Northbrook, IL 60062 -- (SBWire) -- 03/25/2022 --The industrial metrology market is expected to grow from USD 9.8 billion in 2021 to USD 13.2 billion by 2026; it is expected to grow at a CAGR of 6.2% during the forecast period.
The industrial metrology market has been witnessing significant growth over the past years, mainly owing to the rising demand for big data analytics, and increasing demand for automobiles in emerging economies. Increasing adoption of cloud services to integrate metrological data and rise in demand for industry 4.0 are also expected to considerably boost the industrial metrology market in the coming years.
Services segment for industrial metrology market to grow at highest CAGR during the forecast period
Based on offering, the industrial metrology market has been segmented into three broad categories: hardware, software, and services. Among these, the services segment is expected to record the highest CAGR during the forecast period. The high cost incurred in setting up a metrology facility and the lack of metrology experts are the major factors responsible for the growth of the market for services. Manufacturing companies are outsourcing their metrology measurement and inspection work to service providers to achieve short measuring times, reduced measurement uncertainty, and process stability, thereby driving the growth of the industrial metrology market for services.
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Coordinate measuring machines (CMM) equipment to account for largest market share during the forecast period
The industrial metrology market is expected to be led by the coordinate measuring machines (CMM) equipment during the forecast period, based on equipment. The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, and aerospace & defense industries is the factor responsible for the largest share of the CMM segment.
Quality control and inspection application to growth at highest CAGR during forecast period
The quality control and inspection application segment dominated the industrial metrology market and is expected to hold the leading position throughout the forecast period. 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 semiconductor. 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 application, their adoption has increased at a significant rate.
Automotive end-user industry to dominate industrial metrology market, in terms of size as well as growth, during the forecast period
The industrial metrology market for automotive end-user industry is expected to hold a dominant position during the forecast period. The shift in preference from off-line quality inspection to near-line or in-line measurement techniques, enabling higher sampling rates and shorter inspection times in the automotive industry, is expected to drive the growth of the industrial metrology market for the automotive industry. Moreover, the growing demand for electric vehicles is also expected to fuel the growth of the industrial metrology market in the near future.
North America to account for largest market share during forecast period
North America to account for the largest share of the industrial metrology market during the forecast period. High demand for industrial metrology products for the automobile and aerospace & defense industries is one of the major factors for the growth of the industrial metrology market in North America. Several companies offering industrial metrology products, including FARO Technologies (US), Hexagon (Sweden), Nikon (Japan) and Carl Zeiss (Germany), have a presence in this region, which further adds to the growth of the industrial metrology market in North America.
Rising Demand for the Industrial Metrology Market