Quality and Measurement Analysing the global metrology market
Metrology has become one of the most important elements in the manufacturing sector, with industry experts predicting the metrology market to witness a significant increase in the near future.
The global industrial metrology market is expected to reach USD12.97 billion by 2023 from the USD9.62 billion in 2017, thus growing at a compound annual growth rate (CAGR) of 6.2%, based on a report by Research and Markets. The main demand drivers for metrology equipment come from numerous sectors such as manufacturing, automotive, aerospace and defense, which require a high level of precision along with superior quality.
Research company Market Research Future forecasts, from amongst the metrology equipment, CMMs to show the highest revenue of USD848.93 million in 2027 from USD363.33 million in 2016, thus growing at a CAGR of 8.02%. Renishaw, Carl Zeiss, Hexagon, Mitutoyoand Faro Technologies are among the leaders in this segment.
Trending in metrology equipment
A research by Frost & Sullivan noted the potential opportunities with regards to the global metrology equipment market. Concepts such as inline metrology, robotic guidance and portable and handheld metrology equipment are now trending:
Inline metrology: With the presence of Internet of Things and Industry 4.0 , users are opting more for inline metrology solutions so they can integrate CMMs and optical scanners with assembly lines. With their assistance, the system can measure dimensions, inspect parts, provide faster measurements and also store data for processing.
Robotic guidance: Once installed, 3D-vision cameras can lead and guide machinery to perform numerous operations with a high level of accuracy. With the increased demand for automation, manufacturers are beginning to employ 3D-vision cameras with metrology capabilities for high-end robotic guidance applications to enable a faster and more accurate manufacturing process.
Portable and handheld metrology equipment: To optimise production, portable articulated arms, hand-held optical scanners and smart digital gauges with wireless data transferring capabilities are used in the automotive, aerospace and industrial sectors. These metrology devices offer users enhanced flexibility, size and line of sight. Frost & Sullivan indicated that top metrology vendors will invest in hand-held optical scanners and portable optical CMMs in the next 3–5 years.
Tracking the metrology market
In terms of market share, Europe is at the forefront, owing to its dedicated and ever evolving technological innovations, which are backed by strong financial support from the governments in the region. According to a forecast by Market Research Future, the region is expected to witness an increase of over 397.33 million by 2027 from the current 176.53 million. Europe is followed by the Asia-Pacific region, which is expected to grow at a CAGR of 10.60% from the present situation and will reach USD485.85 million by 2027.
As industries are evolving, the demand for products with accurate measurements and superior quality is witnessing a significant increase. Hence, it is not surprising that the metrology market is also gearing up to meet its customers’ expectations.
This article first appeared on www.maschinenmarkt.international.