According to a new market report published by Credence Research, Inc. titled Metrology Services details by Industry, by Product (Coordinate Measuring Machines, Optical Digitizers and Scanners – 3D Laser Scanners and Trackers, and White Light Scanners, Market Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, The global metrology services market is predicted to expand at a CAGR of 7.9% from 2016 to 2023, exceeding US$ 985 million by 2023.
In simpler terms, metrology is a field of science concerned with both practical and theoretical aspects of measurement. Metrology solutions enable manufacturers to enhance and improve their manufacturing processes by allowing detailed inspection and measurements of every element involved. The rising trend towards precise engineering and complete automation in manufacturing units has been a massive boost to the market growth.
The global metrology services market is moderately concentrated. The top four players account for the lions share in the global metrology service market. Hexagon AB, Carl Zeiss AG, Renishaw Plc., and Mitutoyo Corporation are identified as the leading metrology services providers worldwide. Other players including Nikon Metrology Inc., Danish Micro Engineering A/S, Optical Gaging Products Inc., Trescal SA, Optical Metrological Services, Faro Technologies, Inc., Perceptron, Inc., and GE Measurement & Control Solutions Inc. among others have been marked as promising and emerging players in the global metrology services market. Inorganic expansion through strategic partnerships and acquisitions are pushing the market towards consolidation. Strategic acquisitions and mergers have helped these established players to expand their product offerings and remain competitive in the market.
- Revival of the industrial manufacturing sector post economic slowdown
- Growing demand for portable metrology solutions
- Stringent regulations and standards for medical devices are pushing demand for metrology services in the healthcare segment
- Innovations in laser-based 3 dimensional metrology
- Growing preference for ODS metrology solutions over CMM solutions, especially in aerospace and automotive applications, where the need for precision, accuracy, and reliability is high.
For more information: http://www.credenceresearch.com/report/metrology-services-market