According to a new market research report the Industrial Metrology market is expected to grow from USD 9.62 Billion in 2018 to USD 12.97 Billion by 2023, at a CAGR of 6.2% during the forecast period. The growing big data analytics market and increasing demand for inspection services from precision manufacturing will drive the growth of industrial metrology market along with the increasing focus on quality control in various industries.
The major driver for hardware growth in the industrial metrology market is claimed to be the increasing adoption of industrial metrology products in aerospace, defense, and automotive industries to maintain product quality. The rising need for precision dimensional analysis and validation of geometric accuracy will contribute to the largest portion of the equipment market being secured by coordinate measuring machines (CMMs).
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, will drive the growth of the industrial metrology market in the automotive sector. The growing demand for automobiles in developing countries, such as India and China, is also expected to fuel the growth of industrial metrology.
Highest CAGR of the market is in APAC which is attributed to the high economic growth of China and Japan with China having a huge potential in terms of applications of industrial metrology offerings. The Government of India initiatives to encourage local and foreign companies to set-up manufacturing in India is likely to boost the industrialization and therefor industrial metrology market.