PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1053923
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1053923
Contact us about how to customize the report with add-on data.
The global 3D metrology market was valued at USD 2,800.6 Million in 2020, expanding at a 6.9% CAGR during the forecast period, 2021-2027.
3D metrology is the scientific study of physical measurement. It's often referred to as the general field of precision measurement within the industry. In its basic form, applying 3D metrology is very accurately acquiring an object's geometrical data in 3 axes (x, y, z).
Many factors are driving this market. For instance, increasing the spending on R&D for 3D metrology, increasing the quality control while manufacturing goods, demand for higher productivity by the electronic manufacturing services companies are also increasing. For instance, as per the World Economic Forum report in 2019, BMW Group (Regensburg Plant, Germany) had manufactured approximately 320,000 vehicles in 2018 by using the custom BMW internet of things platforms like 3D metrology, visual inspection, auto-monitoring system, it reduced time and cost. Along with that increasing adoption of cloud computing services and increase demand for industry 4.0 is expected to give growth opportunities to the 3D metrology market players.
Further, due to the Covid-19 pandemic, business and manufacturing plants were closed thereby negatively impacting the 3D metrology market. Along with that complete or partial lockdown around the globe has affected the global supply chain posing a barrier to producers to reach customers. In addition, the COVID-19 pandemic created manufacturing interruption across Europe and disrupted Chinese parts exports.
The 3D metrology market is segmented based on offerings, product, application, end-user, and region.
Based on Offerings, the global 3D metrology market is divided into Hardware, Software, and Services. The hardware segment is dominating the 3D Metrology market. Various industries such as defense, automotive, aerospace, architecture, construction, medical, electronics, energy & power, and heavy machinery increased the adoption of 3D metrology instruments to control their product quality, it is the major growth driver of the hardware market.
In terms of product, the global 3D metrology market is divided into coordinate measuring machine, video measuring machine, optical digitizer & scanner, automated optical inspection,
The CMM is expected to grow during this forecast period. The key industries for the 3D metrology CMM market are automotive aerospace & defense because these industries increasing the adoption of portable systems like articulated arm CMM for measuring and manufacturing spare parts and major components used in airplanes or vehicles. The portable articulated arm CMM is very easy to use and gives faster and more accurate measurements of any object within a specified range. Along with that, factors such as growing interest in the Industrial Internet of Things (IIoT) and superior quality inspections. This factor creates a huge demand for CMM within this industry. For instance, In October 2021, Zygo Launches VFA+ For Precise Asphere Metrology. In January 2022, Cross Precision Measurement, a division of Cross Company, has announced its partnership with Kreon.
Depending upon application type, the global 3D metrology market is segmented into quality control and inspection, virtual simulation, reverse engineering, and other applications. The quality control and inspection market is dominating in this segment with a share of 40.1% in 2020. Because 3D metrology is normally used for checking and controlling the quality of products to give standardized, reliable, and accurate outcomes. This gives a push to grow in this segment.
Further, in terms of End-user, it is divided into aerospace & defense, automotive, architecture & construction, medical, electronics, energy & power, heavy machinery industry, mining, and others. In this segment, it is very difficult to clearly mention the dominator because all industries are adopting 3D metrology to make their product of good quality.
In terms of region, it is divided into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia-Pacific region dominated the global 3D metrology market. And the North American region held the second dominant position in the market. The Asia-Pacific region contributes more because of the high economic development in major countries such as India, China, Japan in this region. The number of automobile manufacturing plants is more in APAC than in other regions therefore the demand for 3D metrology offerings is expected to grow rapidly in this region. And North America is the fastest-growing due owing to the growing aerospace and automotive industries in North America and the presence of a large number of distributors for metrology equipment. The continuous technological progressions and financial backing from the government further propel the growth of this market.
The key players of this market are Hexagon, FARO Technologies, Creaform, Jenoptik, KEYENCE Corp., Mitutoyo Corporation, Nikon Corp., Automated Precision, Inc., KLA Corporation, ZEISS Group, Perceptron, Renishaw, CyberOptics, Baker Hughes Company, 3D Systems, Inc., Trimble, and Metrologic Group and etc.
Several leading players are launching advanced technology for better outcomes. For instance, in November 2020, FARO Technologies announced its next-generation Vantage Laser Tracker 6 Degrees of Freedom (6DoF) Probe. This new product is aimed to offer superior portability and is compatible with VantageE6 Laser Trackers and FARO VantageS6. Likewise, in November 2020, Nikon Corporation developed a new CNC video measuring system that provides unparalleled repeatability, accuracy, and reliability. Such initiatives would, in turn, support the industry development to a great extent.
The scope of this report covers the market by its major segments, which include as follows: