Global Industrial Metrology Market Size, Share & Industry Trends Analysis Report By Offering, By Equipment, By Application, By End-User (Automotive, Aerospace & Defense, Semiconductor, Manufacturing), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Industrial Metrology Market
Market Report Description
The Global Industrial Metrology Market size is expected to reach $15.2 billion by 2028, rising at a market growth of 6.2% CAGR during the forecast period.
Industrial metrology is a system of measurement procedures, techniques, and sophisticated equipment. Typically, the measurement is performed to determine the quality and caliber of these operations. The importance of metrology is growing as trends such as automation, more independence in national defense, and the requirement for traceability continue to rise. Typically, peer review, agreements, or accreditation provide established benchmarks for these processes.
Measuring the development of a country's industrial sector has become more dependent on metrology. It is considered the most effective tool for monitoring, controlling, and verifying standards and procedures in production lines. It plays an increasingly vital role in the daily operations of large businesses, particularly when it needs to establish and adhere to stringent safety and quality standards.
Companies are enabled to obtain standardized quality of product perfection due to the methodologies and measuring tools. The vast majority of manufacturing industries are nearly entirely dependent on how their goods are manufactured with the help of industrial metrology. The corporations implement industrial metrology voluntarily to ensure the compliance and validity of its manufacturing.
This strategy fulfills worldwide standards and enables the organization to certify its expertise or product quality. Industrial metrology is a component of the process of quality assurance. It is up to the corporation to pick whatever standards it wishes to fulfill, and these standards are based on internationally recognized units specified by scientific metrology.
COVID-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the industrial metrology market. The pandemic halted and restricted supply chains and impacted the industrial metrology industry. This impeded the expansion of the manufacturing sector. The impact of the lockdown made the economic recovery of businesses contingent on their cash reserves. Various market participants, for instance, ceased manufacturing for several weeks to minimize costs, with a small number of companies implementing staff layoffs.
Market Growth Factors
Increase in Automotive in General Accompanied with The Rising Adoption of Electric Vehicles
Electric vehicles (EVs) have emerged as the most important automobile, and nearly all automakers have announced plans for EVs to gradually lead their product lines. As the move from internal combustion engines (ICE) to electric one’s proceeds, the number of drivetrain elements will diminish substantially. And the remaining components, which can be located in all types of vehicles, will be more vital to the performance and durability of the automobile. Industrial metrology solutions are mostly utilized in fuel cell systems, batteries, power electronics, and motors in electric cars.
Increase in Demand of Industry 4.0 Leading to An Increase in Smart Industries
The term Industry 4.0, also known as "smart factory," refers to a new phase in the industrial revolution that connects the manufacturing sector and information technology, in addition to all activities that are related to these two fields. It is being used in production facilities to increase asset utilization, avoid downtime, and improve worker efficiency to achieve overall improvements in productivity. It is anticipated that this will improve activities at all stages of the supply chain, beginning with the research and development stage and progressing up to the end-user phase.
Marketing Restraining Factor
Lack of Integrated Metrology Interfaces
At the sensor level, interfaces in regard to electrical, mechanical, and information technologies are essential. The interfaces are very different depending on the different measurement technologies employed, therefore they can only be standardized to a certain extent. Reconfiguring existing manufacturing facilities' production systems and operational procedures is challenging. Data processing and data transport are other key barriers to the application of in-process measurement.
Based on offering, the industrial metrology market is categorized into hardware, software, and services. The software segment garnered a significant revenue share in the industrial metrology market in 2021. The expansion can be linked to characteristics including data gathering and measurement across numerous sources. It also provides extensive, self-explanatory textual and graphical data that may be utilized to evaluate real-time variation and determine production trends.
On the basis of equipment, the industrial metrology market is divided into Coordinate Measuring Machine (CMM), Optical Digitizer and Scanner (ODS), measuring instruments, X-ray and Computed Tomography, automated optical inspection, form measurement equipment, and 2D equipment. The Coordinate Measuring Machine segment procured the largest revenue share in the industrial metrology market in 2021. CMMs are conventional metrology instruments utilized for quality inspection across a broad range of industry verticals. The costs of these products are quite inexpensive. End-users want advanced metrology technologies to decrease errors and increase product quality and lifetime as procedures for measuring dimensions are becoming increasingly refined.
Based on application, the industrial metrology market is segmented into quality control & inspection, reverse engineering, mapping and modeling, and others. The reverse engineering segment garnered a substantial revenue share in the industrial metrology market in 2021. Reverse engineering is the practice of deconstructing a product or component to determine how and why it functions. The procedure permits engineers to deconstruct a product which can then be rebuilt for a variety of advantages, such as complete design documentation.
