The resurgence in the industrial sector post economic slowdown coupled with the growing trend towards automated manufacturing units is instrumental in driving demand for metrology solutions and services. Furthermore, advancements in measurement technologies and mounting preference for portable metrology solutions have further fueled market momentum. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 7.9% during the forecast period 2016 – 2023. However, issues such as lack of product differentiation and the requisite expertise to efficiently operate metrology solutions may pose moderate challenge to the growth prospects over the forecast period. The global metrology services market is expected to expand at a CAGR of 7.9% from 2016 to 2023, exceeding US$ 985.0 Mn by 2023.
Report Scope
This report analyzes the global metrology services market in terms of product type, end-use application, and geography. On the basis of product type, the market is segmented into Coordinate Measuring Machines (CMM) and Optical Digitizers and Scanners (ODS). Similarly, on the basis of end-use application, the market for metrology services is further classified into industrial manufacturing, automotive, electrical and electronics, aerospace, and energy and power among others. The geographical distribution of the global metrology services market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global Metrology Services Market - Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global metrology industry.
Target Audience
USP and Key Offerings
The report titled “Global Metrology services Market- Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” offers strategic insights into the global metrology services market along with the market size and estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on applications, product type, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading metrology services providers their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global metrology services market, offering market size and estimates for the period from 2014 to 2023, keeping in mind the above mentioned factors.
In terms of revenue, optical digitizers and scanners comprising 3D laser scanners, laser trackers, and while light scanners dominated the global metrology services market in the base year of 2015. The segment accounted for over 55% of the global metrology services market revenue in the same year. The segment is expected to witness comparatively higher growth than coordinate measuring machines during the forecast period 2016 – 2023. Growing demand for precise, accurate and 3D measurements is favoring demand for optical digitizers and scanners across the globe. On the other hand, the growing preference for optical digitizers and scanners is expected to coincide with the revenue decline in the coordinate measuring machine segment. While the metrology service market for coordinate measuring machines is witnessing sluggish growth, the demand for articulated arm metrology services is on an upsurge and is estimated to witness steady growth during the forecast period.
Growing end-use consumption owing to ever rising population has put pressure on manufacturers to supply quality turn-key products in shorter lead times. Metrology services help manufacturers to enhance and improve manufacturing processes by allowing minute measurements and inspection of every element involved. Thus, metrology solutions are increasingly finding adoption across varied industry verticals.
As of 2015, the global metrology services market was led by the industrial manufacturing segment. The segment accounted for over 28% of the global metrology services market revenue in the same year and is expected to exhibit robust growth during the forecast period. The growing trend towards complete automation in manufacturing facilities bodes well for market growth in this segment. The automotive was the second largest end-use application market, which accounts for around one-fourth of the global market revenue. The market for automotive metrology services is expected to be driven by growing demand and production of automobiles across the globe.
In the base year of 2015, Asia Pacific was the largest metrology services market in terms of revenue. The region is also poised to exhibit strong growth during the forecast period led by demand from India and China. The dominance and anticipated growth in the region can be majorly credited to growing demand for high-precision components in multiple industries including automotive, semiconductors and power generation among others. The trend is expected to continue and the region is poised to retain its leading position throughout the forecast period 2016 – 2023. The demand for metrology solutions and services in the region is also attributed to increasing automation of industrial manufacturing units.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Metrology Services market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
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End-use Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
