3D Metrology Market worth $16.2 billion by 2024
Posted: Feb 03, 2019
According to the latest market research report "3D Metrology Market by Offering (Hardware, Software, Services), Product (CMM, ODS, VMM, 3D AOL), Application (Reverse Engineering, Quality Control & Inspection, Virtual Simulation), End-user Industry, and Geography - Global Forecast to 2024", the 3D metrology market is estimated to be valued at USD 9.5 billion in 2018 and is expected to reach USD 16.2 billion by 2024, at a CAGR of 9.3% from 2018 to 2024.
The adoption of 3D metrology equipment in industries such as aerospace & defense, automotive, architecture and construction, medical, electronics, energy & power, and heavy machinery to maintain product quality is expected to drive the growth of the 3D metrology market. Moreover, the growth can also be attributed to the adoption of automated technologies, which has revolutionized the manufacturing sector, and the evolution of smart factories has led to the demand for automated 3D metrology systems.
3D metrology market for services to grow at highest rate from 2018 to 2024
The high cost incurred in setting up a 3D metrology facility and the lack of 3D metrology experts are the major factors for the growth 3D metrology services. Manufacturing companies are outsourcing their 3D metrology work to service providers to achieve short measuring times, reduced measurement uncertainty, process stability, and evidence of test instrument capability, thereby driving the 3D metrology services market.
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CMM continues to hold largest market share in 3D metrology market during forecast period
Increasing adoption of CMM in industries such as aerospace & defense, automotive, medical, electronics, energy & power, and heavy machinery to maintain product quality is the major driver for the growth of the hardware market. High precision and accurate measurements can be achieved by CMM. Increased flexibility, reduced set-up time, improved accuracy, and enhanced productivity are the major advantages of a CMM over conventional gaging methods.
3D metrology market for quality control applications to grow at highest rate from 2018 to 2024
Automotive and aerospace & defense are the major industries where 3D metrology is used for quality control and inspection. 3D metrology is mainly used in the automotive industry for automotive component inspection, powertrain components, and full body inspection, as well as for checking accuracy and precision of all areas in a vehicle plant.
3D metrology market for automotive industry to grow at significant rate from 2018 to 2024
3D metrology is required in the automotive industry for inspection, measurement, and quality checking of various components. The automotive industry is increasingly using optical measurement systems and CMMs instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of a vehicle.
APAC to hold major share of 3D metrology market in 2018
APAC continues to grow at a high rate, which can be attributed to the high economic growth witnessed by major countries such as China and Japan in this region. The key countries contributing to the growth of the 3D metrology market in APAC include Japan, China, India, and South Korea. Remaining countries contributing to the market are considered in the Rest of APAC; these countries are Australia, New Zealand, Taiwan, Singapore, Indonesia, and the Philippines. Automobile and electronics manufacturers use 3D metrology systems during the production process for quality inspections; as the number of automobile manufacturing plants is more in APAC than other regions, the demand for 3D metrology offerings is expected to grow rapidly in this region.
The major players in the 3D metrology market include Hexagon AB (Sweden), Carl Zeiss AG (Germany), FARO Technologies (US), Mitutoyo Corporation (Japan) Nikon Corporation (Japan), KLA-Tencor (US), Jenoptik (Germany), Keyence (Japan), Perceptron (US), Creaform (Canada), GoM (Germany), Automated Precision (US), 3D Digital Corp (US), 3D System Corp (US), and Applied Materials (US).
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