The global 3D metrology market is expected to witness a promising growth by 2028, owing to its use in various end-use industries. The hardware sub-segment is expected to be most profitable. The North America region is expected to dominate the market.
NEW YORK, July 15, 2022 /PRNewswire/ -- Research Drive has added a new report to its offering titled, 'Global 3D Metrology Market by Offering (Software, Hardware, and Services), Products (Coordinate Measuring Machine (CMM), Optical Digitizer & Scanner (ODS), Video Measuring Machine (VMM), and 3D Automated Optical Inspection (AOI) System), Application (Quality Control & Inspection, Reverse Engineering, Virtual Simulation, and Others), End-use (Aerospace, Automotive, Medical, Construction & Engineering, Heavy Machinery, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028.'
According to the report, the global 3D metrology market is expected to surpass $6,647.9 million by 2028, growing rapidly at a CAGR of 7.8% during the forecast period 2021-2028.
Dynamics of the 3D Metrology Market
Rising demand for advanced testing technologies and instruments is expected to drive the growth of the market during the forecast period. In addition, CMMs are extensively used to inspect and measure complex mechanical parts in various end-use industries. This factor is predicted to further bolster the growth of the 3D metrology market during the forecast period. Moreover, growing application of 3D metrology in numerous industrial activities like measurement of various tools, sheet metal parts, plastic, assembly inspection, quality checks, etc. is expected to create ample opportunities for the growth of the market during the forecast period. High-cost impediments of 3D metrology products is expected to restrict the growth of the 3D metrology market during the forecast period.
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COVID-19 Impact on the 3D Metrology Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global 3D Metrology market, owing to the presence of lockdowns in numerous countries across the globe. Lockdowns led to the shutdown of various industries such as energy and power, leading to decreased demand and supply chain disruptions. In addition, unavailability of electronic device raw materials due to the stringent import and export restrictions imposed by the governments of various countries further aggravated the impact on the market. Thus, COVID-19 has had a negative impact on the market.
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Segments of the 3D Metrology Market
The report has divided the 3D metrology market into various segments based on offering, products, application, end-use, and region.
- By offering, the hardware sub-segment is expected to be most profitable, and generate a revenue of $2,582.0 million during the forecast period. Hardware services significantly help in improving management processes in various industries such as aerospace, automotive, medical, and archaeological architecture. This factor is expected to bolster the growth of the 3D metrology market sub-segment during the forecast period.
- By products, the coordinate measuring machine (CMM) sub-segment is expected to be most beneficial, and garner a revenue of $2,495.7 million during the forecast period. Growing advanced metrology services to reduce errors and improve product quality and lifecycle is expected to drive the growth of the sub-segment during the forecast period.
- By application, the quality control & inspection sub-segment is expected to most gainful, and generate a revenue of $2,565.9 million during the forecast period. Increasing importance of quality control in numerous industries to measure the dimensions of manufactured parts to ensure that they meet quality standards is expected to accelerate the growth of the 3D metrology sub-segment during the forecast period.
- By end-use, the automotive sub-segment is expected to be most lucrative, and generate a revenue of $2,146.3 million during the forecast period. 3D measuring machines and optical digital scanners offer a great deal of flexibility, accuracy, and size. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
- By region, the North America region is expected to dominate the global market during the forecast period, and is expected to garner a revenue of $2,356.7 million during the forecast period. Massive demand for the metrological technologies in this region is expected to drive the growth of the market during the forecast period. Remarkable presence of pharmaceutical, automotive, and aerospace equipment manufacturers in this region is further expected to accelerate the growth of the regional 3D metrology market during the forecast period.
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Key Players of the 3D Metrology Market
The major players of the 3D metrology market include
- Hexagon
- FARO Technologies
- KEYENCE Corp.
- Perceptron
- Renishaw
- 3D Systems, Inc.
- Jenoptik
- Nikon Corp.
- Mitutoyo Corp.
- ZEISS Group
- KLA Corp., and many more
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. - Avail Full Report here - $2999 (Read-Only)
For instance, in July 2021, In-Place Machining Company, LLC, a high-acuity field machining company focused on providing technical, precision on-site machining, diamond wire cutting and measurement services to customers, acquired Exact Metrology, an ISO certified company that offers contract measurement and scanning services, metrology equipment sales and rentals, plus software, in order to expand In-Place Machining Company's strategic resource to strengthen their growing measurement and alignment business.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about 3D Metrology Market:
- Acquisitions Like that of Perceptron Inc. by Atlas Copco to Drive the Global 3D Metrology Market
- 3D Metrology: An Overview of a Smart and Intelligent Measurer
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