The Global Metrology Services Market, By Product Type (Coordinate Measuring Machines (Gantry machines, Bridge machines, Articulated arm machines Horizontal arm machines), Optical Digitizers and Scanners (3D laser scanners, White light scanners and Laser trackers)), By Application (Automotive, Aerospace, Industrial, Power Generation and Others)and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Forecast to 2027, is expected to be valued at US$ 2261.9 million by 2027, exhibiting a CAGR of 13.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Metrology is the scientific study of measurement. It establishes a common understanding of units, which is crucial in connecting human activities. It helps manufacturers to enhance their efficiency by optimizing productivity without significantly affecting the resource requirements. There are a number of products that can be independently used or as integrated systems such as quality control or inspection, product quality optimization, measurement (3D), reduce scrap/waste generation, etc.
The global metrology services market is estimated to account for US$ 2261.9 Mn in terms of value by the end of 2027.
Lack of applicability of existing measuring equipment is expected to propel the global metrology services market growth over the forecast period
Exiting equipment measuring equipment cannot address challenges such as efficiency, accuracy, and throughput. This situation becomes even more complicated for large components such as construction equipment, automobile parts, factory retrofits, aircraft parts, and other bulkier components. Hence, there is a need for advanced metrology products that can resolve all challenges with utmost efficacy. However, installation of new products and upgrades of retrofit products will require substantial investments, which will increase operating costs and reduce the profitability if prices are still kept low due to price competitiveness in the market. Hence, these factors are expected to drive growth of the global metrology services market during the forecast period.
Demand for large volumes of 3D for modeling and analysis can present lucrative growth opportunities
With growing competition across several sectors such as manufacturing, processing, automotive among others, manufacturers are looking for new alternatives to improve the quality of products while restricting costs involved, as this gives them the ability to offer consumers competitively priced products. As a result, there is a surge in demand for advanced measurement tools and services, which can help manufacturers in effectively tapping data such as 3-D modeling and measurements, and so on. This data helps them to make real-time, accurate, and quick decisions thus making the entire production cycle speedier. However, such measuring instruments come at substantially higher prices, making them capital intensive assets for small and medium-sized businesses. Such businesses find outsourcing as a viable alternative and thus push up the demand for metrology services. Opting for metrology services helps them avail benefits of simultaneous access to multiple metrology devices, use of advanced technologies, and even be able to bargain profitable deals with service providers.
High risk associated with the market trend is expected to hinder the global metrology services market growth over the forecast period
Currently, the market relies on various sectors such as automotive, manufacturing, processing, and others. The market development also requires capital investment in terms of labor, metrology products, and facility. Therefore, for metrology services providers, it becomes difficult to immediately respond to global changes. For instance, a decline in industrial output in European and North American markets during the recession of 2009 forced service providers to look for new opportunities in relatively stable and resilient economies. Hence, these factors are expected to hinder the global metrology services market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global metrology services market during the forecast period. This owing to the emergence of new verticals such as academic and medical. Furthermore, the large presence of key market players such as Nikon Metrology Inc. across the region is expected to boost the regional market growth over the forecast period.
The Asia Pacific is expected to register a lucrative growth rate in the global metrology services market over the forecast period. This is owing to the high growth of the automotive and manufacturing sectors across the region. Moreover, rising growth of medical service is expected to boost regional market growth in the near future.
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Global Metrology Services Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on vehicle cameras, as Chinese automotive industries rapidly closing their business to reduce the spread of COVID-19 pandemic. Further, this trend continued in Europe and North America region, where factories where temporary closed due COVID-19 spread. In pre-crisis time, automotive industry witnessed significant drops in the sale of vehicle. For instance, According to the Coherent Market Insights analysis, in 2019, China registered 4.2% of drops in automotive sale, which is negatively impacted the metrology services.
Key players operating in the global metrology services market are Hexagon AB, Trescal SA, Optical Metrological Services, Carl Zeiss Corporation, Danish Micro Engineering A/S, Nikon Metrology Inc., FARO Technologies, Inc., Renishaw plc, and Optical Gaging Products, Inc.
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