New York, United States , Jan. 24, 2023 (GLOBE NEWSWIRE) — The Global 3D Metrology Market Size to grow from USD 11 billion in 2021 to USD 38 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 18% during the forecast period. The increasing adoption of 3D metrology equipment by different industries like automotive, aerospace, engineering, construction, energy and power, and heavy machinery is the key driving factor.
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3D metrology is a primary component of any sort of quality control, optimization, as well as cost effective procedure, specifically in manufacturing. 3D metrology is a scientific method of taking physical measurements. Precision measurement of fixtures, tools, and machine components are added in the context of manufacturing. It is also used in measuring distance, length, and height by considering geometric surface points of an object which provides accurate data as compared to traditional way of measurements. These measurements can also be taken with the help of a coordinate measuring machine. Apart from this, the rising expenses spent on global research and development activities while developing and launching new metrology products and solutions offers measurement companies with new business opportunities. The rapid industrial development is driving the requirement for advanced testing technologies and instruments in conducting research and development and manufacturing lots of complicated mechanical parts that are integrated in precision machinery, aerospace equipment, auto parts, numerical machine control tools, and other types of applications. However, the manufacturers are facing challenges on design and cost of 3D metrology products with an aim to meet the increasing demand of end users which are hampering the market growth.
Browse key industry insights spread across 210 pages with 121 market data tables and figures & charts from the report “ Global 3D Metrology Market Size, Share, and COVID-19 Impact Analysis, By Component (hardware, software, services), By Product Type (Coordinate Measuring Machine, Automated Optical Inspection, Optical Digitizer & Scanner, Video Measuring Machine), By Application (quality control & inspection, virtual simulation, reverse engineering), By End User (electronics, architecture & construction, manufacturing, aerospace & defence, automotive, and others), by Region ((North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 “ in detail along with the table of contents.
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On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to re-evaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
Software segment is dominating the market with the largest market share of 33% over the forecast period.
On the basis of component, the global 3D metrology market is segmented into hardware, software, services. Among these, software segment is dominating the market with the largest market share of 33% over the forecast period as the software accumulates and measures data from various sources. With the help of the data, it can provide detailed textual and graphical reports which helps the users in identifying the production trends and at the same time finds out real time deviations. In addition, the CAD/ CAM software is used to design and manufacture processes like production engineering, tooling, metal fabrication, woodworking, and stone which adds value to the operation.
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Coordinate Measurement Machine (CMM) segment to generate the highest revenue over the predicted timeframe.
Based on the product type, the global 3D metrology market is segmented into Coordinate Measuring Machine, Automated Optical Inspection, Optical Digitizer & Scanner, Video Measuring Machine. Among these, Coordinate Measurement Machine (CMM) segment is anticipated to generate the highest revenue over the forecast period as the companies have started adopting advanced measurement technology in manufacturing and automobile sector.
Quality Control and Inspection is witnessing the significant growth over the forecast period.
On the basis of application, the global 3D metrology market is segmented into quality control & inspection, virtual simulation, reverse engineering. Among these, quality control and inspection is witnessing the significant growth over the forecast period because of the increasing demand for precise end products. 3D metrology is compatible to any object and job where the physical instrument cannot reach properly. Products like coordinate measurement machines are used for quality control and inspection in industries like aerospace and defence, automobile, etc.
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Automotive segment is anticipated to generate the highest revenue over the forecast period.
Based on the end user, the global 3D metrology market is segmented into electronics, architecture & construction, manufacturing, aerospace & defence, automotive, and others. Among these, automotive segment has generated highest revenue over the forecast period owing to the increasing adoption of coordinate measuring machine. Various automotive manufacturers are selecting coordinate measuring machines for quality control and inspection in the manufacturing units which are driving the market growth.
Asia Pacific region is dominating the market with largest market share of 11%.
Among all other regions, Asia Pacific is dominating the market owing to the increasing adoption of contactless quality control equipment and measuring techniques in the manufacturing and automotive production industry. China has the most advanced manufacturing units and is rapidly using new technologies like virtual simulation and reverse engineering in its regular manufacturing operation, thus boosting the product adoption in the country.
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The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Key players in the 3D metrology market include Hexagon (Sweden), FARO Technologies (US), Nikon Corporation (Japan), ZEISS Group (Germany), KLA Corporation (US), KEYENCE (Japan), Jenoptik (Germany), Renishaw (UK), Mitutoyo Corporation (Japan), Creaform (Canada), GOM (Germany), CHOTEST TECHNOLOGY INC. (China). Apart from these, CyberOptics Corp. (US), Trimble, Inc. (US), SGS Group (Switzerland), Ikustec (Spain), Perceptron, Inc (US), 3D Systems (US), Automated Precision, Inc. (API) (US), CARMAR ACCURACY CO., LTD (Taiwan), Intertek Group Plc (UK), Bruker (US), Shining 3D (China), InnovMetric Software Inc (Canada), Artec 3D (US), Metrologic Group (Sweden), AccuScan (Ireland), Capture 3D (US), Polyrix (Canada) are among a few emerging companies in the 3D metrology market.
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