LONDON--(BUSINESS WIRE)--The global metrology services market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing use of CAD by manufacturers. Currently, modern manufacturing increasingly requires manufacturers to use CAD software even for non-critical parts in the automotive, aerospace, defense, and heavy equipment industries. This is because CAD not only automates the design process but also offers an opportunity to introduce minor or major design changes in the CAD model of the current component. The growing adoption of CAD by manufacturers is increasing demand for metrology services as the comparison of a tool or component produced can be made quickly with a CAD model using a CMM, tracker, scanner, or visual device. The efficiency of the inspection process improves significantly, thereby driving the market towards a positive outlook during the forecast period.
As per Technavio, the emerging applications of metrology services in additive manufacturing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global metrology services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global metrology services market: Emerging applications of metrology services in additive manufacturing
With additive manufacturing, construction, and forensics emerging as new application areas, market institutions such as the National Institute of Standards and Technology (NIST) are helping manufacturers develop industrial capabilities for additive manufacturing. This is also leading to metrology service providers developing methods, tools, data, and standards to monitor processes in additive manufacturing so that manufacturers can determine the effectiveness of the components and parts. For instance, ZEISS introduced a new holistic and integrated 3D-manufacturing inspection solution for improved yield in additive manufacturing. With enhancements in additive manufacturing processes to produce parts that have low tolerances, metrology service providers are also expected to increase their offerings for such manufacturers, thereby driving growth for the overall global market during the forecast period.
“Apart from the emerging applications of metrology services in additive manufacturing, the growing adherence to global quality standards, the inability of traditional measurement products to analyze complex geometries, the shrinking lifecycle of consumer and industrial products, and the increasing number of M&A in the market are some major aspects that are expected to contribute largely to the growth of the overall global market,” says a senior analyst at Technavio.
Global metrology services market: Segmentation analysis
This market research report segments the global metrology services market by application (heavy equipment, automotive, aerospace and defense, others) and geographical regions (Europe, APAC, North America, South America, and MEA).
The European region led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rapidly growing investments in the power generation and automobile sectors.
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Market Landscape
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- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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