGR of 6.1%, Industrial Metrology Market Size is Anticipated to Gain USD 14.6 BN by 2027
Chicago, Nov. 21, 2022 (GLOBE NEWSWIRE) — Industrial Metrology Market Size is expected to reach USD 14.6 billion by 2027 from USD 10.9 billion in 2022 to grow at a CAGR of 6.1%.“, The most significant factor driving the growth of the industrial metrology market include surging adoption of hybrid and electric vehicles (EVs), rising demand for big data analytics, increasing demand for automobiles in emerging economies, growing demand for quality and inspection equipment in the precision manufacturing industry, and increasing focus on manufacturing superior- and uniform-quality products.
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Scope of the Report
| Report Metric | Details |
| Market Size Available for Years | 2018–2027 |
| Base Year | 2021 |
| Forecast Period | 2022–2027 |
| Forecast Unit | Value (USD Million/Billion) Volume (Thousand Units) |
| Segments Covered | Offering, Equipment, Application, End-User Industry, and Region |
| Geographic Regions Covered | North America, Asia Pacific, Europe, and RoW |
| Companies Covered |
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“Browse in-depth TOC on “Industrial Metrology Size“
145– Tables
58 – Figures
316 – Pages
Hexagon (Sweden) is one of the leaders in digital reality solutions that integrate sensor, software, and autonomous technologies. The company is a provider of geospatial and industrial sensors. The company classifies its business operations into two reportable segments: Industrial Enterprise Solutions (IES) and Geospatial Enterprise Solutions (GES). The company offers sensor solutions, software solutions, autonomous solutions, including sensor technology-equipped metrology systems, computer-aided design (CAD) software and computer-aided manufacturing (CAM) software. It also offers sensors for satellite positioning and capturing data from air and land; and geographic information system (GIS) software for building 3D models and maps. Hexagon’s products find applications in manufacturing, construction, mining, and agriculture. The Industrial Enterprise Solutions segment offers industrial metrology products.
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By Automotive Industry
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. Automotive manufacturers are increasingly adopting 3D solutions and optical inspection techniques. 3D measurement technologies benefit the auto industry greatly because production teams can scan a part or sub-assembly in real time and get a precise image of the root cause of quality issues.
By Application
The need to increase productivity and achieve accuracy has led to a rise in demand for high-precision metrology and inline inspection in several industries. The increasing competition and need for improving safety have resulted in the high adoption of quality control and inspection systems in various industries, including automotive, aerospace & defense, and semiconductors. In these industries, maintaining and enhancing the quality of a product is of high importance. As industrial metrology equipment are the best available options in the market for quality control and inspection applications, their adoption has increased at a significant rate.
By Hardware
The hardware segment of the industrial metrology market includes coordinate measuring machines (CMMs), optical digitizers and scanners (ODS), measuring instruments, X-ray & computed tomography, automated optical inspection systems, form measurement equipment, and 2D equipment. Companies offering hardware in the industrial metrology market are continuously working on updating their product portfolio. The high demand for industrial metrology equipment, especially 3D metrology equipment, in the manufacturing industries for quality control and inspection applications is one of the major drivers for the growth of the industrial metrology market for hardware.
By APAC Region
The market in Asia Pacific continues to grow at a high rate, which can be attributed to the high economic growth witnessed by major countries such as China and Japan in this region. Asia Pacific accounted for ~31% of the global industrial metrology market in 2021. The key countries contributing to the growth of the industrial metrology market in Asia Pacific include Japan, China, India, and South Korea. The rest of the countries contributing to the market are considered in Rest of Asia Pacific and include Australia, New Zealand, Taiwan, Singapore, Indonesia, and the Philippines. Automobile and electronics manufacturers use industrial metrology systems during the production process for quality inspections; as the number of automobile manufacturing plants is more in Asia Pacific than other regions, the demand for industrial metrology offerings is expected to grow rapidly in this region.
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- The 3D Scanner Market size was valued at USD 893 million in 2020 and is projected to reach USD 1,324 million by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.
- The Semiconductor Manufacturing Equipment Market was valued at USD 95.3 billion in 2021 and is projected to reach USD 175.0 billion by 2027; it is anticipated to register a CAGR of 8.5% during the forecast period.
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