End User Outlook
On the basis of end user industry, the industrial metrology market is classified into aerospace & defense, automotive, semiconductor, manufacturing, and others. The manufacturing segment garnered a promising growth rate in the industrial metrology market in 2021. The level of quality needed by product teams in manufacturing sector has increased as manufacturing techniques have become more advanced. Increasingly, components require levels of final surface granularity, feature clarity, and other material qualities that cannot be quantified manually.
|Market size value in 2021||USD 10.2 Billion|
|Market size forecast in 2028||USD 15.2 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 6.2% from 2022 to 2028|
|Number of Pages||323|
|Number of Tables||514|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Offering, Equipment, Application, End-User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on region, the industrial metrology market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment procured the largest revenue share in the industrial metrology market in 2021. The growth of the segment can be ascribed to the region's key countries experiencing rapid industrial expansion. During the production process, electronics and automobile manufacturers utilize industrial metrology processes for quality inspections. Industrial metrology is widely used in the defense and manufacturing sectors to conform to the statutory standards.
Free Valuable Insights: Global Industrial Metrology Market size to reach USD 15.2 Billion by 2028
KBV Cardinal Matrix - Industrial Metrology Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Keyence Corporation is the major forerunner in the Industrial Metrology Market. Companies such as FARO Technologies, Inc., Carl Zeiss AG, Mitutoyo Corporation are some of the key innovators in Industrial Metrology Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hexagon AB, Nikon Corporation, FARO Technologies, Inc., Carl Zeiss AG, Jenoptik AG, Keyence Corporation, Creaform, Inc. (AMETEK, Inc.), Renishaw PLC, Mitutoyo Corporation and KLA Corporation
Strategies deployed in Industrial Metrology Market
» Acquisitions and Mergers:
- Oct-2022: Carl Zeiss took over GOM UK, a company specializing in industrial 3D measuring technologies. Through this acquisition, Carl Zeiss focused on complementing its existing Industrial Quality Solutions provision with GOM's systems and machines for industrial, software, and automated 3D testing and 3D coordinate measuring systems.
- Sep-2022: FARO took over GeoSLAM, a leading UK-based mobile mapping company. Following this acquisition, FARO aimed to increase its reality capture solutions' range by including mobile scanning by GeoSLAM. The reality capture solutions range incorporates a 360-degree camera, stationary and mobile scanning abilities, as well as a laser scanning tool with high accuracy.
- May-2022: ZEISS acquired ETEO Software Factory, a software development company. Following this acquisition, ZEISS aimed to increase its growth opportunities by implementing ETEO's software in the rising number of digital projects for ZEISS Group and external customers and enhanced the offering with a developed innovative strength.
- Jun-2021: FARO acquired HoloBuilder, cloud-based software that provides virtual reality capturing of construction sites. With this acquisition, FARO aimed to expedite a real end-to-end Digital Twin solution, and further propelled its objective of gaining recurring revenues through market share.
- May-2021: ZEISS took over Capture 3D, a leader in 3D Scanning technology, photogrammetry, and automated inspection solutions. Through this acquisition, ZEISS focused on expanding its penetration in the US to offer its Industrial Quality & Research services to more companies. The acquisition benefitted customers by providing them with task-specific measuring solutions through a streamlined integrated experience.
- Sep-2020: Jenoptik took over TRIOPTICS, an optics specialist. The acquisition brought together the portfolios of both companies, which allowed them to provide a wide range of measuring systems and manufacturing facilities for optical microcomponents and sensor solutions.
- Jan-2020: Jenoptik acquired INTEROB, a company dedicated to the design, construction, and manufacture of capital goods. Following this acquisition, Jenoptik focused on being an integrated provider of services in metrology, automation, and laser material processing for highly evolved production environments. The acquisition benefitted INTEROB by providing Jenoptik's expansive expertise, global presence, and financial strength, which further produced synergies in the fields of production, development, sales, and service.
» Partnerships, Collaborations and Agreements:
- Aug-2021: Nikon collaborated with Aeva Technologies, a company engaged in designing, manufacturing, and sale of LiDAR sensing systems. The collaboration focused on generating next-generation solutions by utilizing Aeva’s unique FMCW module and thereby expediting their implementation globally by leveraging the market-leading placement of Nikon in industrial precision and laser radar technology.
- May-2021: Mitutoyo partnered with API, a leader in Laser Tracker technology. Following this partnership, the companies focused on distributing the portable dimensional metrology equipment of API all across Mitutoyo’s global network. Mitutoyo’s diverse portfolio and API’s complete range of portable equipment is an ideal integration that delivers an improved quality product of metrology to businesses at their desired speed.
- Feb-2021: Mitutoyo partnered with Kitov, a provider and developer of automated smart visual inspection software solutions. The partnership provided Mitutoyo with effective technologies, which aided the company in completely automating and enhancing the inspection and measurement solutions.
» Product Launches and Product Expansions:
- Sep-2022: FARO unveiled FARO Vantage Max Laser Tracker, available in two models, VantageE6 Max and VantageS6 Max. The VantageE6 Max and VantageS6 Max Laser Trackers provide an extensive, large-volume 3D measurement of up to 80 m, and reduced inspection cycles while enhancing full confidence in outcomes and streamlined processes. The offerings maximize the measurement abilities of 6DoF via the optional tactile 6Probe, allowing precise measurement of unseeable small features and areas.
