DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/lz7kzn/global_coordinate) has announced the addition of the "Global Coordinate Measuring Machine Market 2011-2015" report to their offering.
TechNavio's analysts forecast the Global Coordinate Measuring Machine market to grow at a CAGR of 3.38 percent over the period 2011-2015. One of the key factors contributing to this market growth is the need for products with increased dimensional accuracy. The Global Coordinate Measuring Machine market has also been witnessing the increased adoption of retrofitted coordinate measuring machines. However, the high cost of coordinate measuring machines could pose a challenge to the growth of this market.
The key vendors dominating this market space are Hexagon AB, Carl Zeiss AG, and Mitutoyo Corp.
Other vendors mentioned in the report are FARO Technologies Inc., Helmel Engineering Products Inc., ITP Group, Chien Wei Precise Technology Co. Ltd., International Metrology Systems Ltd., Dukin Co. Ltd., Metronor AS, Nikon Metrology NV, Trimek, WENZEL Prazision GmbH, and Tarus Products Inc.
Commenting on the report, an analyst from TechNavio's Engineering team said: ''Competition in the Global Coordinate Measuring Machine (CMM) market has intensified in the last few years. This has led to a decrease in the overall price of CMMs. Consequently, there is an increase in the price wars among the vendors in the market. Moreover, with the advances in technology and the emergence of global sourcing, the cost of the development of CMMs has been declining. This is also because of the large variety of vendors and their varying pricing strategies that are aimed at capturing significant shares in the market. Furthermore, the vendors are focusing on the development of economically priced CMMs in an attempt to tap the Micro, Small, and Medium-sized Enterprise sector.''
According to the report, one of the main drivers is the need for products with increased dimensional accuracy. This is because the quality inspection capabilities that can be achieved by the effective deployment of CMMs facilitate the development of superior products.
For more information visit http://www.researchandmarkets.com/research/lz7kzn/global_coordinate.