A recent published report is predicting the global metrology market is set to surpass a valuation of $1.2 billion by the year 2027, reflecting an impressive growth rate with Europe spearheading the global metrology market over the next couple of years.
Demand for measuring tools that facilitate product manufacturing with high precision is on the rise. Such tools, in the form of metrology solutions find widespread application in large-scale manufacturing sectors including automotive, aerospace, and power generation. The latest data released in the report predicts the global metrology market will expand at a compound annual growth rate of 6.82% from 2016 and 2027. Currently, the market is estimated to stands at a valuation of $600 million.
As manufacturing becomes more dynamic, focus on precision and accuracy is set to further intensify. Technologies continue to evolve leading to creation of more complex designs. To keep up with the pace, new metrology solutions are being developed that can work in tandem with the new-age engineering. For many, particularly the small-size businesses, gaining access to cutting-edge metrology tools can make a noticeable difference to the ROI by reducing manual labor, downtime and most importantly errors. However, the high cost of such metrology tools is stated to limit their proliferation in startups and small-scale manufacturers.
Metrology product sub-markets include 3D scanners, optical digitizers, laser-tracker, and CMM (coordinate measuring machine). The CMM sub-market is projected to exhibit a compound annual growth rate of 8.02% during the stated period and reach a market valuation of USD $849 million. CMMs are primarily used for measuring the geometry of physical objects through effective probing techniques. Various types of technologies are used for probing, which include white light, optical, mechanical, and laser.
Europe Holds the Best Position in the Global Metrology Market
The metrology market in Europe currently represents the largest share in terms of value. The region is home to a massive manufacturing sector, which is well supported by governing bodies. Investments in manufacturing domains in Europe have been steady, which reflects favorably on the metrology market in the region. In addition, European manufactures are bound to work within EU’s strict manufacturing framework, consequently, driving the adoption of industrial metrology solutions. By the year 2027, the Europe metrology market expected to reach a valuation of over USD $397 million. APAC is also expected to present attractive opportunities for market participants in the near future with the regional market expected to expand at 10.60% CAGR.