- Jun-2022: Creaform, a unit of AMETEK, introduced VXelements 10, which includes a cloud licensing mechanism, multiple imports of CAD, entity edition and 3D mesh functionalities, and compatibility of the MetraSCAN-R 3D scanners equipped with cobots (collaborative robots). The software product offering establishes new standards in inspection, reverse engineering, and metrology. Through the launch of VXelements 10, the company offers a differentiated, unique, and cutting-edge toolset, which can work in synergy with the full range of measurement solutions from Creaform 3D.
- Apr-2022: FARO launched FARO Sphere, an ultra-efficient, unprecedented, data collaboration and capture platform. The platform offers real-time remote collaboration and data capture validation that aims to transform the way customers access, generate, and use 3D data models. The company also expects FARO Sphere to produce recurring revenue with high-margin Software-as-a-Service (SaaS) over time as customers rapidly realize the advantages of the cloud-based solution.
- Mar-2022: Keyence broadened its precision measurement technologies through the launch of the LM Series with a system of image dimension measurement with an accuracy of ±0.7μm. The LM Series is quick and easy to program with always available suggestive on-screen assistance, which can be controlled by a single button. The product incorporates fast stage movement along with a large field view for an accurate measurement system and offers speed as lesser images are required in comparison to alternative systems.
- Jan-2022: Mitutoyo introduced MCOSMOS Version 5.0, an advanced metrology range for Coordinate Measuring Machines. The product offers features like an updated graphical user interface, element finder, CAD file optimization, GD&T reporting, and 3D topographical view. It also assists with revision management, adjustable ribbons, and point displays as well as speeds up execution.
- May-2021: Mitutoyo launched Quick Vision Pro, a completely remodeled CNC Vision Measuring System. The product allows automated measurements and high speed in a non-contact method. The CNC Vision Measuring System is an indispensable system for the dimensional measurement of electronic devices and semiconductors.
- May-2021: Keyence launched IM-8000, an enhancement to the company's system of dimensional measurement. The product includes a rotary unit that provides a 360-degree measurement ability on both, machined and turned parts. IM-8000 is also equipped with an algorithm for the detection of stable edge, a 20-megapixel CMOS Sensor, and a large screen displaying enhanced resolution.
- Mar-2021: Creaform launched the SILVER series, the latest inclusion to the company's HandySCAN 3DTM range. The product captures 3D measurements of any intricate surface in any space with high repetition and accuracy. Manufactured and developed in North America, the series represents money value in the market and is further assisted by a global support team of technicians and engineers.
- Nov-2020: FARO introduced Vantage Laser Tracker 6 Degrees of Freedom (6DoF) Probe. The 6Probe provides exceptional compatibility and portability with FARO VantageE6 and VantageS6 Laser Trackers, allowing customers to inspect, build, and measure products quickly with increased accuracy.
- Oct-2020: Nikon unveiled APDIS (Accurate Precision Distance Scanning), the next-generation Laser Radar Inspection System. This Laser Radar inspection mechanism provides no touch, precise measurement abilities developed to increase efficiency and quality on automotive as well as more large-scale lines of production.
- Aug-2020: Mitutoyo unveiled the CRYSTA-Apex V Series, an addition to the company's Coordinate Measuring Machine range of products. The addition of the product offers the highest accuracy, speed, versatility, and precision in the existing coordinate measuring machine range of Mitutoyo CNC.
- Feb-2020: KLA Corporation unveiled Archer 750 and SpectraShape 11k. The Archer 750 is a metrology system with imaging-based overlay and SpectraShape 11k is a metrology system for integrated circuit production with optical critical dimension. The products brought required process control abilities for the customers, assisting them in developing innovative electronics.
- Feb-2020: Hexagon launched Captura, which is an optical coordinate measuring machine of entry-level. The product provides a cost-effective and intuitive solution for the measurement of multi-sensors of medium and small parts. Captura allows measurements utilizing laser sensors, vision sensors, and confocal sensors. The product is developed to offer an improved performance-price ratio for the market. The machine is provided with a vision sensor which can be increased by using additional sensors.
» Geographical Expansions:
- Oct-2022: KLA is expanding its geographical footprint by building a new manufacturing and research-and-development center for the company's SPTS branch in Newport, UK. Through this expansion, the company is aiming to utilize the region's immense talent availability and advantages from the quality of life with access to multiple historic parks, international sporting events, and outdoor activities. Additionally, the South Wales region houses some of the country’s leading research institutes and universities with powerful industry ties and semiconductor competencies required for collaborative studies and research.
Scope of the Study
Market Segments Covered in the Report:
- Coordinate Measuring Machine (CMM)
- Automated Optical Inspection
- Measuring Instruments
- Optical Digitizer & Scanner (ODS)
- X-ray & Computed Tomography
- Form Measurement Equipment
- Quality Control & Inspection
- Reverse Engineering
- Mapping & Modeling
By End User
- Aerospace & Defense
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Hexagon AB
- Nikon Corporation
- FARO Technologies, Inc.
- Carl Zeiss AG
- Jenoptik AG
- Keyence Corporation
- Creaform, Inc. (AMETEK, Inc.)
- Renishaw PLC
- Mitutoyo Corporation
- KLA Corporation
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