Metrology Market Expected To Grow USD 15.44 Billion at a 6.40% CAGR by 2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Metrology Market is Rising demand in Automotive Sector
New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Metrology Market Research Report Information By Offering, By Product, By End Users, And By Region – Market Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 15.44 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.40% during the assessment timeframe.
Metrology Market Overview:
The Automotive Industry is Increasing Need for Quality Control and Inspection Applications to Support Market Growth
Modern manufacturing plants produce billions of finished goods every week. The majority of parts in the automotive industry are produced with little or no human labour. On an assembly line, a unique product is produced for an exact measurement with predetermined tolerance and limitations.
Precision is reduced by frictional losses in today's sophisticated technologies. There might not be much of a change. Yet, even tiny changes in measurement can cause major disparities when machines are responsible for producing dimension-sensitive parts for the aerospace and automotive industries. It enables auto manufacturers to produce critical components with greater accuracy.
This system also provides a standard measurement method that outlines the required tolerances and limitations. The coordinate measuring machine (CMM), optical digitizer and scanner (ODS), and automated optical inspection are all being used more frequently in the automotive industry. The market is being driven by this factor.
Over the past twenty years, the focus of major industrial actors, which in the 20th century was centred on Europe for the establishment of their manufacturing units, has switched towards Asia Pacific nations.
It is a result of the various strategies employed by key figures and governing bodies in developing countries like Singapore, South Korea, China, Japan, and others like India. The region's expanding involvement in the manufacturing and automotive industries necessitates the employment of modern industrial metrology quality control and measurement techniques. The 3D metrology system is one of the newest and most advanced technologies used to measure surface qualities like surface dimensions, surface finishing, area, and others. Height, depth, breadth, and length measurements require substantially less time than they do using conventional techniques. Due to its various benefits, 3D metrology techniques are becoming more popular on the market. As a result, all of these reasons have recently increased the CAGR of the worldwide metrology market.
Yet, another element boosting the expansion of the metrology market's revenue is the development of big data, advanced technologies, virtual drones, aerospace, and defence vehicles.
The offering, product, end user, and geography are used to segment the metrology market.
Hardware, software, and services are all included in the metrology market segmentation based on offering. In 2021, the hardware sector owned the lion's share of the market, accounting for around 38% of total market sales. owing to the fact that it provides improved precision and accuracy for determining surface separations and distances ranging from millimetres to kilometres. The market is also growing as a result of the increased demand for 3D metrology tools for quality control and inspection in a number of end-use industries, such as the automotive, aerospace, and defence industries.
The metrology market is divided into many product categories, such as coordinate measuring machines (CMM), optical digitizers and scanners (ODS), and others. Over the forecast period, 2022–2030, the Coordinate Measuring Machine (CMM) segment, which dominated the market in 2021, is anticipated to develop at a quicker rate. The trend of increased implementation of advanced measuring technology will continue during the projected period as a result of the rising use of sophisticated quality control procedures in the manufacturing and automotive industries. Hence, expanding uses of Coordinate Measuring Machines (CMM) for Metrology have a favourable impact on market expansion.
The metrology industry has been divided into three categories: scientific & research, industrial, and others.
Due to the rising need for inspection and the demand for 3D meteorological equipment for quality assurance, the industrial sector held the highest segment share in 2021. The industrial meteorology industry has been greatly influenced by quality issues due to the growing demand for 3D measuring technologies due to the capacity to scan complicated automobile parts and identify the cause of a failure.
Scientific & research is the metrology sector subsegment that is expanding at the fastest rate. due to metrology's expanding application.
The report breaks down the markets by region, covering North America, Europe, Asia-Pacific, and the rest of the world. In 2021, the Asia-Pacific metrology market had a value of USD 4.05 billion, and over the research period, it is anticipated to increase at a high CAGR. The growing demand for contactless quality control instruments and measuring techniques in the manufacture and manufacturing of automobiles is what propels the regional market. The area's market is expanding thanks to the use of various business strategies by top-tier firms. During the Metrology Conclave, Narendra Modi emphasised the government's role in strengthening quality control standards in local business as well as the nation's efforts to improve the quality of goods delivered through the Make In India programme. In addition, the India Metrology market had the quickest rate of growth in the Asia-Pacific region and held the greatest market share.
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