Overview

Metrology Services Market Introduction:

The global metrology services market is forecasted to value over USD 1.1 Billion by 2029 end and register a CAGR of over 5.2% from 2020 to 2029.

The increasing necessity of achieving high quality components in industries like aerospace, automotive and power generation is driving the demand for metrology services. The expansion of aerospace and defense industries is also driving the growth of the market. Metrology services play an instrumental role in various industrial applications. They are primarily used for surface analysis, flake analysis, cast iron modulatory and grain sizing. Owing to these features, the market is expected to achieve substantial growth over the forecast period.

The market is classified into product, application, and region. Based on the product, the CMM is expected to control the growth of the market. It's expected to reach around USD 390 million by 2029.

Coordinate Measuring Machine (CMM) provides accurate measurements of the object for assembling, design, profiling, and testing. A rapid increase in demand for machine installation, retrofitting and calibration has resulted in immense demand for CMM, thus propelling the market. A gradual increase in demand for manufacturing, power generation, and automotive applications is expected to stimulate market growth.

The Optical Digitizer Scanner is also forecasted to witness notable growth. The ODS is capable of capturing the whole geometry for inspection reasons. It offers high accuracy and is in vast demand in automotive component, surface analysis, and gas turbine blade.

In terms of application, the aerospace industry is expected to dictate market growth. Advancements in portable CMM, 3D measurement solution, cloud-based software, and robot-mounted ocular CMM scanner has spiked the demand for metrology services. The automotive sector is also expected to dominate the market over the forecast period.

In terms of region, North America holds a vast share of the market. The substantial usage of metrological services in power generation industry remains the key reason behind the growth of the market in the region. The technological advancements coupled with the presence of prominent players also remains a key factor behind the burgeoning of the market in the region. Asia-Pacific region is expected to be the fastest-growing region. The exponential growth of the defense and aerospace sector is boosting the presence of the market in the region. The rising number of manufacturing facilities of automotive component is also elevating the market in the region.

Major players of the market are:

Renishaw PLC, Faro Technologies Atos Se, Kofax Ltd, Infosys Ltd, Carl Zeiss AG, and Hexagon AB.

Metrology Services Market Segmentation:

By Product

CMM
Gantry Machine
Bridge Machine
Articulated Arm Machine
Horizontal Arm Machine
ODS
3D Laser Scanner
White Light Scanner
Laser Tracker

By Application

Automotive
Aerospace
Industrial
Power Generation
Others

By Region

North America
Europe
Asia Pacific
Latin America
Rest of the World

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Key Takeaways:

Prominent players highly engaging in R&D activities is boosting the market. Launch of new products is by the players is handing them a competitive edge as well.
ODS is expected to be in huge demand owing to the increase in surface analysis, powertrain components, automotive styling, component inspection is projected to expand the market.

Objectives of the Study:

To provide with an exhaustive analysis on the global metrology services market by product, by application, and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financial and core competencies