Industrial Metrology Market Opportunities 2031
The Industrial Metrology Market is expected to register a CAGR of 6.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The market is segmented into by Component, Product, Application and Industry Vertical. The Component segment is divided into hardware, Software, and Service. Based on Product, the market is divide into Optical Digitizer & Scanner, Coordinate Measuring Machine. Based on Application, the market is divided into Reverse Engineering, Quality Control and Inspection, and Mapping and Modelling. Based on Industry Vertical, the market is segmented into Aerospace & Defense, Automotive, Precision Manufacturing, and Consumer Electronics.
Purpose of the ReportThe report Industrial Metrology Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Industrial Metrology Market Segmentation
Component- hardware
- Software
- Service
- Optical Digitizer & Scanner
- Coordinate Measuring Machine
- Reverse Engineering
- Quality Control and Inspection
- Mapping and Modelling
- Aerospace & Defense
- Automotive
- Precision Manufacturing
- Consumer Electronics
- Aerospace & Defense
- Automotive
- Precision Manufacturing
- Consumer Electronics
Strategic Insights
Industrial Metrology Market Growth Drivers- Increased Focus on Quality Control with Precision: The increasing attention to quality assurance with precision in the manufacturing processes is one of the key drivers for the industrial metrology market. Automotive, Aerospace, and Electronics industries, where the measurement needs high accuracy have great attraction towards product quality control and regulatory standards.
- New technologies in measurements: The growth of industrial metrology is also due to the new-age measurement technologies, including advanced sensors, laser scanners, and three-dimensional measurement systems. It secures better precision and efficiency with measurements that are highly necessary for contemporary manufacturing processes.
- Demand for Quality Control and Compliance: Industries are more focused on quality control and regulatory compliance, mainly in highly regulated industries, such as pharmaceuticals and medical devices. Industrial metrology can help achieve stringent quality standards by ensuring products comply with the required specifications and minimizing the risk of defects or recalls.
- Increased Trend towards Automation and Robotics: There is a well-noted trend toward automation in industrial measurements. Automated metrology solutions, including robotic arms equipped with measurement tools, are increasingly being implemented, making inspection faster and more accurate with less human error.
- Eco-Friendly Trends in Industrial Metrology: Increasing concerns for sustainability along with being eco-friendly industrial metrology has exhibited a trend toward sustainability, manufacturers approach measurements in solution-based methods that can greatly minimize waste and ensure as low energy consumption as possible. This move toward eco-friendliness is having a bearing on the way tools are developed in metrology and therefore impacts the sustainable manufactured processes.
- Integration of IoT and Smart Manufacturing: The industrial metrology market is likely to see great opportunities with the rise of IoT and smart manufacturing. With the integration of metrology solutions with IoT, real-time monitoring and data analysis can be achieved to enable improvement in operational efficiency and predictive maintenance capabilities.
- New Opportunities in Emerging Markets: Growing industrialization in developing markets offers an increased possibility for metrology solutions. The regions are increasingly engaging in advanced manufacturing technologies, further demanding better measurement tools to support the production processes.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Industrial Metrology Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Industrial Metrology Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The Industrial Metrology Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage:by Component (hardware, Software, and Service); Product (Optical Digitizer & Scanner, Coordinate Measuring Machine); Application (Reverse Engineering, Quality Control and Inspection, and Mapping and Modelling); and Industry Vertical (Aerospace & Defense, Automotive, Precision Manufacturing, and Consumer Electronics), and Geography (North America, Europe, Asia Pacific, and South and Central America) is estimated to witness a CAGR of 6.5% from 2023 to 2031
The major factors driving the industrial metrology market are: Increased Focus on Quality Control with Precision
limited availability of expert resources
The leading players includes JENOPTIK, Mitutoyo, Hexagon AB, Nikon Corporation, FARO, Carl Zeiss, Perceptron, Automated Precision Inc., KLA Corporation, Applied Materials Inc.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1 INTRODUCTION
1.1 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
2 KEY TAKEAWAYS
3 INDUSTRIAL METROLOGY MARKET LANDSCAPE
3.1 OVERVIEW
3.2 MARKET SEGMENTATION
3.2.1 Industrial Metrology Market - By Component
3.2.2 Industrial Metrology Market - By Product
3.2.3 Industrial Metrology Market - By Application
3.2.4 Industrial Metrology Market - By Industry Vertical
3.2.5 Industrial Metrology Market - By Region
3.2.5.1 By Countries
3.2.6 PEST Analysis
3.2.6.1 North America - PEST Analysis
3.2.6.2 Europe - PEST Analysis
3.2.6.3 Asia Pacific (APAC) - PEST Analysis
3.2.6.4 Middle East & Africa (MEA) - PEST Analysis
3.2.6.5 South America (SAM)- PEST Analysis
4 INDUSTRIAL METROLOGY MARKET - KEY INDUSTRY DYNAMICS
4.1 KEY MARKET DRIVERS
4.2 KEY MARKET RESTRAINTS
4.3 KEY MARKET OPPORTUNITIES
4.4 FUTURE TRENDS
4.5 IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
5 INDUSTRIAL METROLOGY MARKET - GLOBAL MARKET ANALYSIS
5.1 INDUSTRIAL METROLOGY- GLOBAL MARKET OVERVIEW
5.2 INDUSTRIAL METROLOGY- GLOBAL MARKET AND FORECAST TO 2028
6 INDUSTRIAL METROLOGY MARKET REVENUE AND FORECASTS TO 2028 -COMPONENT
6.1 OVERVIEW
6.2 COMPONENT MARKET FORECASTS AND ANALYSIS
6.3 HARDWARE MARKET
6.3.1 Overview
6.3.2 Hardware market forecast and analysis
6.4 SOFTWARE MARKET
6.4.1 Overview
6.4.2 Software market forecast and analysis
6.5 SERVICE MARKET
6.5.1 Overview
6.5.2 Service market forecast and analysis
7 INDUSTRIAL METROLOGY MARKET REVENUE AND FORECASTS TO 2028 -PRODUCT
7.1 OVERVIEW
7.2 PRODUCT MARKET FORECASTS AND ANALYSIS
7.3 OPTICAL DIGITIZER & SCANNER MARKET
7.3.1 Overview
7.3.2 Optical Digitizer & Scanner market forecast and analysis
7.4 COORDINATE MEASURING MACHINE MARKET
7.4.1 Overview
7.4.2 Coordinate Measuring Machine market forecast and analysis
8 INDUSTRIAL METROLOGY MARKET REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1 OVERVIEW
8.2 APPLICATION MARKET FORECASTS AND ANALYSIS
8.3 REVERSE ENGINEERING MARKET
8.3.1 Overview
8.3.2 Reverse Engineering market forecast and analysis
8.4 QUALITY CONTROL AND INSPECTION MARKET
8.4.1 Overview
8.4.2 Quality Control and Inspection market forecast and analysis
8.5 MAPPING AND MODELLING MARKET
8.5.1 Overview
8.5.2 Mapping and Modelling market forecast and analysis
8.6 OTHER APPLICATIONS MARKET
8.6.1 Overview
8.6.2 Other Applications market forecast and analysis
9 INDUSTRIAL METROLOGY MARKET REVENUE AND FORECASTS TO 2028 - INDUSTRY VERTICAL
9.1 OVERVIEW
9.2 INDUSTRY VERTICAL MARKET FORECASTS AND ANALYSIS
9.3 AEROSPACE & DEFENSE MARKET
9.3.1 Overview
9.3.2 Aerospace & Defense market forecast and analysis
9.4 AUTOMOTIVE MARKET
9.4.1 Overview
9.4.2 Automotive market forecast and analysis
9.5 PRECISION MANUFACTURING MARKET
9.5.1 Overview
9.5.2 Precision Manufacturing market forecast and analysis
9.6 CONSUMER ELECTRONICS MARKET
9.6.1 Overview
9.6.2 Consumer Electronics market forecast and analysis
9.7 OTHERS MARKET
9.7.1 Overview
9.7.2 Others market forecast and analysis
10 INDUSTRIAL METROLOGY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1 NORTH AMERICA
10.1.1 North America Industrial Metrology Market Overview
10.1.2 North America Industrial Metrology Market Forecasts and Analysis
10.1.3 North America Market Forecasts and Analysis - By Countries
10.1.3.1 US market
10.1.3.2 Canada market
10.1.3.3 Mexico market
10.1.4 North America Market Forecasts and Analysis - By Component
10.1.5 North America Market Forecasts and Analysis - By Product
10.1.6 North America Market Forecasts and Analysis - By Application
10.1.7 North America Market Forecasts and Analysis - By Industry Vertical
10.2 EUROPE
10.2.1 Europe Industrial Metrology Market Overview
10.2.2 Europe Industrial Metrology Market Forecasts and Analysis
10.2.3 Europe Market Forecasts and Analysis - By Countries
10.2.3.1 France market
10.2.3.2 Germany market
10.2.3.3 Italy market
10.2.3.4 Spain market
10.2.3.5 UK market
10.2.3.6 Rest of Europe market
10.2.4 Europe Market Forecasts and Analysis - By Component
10.2.5 Europe Market Forecasts and Analysis - By Product
10.2.6 Europe Market Forecasts and Analysis - By Application
10.2.7 Europe Market Forecasts and Analysis - By Industry Vertical
10.3 ASIA PACIFIC (APAC)
10.3.1 Asia Pacific Industrial Metrology Market Overview
10.3.2 Asia Pacific Industrial Metrology Market Forecasts and Analysis
10.3.3 Asia Pacific Market Forecasts and Analysis - By Countries
10.3.3.1 Australia market
10.3.3.2 China market
10.3.3.3 India market
10.3.3.4 Japan market
10.3.3.5 Rest of APAC market
10.3.4 Asia Pacific Market Forecasts and Analysis - By Component
10.3.5 Asia Pacific Market Forecasts and Analysis - By Product
10.3.6 Asia Pacific Market Forecasts and Analysis - By Application
10.3.7 Asia Pacific Market Forecasts and Analysis - By Industry Vertical
10.4 MIDDLE EAST AND AFRICA (MEA)
10.4.1 Middle East and Africa Industrial Metrology Market Overview
10.4.2 Middle East and Africa Industrial Metrology Market Forecasts and Analysis
10.4.3 Middle East and Africa Market Forecasts and Analysis - By Countries
10.4.3.1 South Africa market
10.4.3.2 Saudi Arabia market
10.4.3.3 UAE market
10.4.3.4 Rest of MEA market
10.4.4 Middle East and Africa Market Forecasts and Analysis - By Component
10.4.5 Middle East and Africa Market Forecasts and Analysis - By Product
10.4.6 Middle East and Africa Market Forecasts and Analysis - By Application
10.4.7 Middle East and Africa Market Forecasts and Analysis - By Industry Vertical
10.5 SOUTH AMERICA (SAM)
10.5.1 South America Industrial Metrology Market Overview
10.5.2 South America Industrial Metrology Market Forecasts and Analysis
10.5.3 South America Market Forecasts and Analysis - By Countries
10.5.3.1 Brazil market
10.5.3.2 Rest of SAM market
10.5.4 South America Market Forecasts and Analysis - By Component
10.5.5 South America Market Forecasts and Analysis - By Product
10.5.6 South America Market Forecasts and Analysis - By Application
10.5.7 South America Market Forecasts and Analysis - By Industry Vertical
11 INDUSTRY LANDSCAPE
11.1 MERGERS & ACQUISITIONS
11.2 MARKET INITIATIVES
11.3 NEW DEVELOPMENTS
11.4 INVESTMENT SCENARIOS
12 COMPETITIVE LANDSCAPE
12.1 COMPETITIVE PRODUCT MAPPING
12.2 MARKET POSITIONING/ MARKET SHARE
13 INDUSTRIAL METROLOGY MARKET, KEY COMPANY PROFILES
13.1 CARL ZEISS CORPORATION
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Financial Overview
13.1.4 SWOT Analysis
13.1.5 Key Developments
13.2 HEXAGON AB
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Financial Overview
13.2.4 SWOT Analysis
13.2.5 Key Developments
13.3 NIKON INC.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Financial Overview
13.3.4 SWOT Analysis
13.3.5 Key Developments
13.4 DANISH MICRO ENGINEERING A/S
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Financial Overview
13.4.4 SWOT Analysis
13.4.5 Key Developments
13.5 APPLIED MATERIALS
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Financial Overview
13.5.4 SWOT Analysis
13.5.5 Key Developments
13.6 AUTOMATED PRECISION
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Financial Overview
13.6.4 SWOT Analysis
13.6.5 Key Developments
13.7 FARO TECHNOLOGIES INC.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Financial Overview
13.7.4 SWOT Analysis
13.7.5 Key Developments
13.8 JLM ADVANCED TECHNICAL SERVICES
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Financial Overview
13.8.4 SWOT Analysis
13.8.5 Key Developments
13.9 RENISHAW PLC
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Financial Overview
13.9.4 SWOT Analysis
13.9.5 Key Developments
13.10 POLLEN METROLOGY
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Financial Overview
13.10.4 SWOT Analysis
13.10.5 Key Developments
14 APPENDIX
14.1 ABOUT THE INSIGHT PARTNERS
14.2 GLOSSARY OF TERMS
14.3 RESEARCH METHODOLOGY
1. Carl Zeiss Corporation
2. Hexagon AB
3. Nikon Inc.
4. Danish Micro Engineering A/S
5. Applied Materials
6. Automated Precision
7. FARO Technologies Inc.
8. JLM Advanced Technical Services
9. Renishaw PLC
10. Pollen Metrology
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.