Id: CBI_ 1487 | Pages: 332 | Format : PDF | Published : | Author : Pawan Chasta
Metrology Market size is estimated to reach over USD 15,469.82 Million by 2031 from a value of USD 10,036.48 Million in 2023 and is projected to grow by USD 10,415.46 Million in 2024, growing at a CAGR of 5.6% from 2024 to 2031.
Metrology refers to the science of measurement. It involves the establishment of units of measurement and ensuring consistency and reliability of these measurements across different applications. It ensures that the measurements are accurate, consistent, and reliable for quality control, compliance with standards, and scientific research. Additionally, it ensures products meet required specifications, and helps companies meet international standards, making their products reliable and safe. Moreover, measurements are accurate, consistent, and reliable, which is essential for maintaining quality, meeting standards, and advancing scientific research. From manufacturing processes to everyday commercial transactions, measuring systems influence how things are measured and evaluated. The aforementioned benefits of metrology are major determinants for increasing their deployment in aerospace, automotive, healthcare, and other industries.
The demand for precision in manufacturing is becoming increasingly critical as industries like aerospace, automotive, and electronics continue to evolve. These sectors deal with complex components that require meticulous attention to detail, often down to micrometer or even nanometer accuracy. In such high-stakes industries, even minor deviations can lead to significant issues, ranging from performance failures to safety hazards. Additionally, advanced measuring tools help manufacturers catch defects early in the production process, preventing costly recalls and rework. This leads to more consistent product quality and reduces waste. Moreover, automation in measuring systems, including in-line measurement systems, enables real-time monitoring of production lines. This ensures that any deviations are identified immediately, allowing for quicker adjustments and minimizing downtime.
Therefore, the rising demand for accuracy and reliability in the manufacturing sector is boosting the metrology market growth.
Installing advanced measuring systems, such as 3D scanners, laser trackers, and high-precision coordinate measuring machines (CMMs), often involves substantial expenditure. The initial purchase price of sophisticated measuring equipment is typically high. High-precision instruments, especially those with advanced features and capabilities, require a significant capital investment. Additionally, proper installation of measuring systems also requires modifications to the physical environment. This could involve structural changes to accommodate large equipment, ensuring appropriate power and data connections, and controlling environmental factors.
Moreover, ongoing maintenance is crucial to ensure that measuring systems operate accurately and reliably which requires regular calibration. This involves checking and adjusting the equipment to ensure it meets specified accuracy standards, which is expensive for highly sophisticated systems. Furthermore, as technology evolves, measuring systems become outdated. The cost of upgrading or replacing outdated equipment to keep pace with technological advancements adds to the long-term maintenance expenses.
Hence, the high costs associated with the installation and maintenance of advanced measurement systems are hindering the metrology market demand.
The future will see a continued rise in automated measuring systems, which integrate directly into production lines. These systems provide real-time measurement data, allowing for immediate adjustments and reducing defects. As industries move toward Industry 4.0, fully automated measuring processes will become a key component of smart factories, improving efficiency, and accuracy, and reducing costs. Additionally, the expansion of robotics and AI-driven automation in measuring will also unlock new opportunities in mass production and continuous manufacturing, ensuring improved product quality.
Furthermore, as AI systems grow more sophisticated, the potential for fully autonomous, self-learning measuring systems becomes realistic. These systems could make required adjustments, predict faults, and continually improve measurement accuracy without human intervention.
Consequently, automated measurement systems enable to achievement of greater accuracy, efficiency, reliability, and quality control processes, boosting the metrology market opportunities.
Based on components, the market is trifurcated into hardware, software, and services.
Trends in the Component:
The hardware component accounted for the largest revenue share of 51.37% in the year 2023.
The software component is anticipated to register the fastest CAGR during the forecast period.
Based on product type, the market is segmented into coordinate measuring machines (CMM), optical digitizers and scanners, measuring instruments, x-ray and computed tomography (CT), automated optical inspection, 2d equipment, and others.
Trends in the Product Type:
The coordinate measuring machine (CMM) accounted for the largest revenue share in the year 2023.
The X-ray and computed tomography (CT) is anticipated to register the fastest CAGR during the forecast period.
Based on application, the market is segmented into reverse engineering, quality control and inspection, mapping and modeling, research and development, virtual simulation, 3d scanning, and others.
Trends in the Application:
Quality control and inspection accounted for the largest revenue share in the year 2023 and is anticipated to register the fastest CAGR during the forecast period.
Based on end-users, the market is segmented into aerospace and defense, automotive, manufacturing, healthcare, and others.
Trends in the End-User:
The automotive segment accounted for the largest revenue share in the year 2023.
Healthcare is anticipated to register the fastest CAGR during the forecast period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 3,227.06 Million in 2023. Moreover, it is projected to grow by USD 3,356.87 Million in 2024 and reach over USD 5,115.87 Million by 2031. Out of this, China accounted for the maximum revenue share of 26.7%. The Asia-Pacific region, particularly China, Japan, and India, is experiencing rapid industrialization and growth in manufacturing sectors. This region is becoming a major player in the metrology market due to increased manufacturing activities and the adoption of advanced technologies. Moreover, the rise of emerging technologies in electronics, semiconductor, pharmaceutical, and healthcare sectors is significantly driving the need for sophisticated measuring solutions catering to provide precision measurement.
North America is estimated to reach over USD 5,377.31 Million by 2031 from a value of USD 3,520.88 Million in 2023 and is projected to grow by USD 3,651.04 Million in 2024. North America, particularly the United States and Canada, is a leader in adopting and advancing measuring technologies. This region benefits from a strong focus on innovation, with significant investments in research and development, particularly in the automotive, aerospace, and healthcare sectors. Additionally, the need for precise measurement solutions is driven by advancements in healthcare technologies and aerospace engineering. North America's robust healthcare infrastructure and leading aerospace sector contribute to the high adoption of measuring solutions.
According to metrology market analysis, European countries including Germany, France, and the UK are prominent markets for measuring solutions. The region adheres to stringent regulatory standards for quality and precision particularly in the automotive sector which fuels the metrology market expansion.
Latin America is seeing growth in its manufacturing sector, particularly in Brazil and Mexico. This expansion is leading to increased adoption of measuring solutions for quality control and precision measurement boosting the metrology market.
The Middle East and Africa region are emerging in the metrology market, driven by infrastructure projects and the development of industrial sectors. Countries including UAE and South Africa are seeing increased investments in technology and manufacturing.
The metrology market is highly competitive with major players providing accurate measurements to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the metrology market. Key players in the metrology industry include-
Product Launches:
Product Enhancement:
Collaborations:
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 15,469.82 Million |
CAGR (2024-2031) | 5.6% |
By Component |
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By Product Type |
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By Application |
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By End User |
|
By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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The Asia-Pacific region is anticipated to register CAGR during the forecast period with a strong focus on innovation, with significant investments in research and development, particularly in the automotive, aerospace, and healthcare sectors. Additionally, the need for precise measurement solutions is driven by advancements in healthcare technologies and aerospace engineering. North America’s robust healthcare infrastructure and leading aerospace industry contribute to the high adoption of metrology solutions.
There is a growing trend towards real-time data processing and visualization in metrology software. This capability allows for immediate analysis and feedback, improving the efficiency and responsiveness of measurement processes.
The major key players in metrology market are FARO Technologies, Inc. (US), Hexagon AB (Sweden), Zeiss Group (Germany), Mitutoyo Corporation (Japan), Nikon Metrology NV (Belgium), Renishaw plc (UK), KLA Corporation (US), Creaform Inc. (Canada), Perceptron, Inc. (US), GOM GmbH (Germany), AMETEK, Inc. (US), KEYENCE Corporation (Japan), Bruker Corporation (US), InnovMetric Software Inc. (Canada), Wenzel Group GmbH & Co. KG (Germany) and others.
Metrology refers to the science of measurement. It involves the establishment of units of measurement and ensuring consistency and reliability of these measurements across different applications. It ensures that the measurements are accurate, consistent, and reliable for quality control, compliance with standards, and scientific research.