Industrial Metrology Market Forecasts to 2028 – Global Analysis By Type (Type1, Type 2, Type 3, Antifreeze Glycoprotein and Other Types), Form (Solid, Liquid and Other Forms), Source, Application, End User and By Geography

Industrial Metrology Market Forecasts to 2028 – Global Analysis By Type (Type1, Type 2, Type 3, Antifreeze Glycoprotein and Other Types), Form (Solid, Liquid and Other Forms), Source, Application, End User and By Geography

According to Stratistics MRC, the Global Industrial Metrology Market is accounted for $10.9 billion in 2022 and is expected to reach $17.3 billion by 2028 growing at a CAGR of 8.1% during the forecast period. Industrial metrology is a method of scientific measurement used in the industrial sector to create precise and high-quality components. It is a set of processes, techniques and advanced equipment to measure manufacturing and other processes. A quality control procedure is a component of industrial metrology technology. The metrology concept is utilized to qualify, verify and validate test data. It is usually carried to understand the calibre and quality control in these processes. It saves on an average of 15% costs in manufacturing.

According to India Investment Grid, the USD 74 billion automobile industry is expected to reach USD 300 billion by 2026.

Market Dynamics:

Driver:

Rising popularity for big data analytics

Leading industrial production facilities are outfitted with a variety of measuring tools which routinely recognises and collects over three hundred inputs. With each additional dimension in the manufacturing industry, the volume of data created has increased dramatically. An excessive amount of information sets are produced when elements and parts are consistently measured. Various businesses have begun analysing the assembly information using big data analytical techniques, which enhance several crucial production processes and thus driving the growth of the market.

Restraint:

High investment for setting up of metrology facility

Industrial science is widely adopted within the regions of defence, automotive, semiconductor and producing industries. The overall cost associated with installing a scientific facility comprises the costs of measuring equipment, installation and maintenance which is a significant expenditure for small and medium-sized businesses. It is challenging to achieve a specified return on investment (ROI) in line with a matching business plan. All these factors limit the expansion of the business and hinder the market growth.

Opportunity:

Innovations in technology

Industrial metrology is developing drastically as a result of technological progress. It is also expected to create new possibilities. Modernizations like 3D items are relatively new to the market and are gaining popularity across a number of industrial sectors. The adoption of cloud services is helping the producing firms in analysis and development activities. Moreover, it helps firms to supply connected code solutions to their purchasers. All these elements are fuelling the market growth.

Threat:

Lack of expertise

The efficient management of scientific discipline systems requires geometrical and dimensional measurements, internal control analysis, manufacturing processes, instrument maintenance and repair, as well as technical testing. The improper performance of the task results in undesirable consequences. The inappropriate technical information concerns the new technologies. It impacts the activity and hampers the market expansion.

Covid-19 Impact

The commercial scientific discipline market was badly affected by the corona virus epidemic due to complete shutdown and limited supply chain. The work settings have changed with fewer employees working together due to physical distance requirements. Companies are focusing on developing new technologies for cost-efficient and quick solutions to meet the requirements of clients which are regaining the stability in the market.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is estimated to have a lucrative growth, due to its high precision ability. It provides superior accuracy for measuring distance and surface separations ranging from millimetres to kilometres. The rising demand for 3D metrology equipment for quality control and inspection in automotive, aerospace, military sectors and adoption of hardware tools for quality and quantity assurance such as laser trackers, vision systems are driving the segment’s growth.

The quality control & inspection segment is expected to have the highest CAGR during the forecast period

The quality control & inspection segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing need for productivity and accuracy across various verticals. This method has complete control over the manufacturing and operational processes, which significantly lowers operating expenses and is anticipated to promote market expansion.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the presence of leading automotive and aerospace players. The rapid industrialization and growing investments in the automotive and aerospace sectors and increasing demand for metrology products from the key industries is boosting the share of the market in the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the high economic growth. This region has major key players in the market. Most of the automobile and electronics manufacturers here use industrial metrology systems during the production process for quality inspections. As the number of automobile industries is more in this region, the demand for industrial metrology market is witnessing lucrative growth.

Key players in the market

Some of the key players profiled in the Industrial Metrology Market include Nikon Metrology, FARO Technologies, Hexagon AB, Jenoptik AG, Renishaw PLC, Perceptron, Automated Precision Inc, Carl Zeiss AG, KLA Corporation, Applied Materials Inc, Creaform, KEYENCE, Mitutoyo Corporation, Applied Materials Inc, GOM Technologies, Pollen Metrology, LMI Technologies, JLM Advanced Technical Services and Danish Micro Engineering AS

Key Developments:

In August 2022, LMI Technologies (LMI), a major developer of 3D scanning and inspection solutions, has announced the official release of its latest Gocator 2600 Series of 4K+ resolution smart 3D laser line profile sensors. These factory pre-calibrated sensors come modified with custom optics and a powerful 9-megapixel imager to deliver 4200 data points per profile for high-resolution 3D scanning and inspection across broad fields of view in applications such as battery inspection, building materials, automotive, rubber and tire production, and general factory automation.

In March 2022, Hexagon AB has announced the acquisition of ETQ, a SaaS-based quality management system (QMS), environment, health and safety software, and compliance management software. The company will operate as part of Hexagon’s Manufacturing Intelligence division. ETQ’s multitenant QMS software, ETQ Reliance, provides the data backbone for automating the collection and delivery of manufacturing quality control data, non-conformance reports, and customer feedback.

Types Covered:
• Services
• Hardware
• Software
• Other Types

Equipments Covered:
• 2D Equipment
• Automated Optical Inspection
• X-Ray & Computed Tomography
• Form Measurement Equipment
• Measuring Instruments
• Optical Digitizer Scanner (ODS)
• Coordinate Measuring Machine (CMM)
• Other Equipments

Prices Covered:
• Low
• Medium
• High
• Other Prices

Applications Covered:
• Reverse Engineering
• Mapping & Modelling
• Quality Control & Inspection
• Other Applications

End Users Covered:
• Semiconductor
• Aerospace & Defense
• Manufacturing
• Automotive
• Healthcare
• Energy & Power
• Construction
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements