This Metrology Systems market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Metrology Systems market.
Metrology Systems Market: Overview
Metrology is the science of measurement and is important in to areas as manufacturing, process and instrumentation industries. The manufacturing industry is observing high demand for metrology system due to the increasing demand for reducing errors during the manufacturing process and developing the product life cycle.
Metrology systems are highly perceptive, customizable, and easy to use in QC labs, engineering labs, and research departments to solve all the instrumentation and measurement needs, which enables companies to achieve complete automation and enhance production. The metrology system uses advanced technology that saves time, product development costs, by measuring the sight dimension of various objects that are difficult to measure.
The adoption of precision engineering methods by manufacturers with a focus on reliability and accuracy in the manufacturing of products has increased in the application of the metrology system.
Impact of COVID-19 Pandemic Outbreak on Metrology Systems Market
COVID-19 is the most significant problem to affect the technology industry in 2020. The metrology system market has been impacted by the outbreak of COVID- 19 across all regions, as all manufacturing companies are either completely shut down for production or operating at very limited production. The metrology system is used for a wide variety of measurement applications such as accuracy and precision measure, within these manufacturing industries.
Historically, the process instrumentation & measurement market grew around US$ 18 Bn globally, at an increased CAGR of 6% over 2019. Due to the COVID-19 outbreak, the market is projected to decline by nearly 5%-7% in 2020, which also impacts the metrology system market. However, according to approximations, if the COVID-19 pandemic condition gets controlled during Q3-Q4, 2020, the process instrumentation market would recover soon and should return to normal levels with steady growth.
Metrology Systems Market: Dynamics
Increasing demand for 3D metrology system for quality and accuracy analytics
The metrology system benefit in precision, cost minimization, and accuracy in measurement have resulted in increasing the adoption of metrology systems across various sectors. The advancement in the metrology system is increasing the demand for 3D metrology system. The 3D metrology system mainly used for quality control for accuracy in production such as industrial 3D scanning technology, optical 3D coordinate measuring machine, 3D motion sensor, and 3D measuring machine.
The 3D metrology system is quickly gaining traction in the aerospace, energy and power, automotive, and construction industries. The use of the 3D metrology system is increasing with the growing requirement to produce quality output in industrial applications.
Increasing adoption of CMM metrology system
The coordinate measuring machines (CMM) allows automated manufacturing process to increase production efficiency and product quality. These CMM devices include optical CMM, handheld scanner, articulated arm, laser scanning devices and other devices to increase the operational productivity.
The CMM metrology system is used to assemble and test components against the design fixed in the manufacturing and assembly process. The adoption of the CMM metrology system in the automated manufacturing industry reduces the total operational cost, improve quality, and maintain the continuous flow of production which increases the demand of the metrology system.
For instance, in January 2020, LK Metrology has launched a new CMM measurement services section for performing contract dimensional inspection utilizing the latest metrology software.
Metrology Systems Market: Competition Landscape
Some of the prominent players of Metrology Systems are
- Panasonic Corporation
- Nikon Metrology
- Renishaw Plc.
- Metrologic Group
- FARO Technologies Inc
Metrology Systems Market: Regional overview
By geography, the metrology systems market has been segmented into North America, Latin America, Europe, South Asia Pacific, East Asia, and MEA (the Middle East & Africa). North America is anticipated to be the dominating region in terms of the presence of leading players in the market. The increasing infrastructure and application area of metrology systems in emerging economies, is the main factor contributing to the market growth during the forecast period.
The Metrology Systems market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with Metrology Systems market attractiveness as per segment. The Metrology Systems market report also maps the qualitative impact of various market factors on Metrology Systems market segments and geographies.
The report covers exhaustive analysis on:
- Metrology Systems Market Segments
- Metrology Systems Market Dynamics
- Metrology Systems Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Metrology Systems Market
- Metrology Systems Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, & Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, & Russia)
- East Asia (China, South Korea, and Japan)
- South Asia & Pacific (India, ASEAN, and Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey & South Africa)
- Detailed overview of parent Metrology Systems market
- Changing Metrology Systems market dynamics in the industry
- In-depth Metrology Systems market segmentation
- Historical, current, and projected Metrology Systems market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Metrology Systems Market: Segmentation
The Metrology systems market has been segmented on the basis of component, type, industry and region.
The Metrology Systems market is segmented on the basis of component:
The Metrology Systems market is segmented on the basis of industry:
- Aerospace & defense
- Power and energy
The Metrology Systems market is segmented on the basis of type:
- 3D tomography machines
- 3D scanning technology
- Coordinate measurement machines (CMM)
- Vision measurement systems
Frequently Asked Questions
What research methodology is used to develop the Metrology Systems Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Metrology Systems Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Metrology Systems Market report?
In addition to up-to-date market figures and customized of the Metrology Systems Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.