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The industrial metrology market share is expected to increase by USD 3.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.62%.
This industrial metrology market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial metrology market segmentation by type (hardware, software, and services) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The industrial metrology market report also offers information on several market vendors, including ATT Metrology Services, Baker Hughes Co., Bruker Corp., Cairnhill Metrology Pte Ltd., CARMAR ACCURACY CO. LTD., Creaform Inc., CyberOptics Corp., FARO Technologies Inc., Hexagon AB, Intertek Group Plc, Jenoptik AG, Keyence Corp., Metrologic Group SAS, Mitutoyo America Corp., Nikon Corp., Precision Products Marketing Pvt.Ltd., Renishaw Plc, SGS SA, TriMet Group, and KLA Corp. among others.
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The growing importance of accuracy manufacturing is notably driving the industrial metrology market growth, although factors such as the lack of expertise in handling metrological systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial metrology industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Industrial Metrology Market Driver
The growing importance of accuracy manufacturing is one of the key drivers supporting the industrial metrology market growth. The manufacturing sectors are constantly facing stress over the issue of quality and precision, as it adversely affects their business outcomes. The compromised product quality may result in tarnishing the /image of manufacturers, thereby affecting their sustainable business growth. Moreover, industrial metrology solutions during the production process are essential to increase overall operational productivity. The increased complexity and large-scale production in the manufacturing sector are limiting the accuracy level. However, industrial metrology greatly reduces production and support costs by lowering the levels of waste and rework. This results in higher production efficiency and helps drive demand for industrial metrology. Such increasing demand will drive the industrial metrology market growth during the forecast period.
Key Industrial Metrology Market Trend
Reshoring of the manufacturing industry is one of the key industrial metrology market trends that is contributing to market growth. For instance, at present, the US is putting immense pressure on local manufacturers to bring the manufacturing plants back to their home countries. In modern days, as most manufacturers are implementing automation into their factories, these reshored markets are likely to adopt automated industrial metrology to facilitate more productivity in the plants. Moreover, industrial metrology, due to its ability to handle complex inspections in a more precise and accurate way, will find its application in the reshored manufacturing plants in developed countries, which will propel the growth of the global industrial metrological market during the forecast period.
Key Industrial Metrology Market Challenge
Lack of expertise in handling metrological systems is one of the factors hindering the industrial metrology market growth. Skillful and efficient measuring in the manufacturing industries requires skilled workers in different production lines. These workers should also have expertise in industrial metrology systems and real-time monitoring. But the lack of training centers or industry-specific certification courses limits the number of metrology experts available in the market. While there are automation experts and people with experience in the required applications, the pool of people with both these skills is declining, which is due to the lack of training in developing economies. Thus, the shortage of metrology specialists can have an adverse impact on industrial metrology market growth.
This industrial metrology market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global industrial metrology market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial metrology market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial metrology market encompasses successful business strategies deployed by the key vendors. The industrial metrology market is fragmented and the vendors are deploying growth strategies such as increasing M and A activities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The industrial metrology market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the industrial metrology market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market's growth will originate from APAC during the forecast period. China, Japan, and South Korea are the key markets for the industrial metrology in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The aerospace, medical devices, and heavy equipment sectors will facilitate the industrial metrology market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic spread widely across North America, especially in the US, in 2020, which had an adverse impact on market growth. However, since 2021, the COVID-19 vaccination drives have started. After this, everything slowly started returning to normal, with COVID-19-appropriate behavior in place. Thus, due to the resumption of manufacturing and transportation activities, the demand for metrology services will increase in North America and thereby driving the market growth.
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The industrial metrology market share growth by the hardware segment will be significant during the forecast period. Hardware industrial metrology systems are used to measure absolute distances and surface separations ranging from several millimeters to many kilometers. Frequency-modulated continuous wave (FMCW) technique measures the thickness of samples without damaging the material under test. Moreover, hardware industrial metrology systems are gaining popularity, owing to the increasing investments in the manufacturing sectors. Such increasing investment will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial metrology market size and actionable market insights on post COVID-19 impact on each segment.
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Industrial Metrology Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.62% |
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Market growth 2022-2026 |
$ 3.04 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.13 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 35% |
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Key consumer countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ATT Metrology Services, Baker Hughes Co., Bruker Corp., Cairnhill Metrology Pte Ltd., CARMAR ACCURACY CO. LTD., Creaform Inc., CyberOptics Corp., FARO Technologies Inc., Hexagon AB, Intertek Group Plc, Jenoptik AG, Keyence Corp., Metrologic Group SAS, Mitutoyo America Corp., Nikon Corp., Precision Products Marketing Pvt.Ltd., Renishaw Plc, SGS SA, TriMet Group, and KLA Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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